PORT TOWNSEND – In a surprise move, the executive who was steering Port Townsend Paper Corp. through financial difficulties – including putting it into Chapter 11 creditor protection – has left the company.
Tim Leybold, chief financial officer since December 2004, left “to pursue other professional endeavors,” the company said in a statement.
Leybold’s departure was unexpected, and there were no further details about why he left.
The news was announced in a company statement released over the Memorial Day weekend.
Port Townsend Paper Chief Executive Officer John Begley said in the statement that Emmett Bergman will assume interim CFO duties while a replacement for Leybold is sought.
Bergman is a senior director with Alvarez and Marsal, a New York City-based restructuring and financial advisory firm recently appointed by a federal court to oversee Port Townsend Paper’s financial restructuring.
Begley added in the company statement:
“We want to thank Mr. Leybold for his contributions to the company.
“Mr. Bergman has developed a solid understanding of the financial side of the company’s business, and assuming the CFO duties on an interim basis is a natural step.
“Notwithstanding Leybold’s departure, the company is confident that it will emerge from Chapter 11 [bankruptcy protection procedings] by the end of July with a significantly de-leveraged balance sheet.”
