Alejandro Pérez is the President and Chief Executive Officer of Arauco and a member of the boards of directors of Empresas Copec, COPEC, EKA Chile S.A. and Puerto Lirquén.Prior to joining Arauco in 1990, he held the positions of Chief Executive Officer of Soprole S.A. and Chief Executive Officer of Watt's Alimentos S.A.
In June 2005, Alejandro Pérez, our President and Chief Executive Officer, and Pablo Daud, our Environmental Managing Director, resigned from their positions.
Our board of directors appointed Matías Domeyko, who served as our Chief Financial Officer, to replace Mr. Pérez, and Marcelo Subiabre, who has served as Assistant Environmental Managing Director, has been appointed as Interim Environmental Managing Director.
Now, Alejandro Perez, Arauco's president and CEO, is seeking approval for the second phase of the project, which would include the company's sixth market pulp plant at a cost of $1.2 billion.Perez's concerns about the volatility of market prices for the past three years led the company to diversify into wood products like panels, medium-density fiberboard, and other remanufactured wood products.These divisions are highly successful and currently account for approximately 50% of Arauco's revenues.Perez is debating whether the company and its shareholders would be better served by a forward integration into the paper business instead of increasing the company's capacity in market pulp.
This led to strong denials from Arauco, the resignation of its long-serving president and chief executive Alejandro Pérez, a lengthy wrangle with the Chilean environmental authorities over regulations and Arauco's voluntary temporary shutdown of the Valdivia plant from this June.
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