Sutton to continue as Chairman of the
Board
MEMPHIS, Tenn., March 19, 2024 /PRNewswire/ -- International
Paper (NYSE: IP) today announced that its board of directors has
elected Andrew Silvernail as Chief
Executive Officer (CEO), following an extensive evaluation process.
Effective May 1,
2024, Silvernail will succeed Mark
Sutton, who previously announced the final phase of the CEO
succession process. Sutton will continue in his role as
Chairman of the International Paper Board of Directors to ensure a
smooth and successful transition.
Silvernail has two decades of experience leading global
companies in the manufacturing and technology sectors. He
joins IP from KKR & Co., Inc., a global investment firm, where
he served as an executive advisor. Silvernail served as the
Chairman and CEO of Madison Industries, one of the world's largest
privately held companies. Prior to that, Silvernail served as
Chairman and CEO of IDEX Corporation from 2011 to 2020. Employee
engagement reached best-in-class performance and total shareholder
return grew by more than 500% during his tenure at
IDEX. Silvernail previously held executive positions at
Rexnord Industries, Newell
Rubbermaid and Danaher Corporation. He currently serves on
the Board of Directors of Stryker Corporation.
International Paper Lead Director Chris Connor said, "Andy is an experienced CEO
with an extensive track record for creating value. His strategic
agility, core values and drive for results align with and will
enhance IP's outstanding leadership team. We are confident that he
is the right person to build on the success achieved under
Mark Sutton's leadership."
"On behalf of the Board, I want to thank Mark for his
outstanding contributions to IP over the past decade. He
successfully led the company through the pandemic and a period of
significant economic challenges, and the company achieved
record-level market capitalization during his tenure. Mark's legacy
is a safer, more focused and financially strong company with an
incredible culture and a bright future," said Connor.
Mark Sutton, current
International Paper CEO and Chairman of the Board, said, "The
Board's succession process was comprehensive, and I'm confident
that Andy's experience paired with the industry expertise of our
senior leadership team will amplify the company's success going
forward. It's been a privilege to work with the IP team for the
past 40 years and to lead the company for the past decade – I am
incredibly proud to be IP."
Andy Silvernail, CEO-Elect of
International Paper, said, "I'm honored and proud to be a part of
International Paper, a strong and resilient company and a force for
good in communities around the world. Many things impressed me
about IP, from the customers who rely on its essential products to
the core values that drive its culture and its extraordinary
sustainability platform. Thanks to Mark's leadership, the company
is well-positioned for growth, and I'm excited to be a part of
what's next for IP.
"I want to thank the Board for their confidence in me. I look
forward to working closely with the Board, Mark and our more than
39,000 employees worldwide as we continue to fulfill our vision of
being among the most successful, sustainable and responsible
companies in the world."
For more information, please visit:
https://www.internationalpaper.com/leader
About International Paper
International Paper
(NYSE: IP) is a global producer of sustainable packaging, pulp and
other fiber-based products, and one of the world's largest
recyclers. Headquartered in Memphis,
Tenn., we employ approximately 39,000 colleagues globally
who are committed to creating what's next. We serve customers
worldwide, with manufacturing operations in North America, Latin
America, North Africa and
Europe. Net sales for 2023 were
$18.9 billion. Additional information
can be found by visiting internationalpaper.com.
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SOURCE International Paper