01—Abstract
Summary
Summary of the 8-K filed August 27, 2024. Cited figures are marked; the original filing is the authoritative source.
International Paper Company (IP) filed this Form 8-K on August 27, 2024 to report the appointment of W.
Thomas Hamic as executive vice president and president - North American Packaging Solutions, a newly created role effective September 1, 2024. Hamic will lead the Company's Container and Containerboard businesses in North America and will report directly to Chief Executive Officer Andrew "Andy" K. Silvernail.
He previously served as senior vice president - North American Container and chief commercial officer, a role he had held since January 2023, and joined the Company in 1991. The filing sets out Hamic's compensation changes. His annual base salary will increase to $750,000a from $650,000, and he will be eligible for an annual bonus under the Annual Incentive Plan with a target of 100% of base salary.
The Company expects his early-2025 annual equity awards under the 2024 Long-Term Incentive Compensation Plan to have a grant date fair value of $2,800,000,b consisting of performance stock units and restricted stock units. The filing states that no other changes to his compensation were made in connection with the appointment.
The announcement is primarily a leadership change in the Company's North American packaging operations. The filing also furnishes a press release dated August 26, 2024, announcing the appointment.
02—Key points
Key Highlights
- W. Thomas Hamic, 57, appointed executive vice president and president - North American Packaging Solutions, a newly created role effective September 1, 2024
- Hamic will lead the Company's Container and Containerboard businesses in North America and report directly to CEO Andy K. Silvernail
- Base annual salary increases to $750,000 from $650,000
- Annual bonus eligibility under the AIP with a target of 100% of base salary
- Expected early-2025 equity awards under the 2024 Long-Term Incentive Compensation Plan with a grant date fair value of $2,800,000, comprising performance stock units and restricted stock units
- Hamic previously served as senior vice president - North American Container and chief commercial officer since January 2023 and joined the Company in 1991
- Board appointment was made on August 25, 2024; press release furnished as Exhibit 99.1 dated August 26, 2024
03—Questions
Frequently Asked Questions
Who is being appointed and what will their role be?
W. Thomas Hamic, 57, is being appointed executive vice president and president - North American Packaging Solutions, a newly created position effective September 1, 2024. He will lead the Company's Container and Containerboard businesses in North America and report directly to CEO Andy K. Silvernail.
How is Hamic's compensation changing?
His annual base salary will rise to $750,000 from $650,000. He will be eligible for an annual bonus under the Annual Incentive Plan with a target of 100% of base salary, on the same terms as the Senior Leadership Team. The Company expects his early-2025 equity awards to have a grant date fair value of $2,800,000, made up of performance stock units and restricted stock units.
What was Hamic's previous role at the Company?
Hamic served as senior vice president - North American Container and chief commercial officer since January 2023. Earlier roles included senior vice president - Global Cellulose Fibers and Enterprise Commercial Excellence (2020-2022), senior vice president - Containerboard and Enterprise Commercial Excellence (2019-2020), and vice president and general manager - Containerboard and Recycling (2015-2019). He joined the Company in 1991.
Are there any other arrangements tied to the appointment?
The filing states that the Company has not entered into any other agreements with Hamic or changed his compensation in connection with the appointment, beyond what is described. It also states there are no arrangements or understandings under which he was selected, no family relationships with any director or executive officer, and no material interest in any related-person transaction under Item 404(a) of Regulation S-K.
04—Continue