Smurfit-Stone Container Corp said its Chief Executive Patrick Moore has told the board that he plans to retire within one year following the company's exit from bankruptcy.
In a statement on Tuesday, the company said Moore will continue to serve on the board of directors.
It is anticipated that the new board of the reorganized company will designate a successor to Moore after the company and its subsidiaries emerge from Chapter 11, the statement said.
Smurfit-Stone, one of the largest makers of paper-based packaging, filed a reorganization plan in U.S. Bankruptcy Court earlier this month and said it aims to emerge from Chapter 11 protection in early spring.
The company filed for bankruptcy protection on Jan. 26, blaming the global economic downturn that cut demand for its products and hurt its ability to refinance its revolving credit.
The case is In re Smurfit Stone Container Corp, US Bankruptcy Court, District of Delaware, No. 09-10235. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)