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NEW YORK - Pulp and paper products maker AbitibiBowater Inc. said Thursday that John W. Weaver will retire as executive chairman effective July 1.
| ABH | 1.51 |  0.03 |
Weaver will continue to serve as non-executive chairman and a member of the company's board until March 31, 2009.
"Leaving AbitibiBowater at this stage of my life is the right thing to do," Weaver said in a statement released by the company.
AbitibiBowater was created from U.S. newsprint maker Bowater Inc.'s October acquisition of Canadian forest products company Abitibi-Consolidated LLC.
Weaver's announcement was made at the combined company's first shareholder meeting, at which executives assured investors that the company continues to focus on reducing costs and improving efficiency.
AbitibiBowater shares rose 84 cents, or 6.7 percent, to $13.48 in afternoion trading.
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