Resolute Forest Products appoints Yves Laflamme as new chief executive

MONTREAL -- Resolute Forest Products Inc. named Yves Laflamme as its new president and chief executive.

Laflamme -- currently Resolute's senior vice-president of wood products, global procurement and information technology -- succeeding Richard Garneau, who is retiring.

The appointment came as Resolute reported a fourth-quarter profit of $13 million or 14 cents per diluted share compared with a loss of $45 million or 50 cents per share a year ago. Sales for the three months ended Dec. 31 totalled $898 million, up from $889 million a year ago.

Excluding special items, the company said it earned $14 million or 15 cents per share for the quarter compared with a loss, excluding special items of $7 million or eight cents per share in the fourth quarter of 2016.For the full year, Resolute reported a loss of $84 million or 93 cents per diluted share, compared with a loss of $81 million or 90 cents per diluted share in 2016. Sales totalled $3.51 billion, down from $3.55 billion.

Excluding special items, Resolute said it earned $12 million or 13 cents per share last year compared with a loss of $12 million or 13 cents per share in 2016.