Press Release

AV Terrace Bay (AVTB) Announces Resignation of Chief Executive Officer

AV Terrace Bay announced today that Giovanni Iadeluca, Chief Executive Officer (CEO), has resigned from the organization to pursue another opportunity.

“We are thankful for Giovanni’s leadership over the past four years as the company has undergone a successful transformation and achieved profitability,” said Vinod Tiwari, Global COO Pulp Operations. “We wish Giovanni the best in the next phase of his career.”
“AVTB will continue its strategic focus on productivity, sustainability and a strong market presence” Tiwari added. “Giovanni’s departure does not change our focus.”

“I am proud of our accomplishments over the past four years as we have transformed AVTB and demonstrated increased market share in NBSK,” said Mr. Iadeluca. “During that time I have been able to witness the growth and transformation of the mill with unprecedented improvements in health and safety as well as achieving daily and monthly production records. During my tenure at AVTB, my team and I have developed strategic partnerships with Greenpeace, Canopy and FSC, creating a stronger market presence,. Giovanni will be available until the end of September to ensure a smooth transition and will be available to assist with the changeover. With a strong management team in place AVTB will continue to move forward with partnerships, and plans to progress as a modern, competitive mill.

About AV Terrace Bay

AV Terrace Bay became the third Canadian company to join the Aditya Birla Group’s pulp and fiber business (Grasim Industries Ltd.) in July 2012. On October 10th 2012, the Terrace Bay Mill successfully restarted production as a paper grade pulp mill. The mill has been in full operation since 2012.

Visit avterracebay.com for more information. Connect with AVTB on Twitter (@avterracebay) and Facebook. (facebook.com/avterracebay)

Mr. Iadeluca joined AVTB in 2012 as CEO. As CEO, he led the company’s corporate development and strategic planning functions.

For more information, contact:
Todd Kutil – Vice President Sales and Marketing,
1-516-783-1142
todd.kutil@adityabirla.com

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