Veritiv CEO Mary Laschinger to retire, successor picked - Global Paper Money

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Veritiv CEO Mary Laschinger to retire, successor picked

ATLANTA (From news reports) -- Mary Laschinger, one of Georgia's most prominent female executives, will retire as CEO and chairman of Veritiv Corporation on Sept. 30, the company announced.

Laschinger has served as Veritiv CEO since 2014, following the merger of International Paper's xpedx division and Unisource Worldwide.

Veritiv COO Salvatore Abbate will succeed Laschinger in the top role. He was also elected as a member of the Veritiv Board of Directors. The board selected Stephen Macadam to succeed Laschinger as chairman.

The news follows a challengingsecond quarter for Veritiv, with the distributor of packaging, facility solutions, print and publishing products and services reporting a net loss of $18.5 million.

In July, the companyannounced a restructuring in response to the effects of the coronavirus pandemic on business as well as ongoing industry changes around printing and publishing.

The plan, which is expected to be substantially complete by the end of the year, includes a workforce reduction of approximately 15%, closures of certain warehouses and retail stores and compensation adjustments. The company expects these actions to result in about $80 million to $90 million in annualized savings beginning in 2021.

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