Wausau Paper CEO resigns - WKOW 27: Madison, WI Breaking News, Weather and Sports

Wausau Paper CEO resigns

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KRONENWETTER (AP) -- The chief executive at Wausau Paper Corp. has resigned and will be replaced by a CEO favored by investors interested in selling the company.

President and CEO Henry "Hank" Newell will also step down from the company's board of directors.  Wausau Paper says board chairman Thomas Howatt will retire.

Daily Herald Media says Wausau Paper has been under pressure from a New York hedge fund, Starboard Value LP, which has repeatedly sent letters to other shareholders expressing being displeased with the company's management.

An interim CEO, Michael Burandt, has been appointed and will become chairman of the board.

The once dominate employer in central Wisconsin has shut down its mills in Brokaw and Brainerd in recent years and has sold facilities in Rhinelander and Mosinee.

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