World Color Press Names Mark Angelson Chairman and CEO
Former RR Donnelley exec takes over.
World Color Press (formerly Quebecor World) has named Mark Angelson chairman and chief executive officer, replacing Jacques Mallette, who is leaving the company.
Angelson, who had been non-executive chairman with Quebecor since June, previously served as CEO of RR Donnelley from 2004 through 2007. Former Readerâ€™s Digest CEO Tom Ryder was named lead independent director of the World Color board of directors, which also includes former Hachette Filipacchi president and CEO Jack Kliger.
Quebecor World emerged from bankruptcy in July and announced it would be taking on the new name World Color Press. At the time, Mallette was the only board member to transition to the new board.
As part of its plans of reorganization, World Color closed on $800 million in exit financing and drew approximately $540 million to repay its debtor-in-possession credit facility. The companyâ€™s previously issued and outstanding multiple voting shares, redeemable first preferred shares and subordinate voting shares were effectively canceled.
In June, Quebecor rejected a $1.82 billion offer from competing printer R.R. Donnelley to purchase the company. Although the offer included millions more in cash than Quebecorâ€™s reorganization plan, the companyâ€™s board of directors felt the deal would trigger a lengthy antitrust review, which could have delayed its creditors from receiving the cash that would come to them as part of the restructuring.
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