Quebecor World to be chaired by former head of major printing rival

Brian Mulroney is no longer chairman of the board of Quebecor World, replaced by a veteran of the U.S. printing industry Mark Angelson, according to a story from Canadian Press. It seems ironic that Angelson was the head of R. R. Donnelley, a major printing rival, until 2007. Donnelley was recently unsuccessful in an unsolicited $1.55 billion bid to take over Quebecor World as it emerges from bankruptcy protection.

Only one QW board member was returned at Monday's vote: CEO Jacques Mallette.

Other new appointees to Quebecor World's board include former Reader's Digest chief executive Tom Ryder and Jack Kliger, ex-president of Hachette Filipacchi. Both men are former chairmen of the Magazine Publishers' Association. Ryder sits on the boards of Amazon.com, Virgin Mobile and Starwood Hotels.

Filling out the nine-member board are Raymond Bromark, a retired senior partner of PricewaterhouseCoopers, turnaround specialist James Gaffney, printing industry veteran Michael Allen, former Alcan executive David McAusland, and Gabriel de Alba, managing director and partner of Catalyst Capital Group of Toronto.

The story said the appointments come a day after Quebecor's Canadian and U.S. creditors voted to support restructuring plans that will allow the company to emerge from bankruptcy protection.

Monday's vote will allow Quebecor World to convert nearly US$3 billion of debt into new equity. The Montreal-based printer has been under court protection in Canada and the United States since January 2008.

Quebecor World expects to unveil its new corporate name before Tuesday's New York Bankruptcy Court hearing confirming the creditors votes.