01—Abstract
Summary
Summary of the 8-K filed August 13, 2024. Cited figures are marked; the original filing is the authoritative source.
International Paper (NYSE: IP) filed a Current Report on Form 8-K dated August 13, 2024 to disclose a senior leadership change.
The company determined on August 12, 2024 that Tom Plath, Senior Vice President of Human Resources and Corporate Affairs, will leave the company at the end of the year. His responsibilities are being reassigned immediately, and he will serve in an advisory capacity through the end of the year. No replacement has yet been appointed.
The accompanying press release (Exhibit 99.1) describes Plath's 33-year career with IP, during which he held roles in HR, operations, marketing and general management. He was named an officer in 2013, elected senior vice president in 2017, and had his role expanded in 2023 to SVP, human resources and corporate affairs. That expanded role covered human resources, aviation, real estate, communications, sustainability and government relations.
The filing contains no financial results or guidance. The press release states that IP employs approximately 39,000 colleagues and that net sales for 2023 were $18.9 billiona. For investors, the key items are the departure of a senior executive and the open question of who will take over his broad portfolio of responsibilities.
02—Key points
Key Highlights
- Tom Plath, SVP of Human Resources and Corporate Affairs, will leave International Paper at the end of 2024
- Plath's responsibilities are being reassigned immediately; he will serve in an advisory capacity through year-end
- No replacement has been appointed as of the filing date
- Plath's portfolio covered human resources, aviation, real estate, communications, sustainability and government relations
- Plath had a 33-year career with IP and was elected senior vice president in 2017
- The filing reports no financial results; the company cites 2023 net sales of $18.9 billion and about 39,000 employees
03—Questions
Frequently Asked Questions
Why is Tom Plath leaving International Paper?
The filing does not state a reason for his departure. It says only that he will leave the company at the end of the year and will serve in an advisory capacity through then to ensure a smooth transition.
Who will take over Tom Plath's responsibilities?
His responsibilities are being reassigned immediately, but the filing does not name who will assume them. It also states that a replacement has not yet been appointed.
Does this leadership change affect International Paper's financial results?
The filing does not discuss any financial impact from the departure and contains no financial results. It reports 2023 net sales of $18.9 billion as background information from the press release.
What areas did Tom Plath oversee?
His expanded 2023 role as SVP, human resources and corporate affairs covered human resources, aviation, real estate, communications, sustainability and government relations.
04—Continue