MONTRÉAL (News release) -- Resolute Forest Products chief executive Yves Laflamme will retire next year and be replaced by chief financial officer Remi Lalonde, the company announced.
The forestry company says Laflamme will step down on March 1, 2021, at which point Lalonde will join the board of the Montreal-based lumber, paper and tissue maker.
Resolute credits Laflamme with overseeing its expansion in the tissue business and in the southern U.S., as well as the company's move toward more sustainable materials.
"Yves reinforced Resolute's vision and values, focusing on safety, sustainability, profitability, accountability and teamwork. His commitment to continuous improvement, particularly in the area of costs, serves as a model to the entire organization," board chairman Bradley Martin said in a statement.
Resolute says the search is now on for a new CFO to replace Lalonde, a lawyer by training who joined the company 11 years ago and went on to lead operations at the pulp, paper and power plant in Thunder Bay, Ont. Lalonde will take charge of the 7,000-person company as lessening demand for paper changes the forestry industry.
"Remi has very good relationships with our stakeholders, sharp analytical skills, impressive credentials and a strong business drive," Martin said.
The announcement came as Resolute reported third-quarter financial results this morning, swinging to a profit after posting a loss in summer 2019.
The company says it earned net income of $57 million, or 66 cents per diluted share, on sales of $730 million in the three months ending Sept. 30.
The results were up compared with the year-ago period, when Resolute posted a loss of $43 million, or 47 cents per share, on sales of $705 million.
Laflamme attributed the turnaround to rallying lumber prices over the summer and profits from tissue sales, despite weaker demand for paper products like newspapers, inserts and flyers.