International Paper (NYSE: IP) has announced a change in leadership, with Andy Silvernail being elected as the Chairman of the Board of Directors in addition to his current role as Chief Executive Officer (CEO), effective October 1, 2024. This change comes as Mark Sutton, who has been serving as the Chairman of the Board since stepping down as CEO in May, will retire from the board on September 30, 2024.
Chris Connor, the lead director of International Paper, expressed gratitude to Mark Sutton for his years of service and leadership, acknowledging his efforts in strengthening the company's balance sheet and focusing the portfolio. He also expressed confidence in Andy Silvernail's leadership, noting his clear plan for unlocking the company's potential and driving results.
Andy Silvernail joined International Paper as CEO in May 2024, bringing with him two decades of experience leading global companies in the manufacturing and technology sectors. Prior to his role at International Paper, he served as an executive advisor at KKR & Co., Inc. and held leadership positions at Madison Industries, IDEX Corporation, Rexnord Industries, Newell Rubbermaid, and Danaher Corporation. During his tenure at IDEX Corporation, employee engagement reached best-in-class performance, and total shareholder return grew by more than 500%.
The transition in leadership marks a significant change for International Paper, as the company looks to leverage Silvernail's expertise and experience to drive excellence for its employees, customers, and shareholders. As a result of these announcements, the company's shares have moved -0.3% on the market, and are now trading at a price of $46.94. For more information, read the company's full 8-K submission here.
