MEMPHIS, Tenn., Nov. 14, 2016 /PRNewswire/ -- Verso Corporation (NYSE: VRS) today announced three strategic initiatives designed to drive increased efficiency in the allocation of its resources, reduce the company's cost of doing business, and improve Verso's operating and financial performance. As part of its comprehensive strategy to position the company for success in a challenging industry, Verso plans to organize its business into two strategic business units - graphic paper and specialty paper; consolidate its corporate offices in Memphis, Tennessee, and Miamisburg, Ohio, into a single headquarters to be located in Miamisburg; and improve the delivery of its support services with the objective of reducing overhead expenses by at least 10 percent on an annual basis. Planning for each of these initiatives is underway, with implementation set to begin in January 2017. "We expect that the strategic initiatives announced today will enable Verso to be more agile in adapting to an evolving marketplace, more responsive to our customers, more efficient and cost-effective in our operations, and ultimately more financially successful," said Robert M. Amen, Verso's Chairman of the Board. Strategic Business Unit Organization The strategic organization of Verso's business into graphic paper and specialty paper business units is intended to provide greater focus, responsiveness and accountability. Each business unit will develop and implement strategies for responding to the specific market conditions and unique customer requirements of its business segment. Each business unit will operate in a semi-autonomous manner and will be responsible for its own revenues, costs and profitability. Both business units will receive overall strategic direction from Verso's Board of Directors and Chief Executive Officer and will be supported by a centralized administrative staff. Verso's graphic paper business unit will be led by Michael A. Weinhold, and its specialty paper business unit will be led by Jason J. Handel. Both Weinhold and Handel are seasoned executives at Verso with extensive backgrounds and experience in the businesses they will oversee. Currently, Weinhold serves as Senior Vice President of Sales, Marketing and Product Development, while Handel serves as Group Vice President of Technical Sales and Product Development. In the new organization, Weinhold and Handel each will have the title of President of the business unit that he leads and will report directly to Verso's Chief Executive Officer. "The strategic business unit organization will further strengthen Verso's relationships with our graphic paper and specialty paper customers by allowing us to focus more closely on their distinctive business needs," said Weinhold. "Our ultimate goal is to help our customers be more successful by meeting, and exceeding, their expectations," Handel added. "If we can achieve these results while consistently maximizing Verso's manufacturing efficiency and cost-effectiveness, we will make great strides toward enhancing Verso's profitability and success for a long time to come."