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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) October 26, 1998
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UNISOURCE WORLDWIDE, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE File No. 1-14482 13-5369500
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(STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER
JURISDICTION FILE NUMBER) IDENTIFICATION NO.)
OF INCORPORATION)
1100 Cassatt Road, Berwyn, Pennsylvania 19312
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (610) 296-4470
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Not Applicable
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(FORMER NAME, FORMER ADDRESS, AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST
REPORT)
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Item 5. Other Events.
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On October 26, 1998, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
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(99) Press Release dated October 26, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNISOURCE WORLDWIDE, INC.
(Registrant)
By: /s/ Brian P. Lynch
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Brian P. Lynch
Assistant Secretary
Dated: October 27, 1998
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Exhibit Index
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(99) Press Release dated October 26, 1998.
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EXHIBIT 99
NEWS RELEASE
Contact:
Martha A. Buckley JoAnn P. Huston
Director, Corporate Communications Director, Investor Relations
610-722-3511 610-722-3513
[email protected] [email protected]
UNISOURCE NAMES BOGAN PRESIDENT AND CFO
MUNDT CONTINUES AS CEO
BERWYN, PENNSYLVANIA - OCTOBER 26, 1998 - Unisource Worldwide, Inc.,
(NYSE:UWW) announced today the appointment of Richard H. Bogan as President and
Chief Financial Officer. Ray B. Mundt will continue in his role as chairman and
CEO through 1999.
Bogan, 47, joined Unisource in August 1997 as Senior Vice President
and CFO, following a distinguished career with Philip Morris Companies, Inc. In
making the announcement, Mundt commented, "Since joining Unisource, Richard has
been extremely instrumental in driving our restructuring program. This
appointment recognizes the important role he has played, as well as his
accomplishments as a leader of positive and fundamental change within our
company."
On July 29, Unisource announced an extensive restructuring plan to
improve service to customers, decrease costs, increase financial flexibility and
grow profitable market segments. On October 1, the company confirmed that the
plan was proceeding on schedule, and that it was confident that the targeted
operating and financial goals would be achieved. "Richard's appointment as
President is a reaffirmation of our commitment to the course we've already
chartered," Mundt noted.
"My primary focus will continue to be the timely execution of our
restructuring program, which provides the road map to our future success,"
Bogan said. "In addition, I'll be overseeing our long-term IT strategy and
ensuring that our field financial team is appropriately organized to support
both the restructuring and our longer-term goals."
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A graduate of the University of Washington, Bogan spent twenty years
with Philip Morris Companies, Inc. in positions of increasing responsibility.
During his tenure there, he was involved with several significant restructuring
efforts of major operating units. In 1994, he was appointed Vice President
Information Systems and Financial Analysis for Philip Morris Companies, Inc. In
1995, he was named Senior Vice President-Finance, Strategy and Information
Systems for the $4.3 billion Miller Brewing, an operating company of Philip
Morris. Bogan was also a member of the Board of Directors of Philip Morris
Capital Corporation and Molson Breweries.
In announcing Bogan's appointment, the Unisource Board of Directors
also announced it has terminated the search it initiated in June of this year
for a CEO. Dana G. Mead, a member of the Board of Directors and Chair of the
Search Committee, said, "In reviewing a number of external candidates, the Board
determined that none were superior to potential internal candidates who have
joined the company in recent years.
"We are delighted that Ray has agreed to continue in his role as
Chairman and CEO for another year," Mead continued. "By that time, the
restructuring plan will have been substantially implemented and we will have had
a better opportunity to evaluate potential internal candidates."
Unisource Worldwide, Inc. (http://www.unisourcelink.com),
headquartered in Berwyn, Pennsylvania, is one of the largest distributors of
paper products, packaging systems and sanitary maintenance supplies in North
America, with annual revenues in excess of $7 billion.
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