The board of directors of Verso Corporation (NYSE:VRS) elected Steven D. Scheiwe to serve as a director of Verso, effective immediately. Mr. Scheiwe is the founder and President of Ontrac Advisors, Inc., a consulting firm providing analysis, management and business development services to companies and individuals across a broad range of industries. Mr. Scheiwe fills the vacancy on the Board created when David J. Paterson retired from Verso and resigned as its Chairman of the Board, President and Chief Executive Officer effective as of August 31, 2016. Mr. Scheiwe, in his capacity as a director of Verso, also will serve as a member of the Audit Committee and the Corporate Governance and Nominating Committee of the Board. Mr. Scheiwe will receive the standard annual cash retainer and equity grant that Verso provides to its nonemployee directors, both of which will be prorated to reflect the time that he will serve on the Board prior to Verso’s annual stockholders meeting in 2017, as described under “Compensation of Directors” in Verso’s current report on Form 8-K filed with the Securities and Exchange Commission on July 19, 2016.