PORT TOWNSEND – It could take up to three months to find a permanent replacement for Port Townsend Paper Corp.’s chief financial officer, who is leaving the company for a new job.
John Begley, Port Townsend Paper president, confirmed Wednesday that Tim Leybold, who had been the company’s chief financial officer since December 2004, had accepted the CFO position with Coast Crane, a Northwest Capital company.
Northwest Capital bought Port Townsend Paper in 1997.
Leybold has been steering the company through financial difficulties that include filing for Chapter 11 bankruptcy creditor protection.
“They just acquired him and needed him right away,” Begley said of Leybold’s hire.
Leybold has still been working at the mill to help acting chief financial officer Emmett Bergman, who has been at the mill for the past two months, with the transition, said Begley.
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.
