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Andhra Pradesh Paper Mills Ltd has restructured the company board with Mr Paul Brown, Executive Chairman, stepping aside and Mr Shreeyashish Bangur, Director, resigning.
Mr W. Michael Amick Jr. was appointed Executive Chairman for five years from the date of assuming charge.
Other Resignations
The company has informed the Bombay Stock Exchange that the board of directors of the company, at its meeting held today, noted the resignation of Mr Shreeyash Bangur, Director, with effect from July 12.
It also accepted the resignations of Mr Paul Brown, Executive Chairman and Mr P. K. Suri, Director (Operations), with effect today after the meeting.
The Board appointed Mr W. Michael Amick Jr., Mr Michael Baymiller and Mr Kenneth P. Huelskamp as Additional Directors of the Company with effect from the close of the board meeting of July 13.
Mr Paul Brown, who served in various capacities with International Paper (IP), was instrumental in the acquisition of majority stake in AP Paper Mills from the Bangurs.
He also steered the company through the open offer and served as the Executive Chairman.
Disclosures
As per the latest disclosures, the company promoters, US paper major International Paper holds 75 per cent stake in the company.
A couple of bulk transactions have also been recorded lately.
AP Paper shares closed the day’s trade up 2.14 per cent at Rs 320.
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