Canfor Corporation

Canfor Corporation

May 06, 2011 17:03 ET

Canfor Announces Executive Team

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2011) - Canfor Corporation (TSX:CFP) announced today the membership of the new executive team.

David CalabrigoSenior VP, Corporate and Legal Affairs and Corporate Secretary
Alistair CookSenior VP, Wood Products Operations – Canada
Mark FeldingerSenior VP, Forestry/Environment and Energy
Wayne GuthrieSenior VP, Sales and Marketing
Alan NichollSenior VP, Finance and Chief Financial Officer
Douglas WarslterPresident, US Operations

Mr. Calabrigo, Q.C. has been with Canfor for 10 years most recently in the position of Vice President, Corporate Development, General Counsel and Corporate Secretary.

Mr. Cook has been with Canfor for 20 years serving in several senior operations positions as well as Corporate Treasurer and most recently Vice President, Capital Projects.

Mr. Feldinger has been with Canfor for 27 years. During this period Mark has served in several senior woodlands and operations positions and most recently was Vice President, Manufacturing.

Mr. Guthrie returns to Canfor after 3 years as Vice President, Sales and Marketing within the forest products industry. Prior to this Wayne worked for Canfor for 24 years in several senior sales and marketing positions.

Mr. Nicholl joined Canfor in 2008 and prior to his recent appointment served as Corporate Controller. Prior to his employment at Canfor, Alan spent 10 years in senior finance positions within the forest industry.

Mr. Warstler has been with New South and Canfor for 11 years and was Chief Financial Officer of New South Companies, Inc. prior to his appointment as President, US Operations.

We would like to acknowledge Tom Sitar who will be leaving Canfor. Tom has been with Canfor for 4 years as Chief Financial Officer and prior to this was Chief Financial Officer of Canfor Pulp. Tom played a significant role helping the Company design and implement significant cost reductions and cash retention programs during the most difficult market ever. He leaves Canfor with the strongest balance sheet in the industry and positions the company for significant future opportunities.

We would also like to express our appreciation to Rob Stewart who will retire after 35 years with Canfor. Rob worked in several areas including operations, Better Methods and most recently in our Human Resources group. Rob was instrumental in ensuring a new union agreement for our operating units.

In addition, we would like to also acknowledge Ken Higginbotham who has worked with Canfor for 16 years as VP, Forestry and Environment. During these years Ken spent significant time on developing forest policy, environmental policy and was also responsible for government relations. Ken also was the key representative for Canfor on the softwood lumber agreement. Ken has agreed to remain with Canfor for 6 months during the transition and will consult with senior management thereafter.

Don Kayne, President and CEO said, "I want to thank Messrs. Sitar, Stewart and Higginbotham for their tremendous contribution to the Company during their years of service and wish them every success in the future."

Forward Looking Statements

Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and the Company assumes no obligation to update such information to reflect later events or developments, except as required by law.

Canfor is a leading integrated forest products company based in Vancouver, British Columbia (BC) with interests in BC, Alberta, Quebec, Washington state, and North and South Carolina. The Company produces primarily softwood lumber and also produces oriented strand board (OSB), remanufactured lumber products and specialized wood products. Canfor also owns a 50.2% interest in Canfor Pulp Limited Partnership, which is one of the largest producers of northern softwood kraft pulp in Canada and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP.

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