Glatfelter, a global manufacturer of specialty papers and fiber-based engineered products, recently announced an executive succession plan under which Chairman and Chief Executive Officer George H. Glatfelter II will retire as CEO on December 31, 2010, and Dante C. Parrini, the company’s Executive Vice President and Chief Operating Officer, will be promoted to President and Chief Executive Officer concurrent with Mr. Glatfelter’s retirement. Mr. Parrini also will join the company’s Board of Directors effective immediately.
Mr. Glatfelter (58), who has been Chairman since 2000 and CEO since 1998, will remain on the company’s Board of Directors as its Non-Executive Chairman for a brief transitional period, after which time a new Chairman will be elected. Mr. Parrini (45) has been with the company for 12 years.
"Over the last 12 years, we have made significant progress in repositioning our company to benefit our shareholders by creating a dynamic market-facing business model based on nimbleness, innovation, global reach and solid execution," Mr. Glatfelter said. "We’ve also built a talented senior executive team that has generated an impressive track record of results. My personal interest has always been to retire at an age when I retain the ability to pursue other challenges and opportunities that life has to offer. I believe the time is now right – when the company is strong – for a seamless, orderly and progressive leadership transition within the company. Dante Parrini is a proven leader with the vision, energy and drive needed to capitalize on the growth opportunities before us. I have absolute confidence in his abilities. He is the right person to lead this company forward."
"I am honored that George and the Board of Directors are entrusting me with the responsibility to lead Glatfelter into this next chapter of its storied corporate history," Mr. Parrini said. "Over the years, George has set a high standard for all of us in terms of his knowledge of the company, its culture and the industry, as well as his appreciation and respect for customers and Glatfelter PEOPLE around the world. As I look to the future, I am committed to accelerating our progress in our specialization, globalization and continuous improvement initiatives. I believe that all three of our business units have the ability to continue to gain market share and increase their specialization focus. As Glatfelter continues to expand in scale and develop new lines of business, it will be important for us to leverage organic growth as a key driver of future earnings while maintaining a strong balance sheet in order to provide financial flexibility."
