Henry Newell, president and CEO of Wausau Paper, will step down immediately as CEO will resign from the company’s board of directors after a transition period.

The company, which is based in Kronenwetter, sold off all of its Wisconsin paper mills in the last few years, including the mill in Rhinelander.

Wausau paper, according to numerous media reports, has been under pressure by New York hedge fund, Starboard Value LP, to make a change in management and possible move the corporate headquarters out of Wisconsin and to Ohio or Kentucky where the company’s remaining mills are located.

The company headquarters employs between 25 to 50 people and is the last facility the 115-year-old company owns in Wisconsin.

Michael C. Burandt has been appointed interim CEO and will be named chairman of the board following the transition period.

The company is looking for a new permenant CEO.