01—Abstract
Summary
Summary of the 8-K filed September 10, 2024. Cited figures are marked; the original filing is the authoritative source.
International Paper Company (NYSE: IP) filed a Form 8-K reporting a leadership change at the Board level.
Mark S. Sutton notified the Board of his intent to retire as Chairman of the Board and as a director, effective September 30, 2024. On September 10, 2024, the Board appointed Andrew K.
Silvernail, the Company's Chief Executive Officer, as Chairman effective October 1, 2024. The filing states that the Board expressed its appreciation to Mr. Sutton for his years of service and contributions. The accompanying press release (Exhibit 99.1) says Mr. Sutton stepped aside as CEO in May 2024 and continued as Chairman until his retirement from the Board.
Lead Director Chris Connor credited Mr. Sutton with strengthening the company's balance sheet and focusing the portfolio. Connor said Mr. Silvernail, who joined as CEO in May 2024, has the team aligned on implementing the company's strategy. The filing describes Mr. Silvernail as having two decades of experience leading global manufacturing and technology companies, including prior roles as Chairman and CEO of Madison Industries and of IDEX Corporation from 2011 to 2020.
The release states that total shareholder return grew by more than 500% during his tenure at IDEX. The filing also notes the Company's 2023 net sales of $18.9 billiona and approximately 39,000 employees.
02—Key points
Key Highlights
- Mark S. Sutton will retire as Chairman of the Board and as a director effective September 30, 2024.
- Andrew K. Silvernail, the Company's CEO, was appointed Chairman of the Board effective October 1, 2024, combining the Chairman and CEO roles.
- Mr. Sutton had stepped aside as CEO in May 2024, when Mr. Silvernail joined the Company as CEO.
- Lead Director Chris Connor said Mr. Sutton strengthened the balance sheet and focused the portfolio during his tenure.
- The release states that the Board believes Mr. Silvernail has the team aligned on implementing the Company's strategy.
- Mr. Silvernail previously led IDEX Corporation as Chairman and CEO from 2011 to 2020, where the release says total shareholder return grew by more than 500%.
- The Company reported 2023 net sales of $18.9 billion and approximately 39,000 employees.
03—Questions
Frequently Asked Questions
Who is the new Chairman of International Paper's Board?
Andrew K. Silvernail, who is also the Company's Chief Executive Officer, was appointed Chairman of the Board effective October 1, 2024.
When does Mark Sutton leave the Board?
Mark S. Sutton will retire as Chairman of the Board and as a member of the Board effective September 30, 2024.
Why is the Company disclosing this change?
The Company filed this Current Report under Item 5.02, which covers departures of directors and officers and the appointment of officers, and under Item 8.01 for other events. It issued a press release on September 10, 2024, announcing the changes, which is filed as Exhibit 99.1.
What background does the Company give for Mr. Silvernail?
The press release describes two decades of experience leading global manufacturing and technology companies. It cites prior roles at KKR & Co., Inc. as an executive advisor, as Chairman and CEO of Madison Industries, and as Chairman and CEO of IDEX Corporation from 2011 to 2020. He also serves on the Board of Directors of Stryker Corporation.
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