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Verso Paper Corp. Announces Retirement Of CEO And Director Mike Jackson And Election Of Dave Paterson As Successor

Verso Paper Corp. (NYSE:VRS) announced today that Michael A. Jackson will retire as the President and Chief Executive Officer and a director of Verso and that David J. Paterson has been elected by Verso’s board of directors to serve in such roles, with both events to occur effective as of May 14, 2012.

Scott Kleinman, Verso’s Chairman of the Board, said, “Verso truly has been fortunate to have Mike Jackson as our CEO during the past five years. Mike has established a solid culture and strategic foundation at Verso since we became an independent entity in 2006. Under Mike’s direction, Verso has improved and refined our core product portfolio, developed and marketed a series of specialty products, and formulated and begun executing a forward-looking renewable energy strategy. Verso is on sound footing thanks to Mike’s steady leadership. On behalf of the entire Verso team – our employees, board of directors, and stockholders – I want to thank Mike for his distinguished service and tremendous contributions to Verso.”

Kleinman continued, “Going forward, we are pleased and honored that Dave Paterson will become Verso’s new CEO. Dave brings to Verso a wealth of experience garnered during his many years of service as an executive with AbitibiBowater Inc., Bowater Incorporated, and Georgia-Pacific Corporation. Dave is an outstanding leader, a respected and knowledgeable businessman, and absolutely the right person to lead Verso in the next phase of its business life.”

Dave Paterson added, “I am pleased to be appointed as CEO and am excited about the opportunities ahead for Verso. Verso has a strategic focus, exceptional people, and a nimble management approach that should bode well for the future. I am truly excited to be joining the Verso team.”

Mike Jackson concluded, “It has been an honor and privilege for me to serve as Verso’s CEO during the past several years. I have so much appreciation for the incredible work and indomitable spirit of our employees. I am confident that this will be a seamless CEO transition and that Dave Paterson is well prepared to continue the evolution and execution of Verso’s strategies.”

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