Resolute Forest Products (NYSE: RFP) announced the appointment of Sylvain A. Girard as senior vice president and chief financial officer, effective March 2, 2021. He succeeds Remi G. Lalonde, who will become president and CEO. Girard brings over 25 years of experience, including nearly 20 in CFO roles. His previous position was CFO at SNC-Lavalin Group Inc., following a 22-year career at General Electric. Lalonde expressed confidence in Girard’s ability to drive transformation and enhance shareholder value as the company navigates its strategic evolution.
Resolute Forest Products (NYSE: RFP) announced the appointment of Hugues Simon as the new president of its wood products division, effective March 1, 2021. Simon, who has previously worked for Resolute and led BarretteWood, Inc., brings extensive experience in the forest products sector. His appointment follows Remi G. Lalonde's transition to president and CEO. Lalonde emphasized Simon's strong leadership and expertise as key to driving growth in the wood products business, already the largest east of the Canadian Rockies.
Resolute Forest Products (NYSE: RFP) announced that Yves Laflamme will retire on March 1, 2021, after 39 years with the company. Remi G. Lalonde, the current CFO, will succeed him as president and CEO. The board unanimously supports this transition, emphasizing Lalonde's leadership skills and strong stakeholder relationships. Under Laflamme's leadership, Resolute focused on strategic transformation, including debt repayment and acquisitions. Lalonde aims to drive sustainable economic activity and long-term shareholder value as he leads the company's evolution.
Resolute Forest Products reported a Q3 2020 net income of $57 million ($0.66 per share), a significant turnaround from a net loss of $43 million in Q3 2019. Sales increased 3.5% to $730 million. Adjusted EBITDA reached $140 million, driven by strong performance in the wood products segment which reported an operating income of $128 million. The company reduced net debt to $541 million and enhanced liquidity to $477 million. Remi G. Lalonde will succeed Yves Laflamme as CEO on March 1, 2021.
Resolute Forest Products (NYSE: RFP) will announce its third quarter financial results on November 5, 2020, at 7:00 a.m. ET. A conference call to discuss the results is scheduled for 9:00 a.m. ET. Participants can join the call by dialing 833 979-2727 at least 15 minutes early, and a webcast will also be available on the company’s website. Resolute, a leader in the forest products industry, operates 40 facilities across the U.S. and Canada and is committed to sustainable forest management.
Resolute Forest Products (NYSE: RFP) reported Q2 2020 net income of $6 million ($0.07/share), down from $25 million in Q2 2019. Sales fell to $612 million, a $143 million decline year-over-year. The adjusted EBITDA for the quarter was $37 million, a decrease of $45 million compared to the previous year. Despite challenges from COVID-19, the company successfully integrated acquired U.S. sawmills and improved liquidity to $396 million after reducing debt by $191 million. Key segments showed mixed results: stronger pulp pricing and lumber shipments contrasted with declining paper demand.
Resolute Forest Products (NYSE: RFP) will announce its second quarter financial results on July 30, 2020, at 7:00 a.m. (ET). Following the announcement, a conference call is scheduled for 9:00 a.m. (ET) to discuss the results. Interested participants can join the call by dialing (833) 979-2727 at least fifteen minutes prior. A webcast will also be available on their website, with a replay accessible later. Resolute is a leader in the forest products industry, operating about 40 facilities and specializing in various products.