Shareholders’ Letter, continued
It is with much sadness that I note the passing, in June, of Charles J. Howard, a valued member of our Board. We will miss his insight, good cheer and wise counsel. In addition, Dr. Francis J. Aguilar retired from our Board in 2005 following 21 years of service. We welcomed Bruce W. Van Saun, Vice Chairman and Chief Financial Officer of The Bank of New York, and Ruth R. Harkin, recently retired as Senior Vice President from United Technologies Corporation, who were both elected to the Board during 2005.
In January, I announced my intent to retire this year. We will announce my successor as soon as we complete an extensive search for the best possible candidate. It is anticipated that I will become non-executive Chairman of the Company, until year-end 2006, which is close to my 64th birthday. It has been an honor to serve you in my present capacity for almost 12 years. Our Company has faced tremendous pressures in recent years, but I believe it is well positioned to continue its financial recovery and prosper in the future with strong, new leadership at the helm.
In closing, I would like to pay tribute to the hard work and the skill of our employees who have supported the management team and me over the years. Our greatest asset is our people and you can be assured that you have a strong base of highly skilled people working for you at Bowater.
Arnold M. Nemirow
Chairman, President and
Chief Executive Officer
March 10, 2006