founder and chief executive Rob Laidlaw has been appointed chair of the company, replacing Paul Rivett, who is stepping down after finalizing a corporate divorce with a former business partner.
“It was a pleasure for us to help bring this great company to the public markets and to serve on the board,” Mr. Rivett said in a press release. Mr. Rivett went to court last September seeking to break up NordStar, but he and Mr. Bitove instead pursued a private mediation and arbitration process to resolve their dispute. In November, Mr. Bitove took over the Toronto Star and Metroland, and Mr. Rivett left Torstar.
As a result, about 3.3 million subordinate shares in VerticalScope – an 18-per-cent stake – will go to Tevir Capital LP Ltd., which is controlled by family members of Mr. Rivett, according to a press release. NordStar, now solely owned by Mr. Bitove, will retain a 17.6-per-cent stake. NordStar divested another 1.4 million shares to an unaffiliated third party, according to VerticalScope’s press release.