MEMPHIS - International Paper (NYSE: IP), a global leader in the packaging and paper industry, has appointed Andrew Silvernail as its new Chief Executive Officer, effective May 1, 2024. The announcement comes as part of a planned leadership transition, with Silvernail succeeding the current CEO, Mark Sutton, who will continue to serve as Chairman of the Board.
Silvernail brings over two decades of experience in leading global companies within the manufacturing and technology sectors. His previous roles include serving as an executive advisor at global investment firm KKR & Co (NYSE:KKR)., Inc., and as Chairman and CEO of Madison Industries, one of the world's largest privately-held companies. Silvernail's tenure as Chairman and CEO of IDEX (NYSE:IEX) Corporation from 2011 to 2020 saw a significant increase in shareholder returns, with a growth of over 500%.
International Paper's Lead Director, Chris Connor, lauded Silvernail's proven track record in value creation and strategic leadership, expressing confidence that Silvernail's appointment will further enhance the company's leadership team. Connor also acknowledged Sutton's significant contributions, particularly his leadership during the pandemic and a period of economic challenges, which led to the company achieving a record-level market capitalization.
Sutton, who has been with International Paper for 40 years and at its helm for the past decade, praised the comprehensive succession process and expressed confidence in Silvernail's ability to amplify the company's success alongside the senior leadership team.
Silvernail expressed his honor in joining International Paper and his enthusiasm for continuing the company's growth trajectory. He commended the company's resilience, commitment to sustainability, and the strong foundation established by Sutton's leadership.
International Paper, headquartered in Memphis, Tenn., employs approximately 39,000 people worldwide and reported net sales of $18.9 billion in 2023. The company operates manufacturing facilities across North America, Latin America, North Africa, and Europe and is recognized as one of the world's largest recyclers.
This leadership transition has been based on a press release statement from International Paper.
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