International Paper has announced that its board of directors elected Andrew Silvernail as Chief Executive Officer (CEO). Effective 1 May 2024, Mr Silvernail will succeed Mark Sutton, who will continue in his role as Chairman of the International Paper Board of Directors to ensure a smooth and successful transition.
Mr Silvernail has two decades of experience leading global companies in the manufacturing and technology sectors. He joins IP from KKR & Co., Inc., a global investment firm, where he served as an executive advisor.
Mark Sutton, current International Paper CEO and Chairman of the Board, said: "The Board's succession process was comprehensive, and I'm confident that Andy's experience paired with the industry expertise of our senior leadership team will amplify the company's success going forward. It's been a privilege to work with the IP team for the past 40 years and to lead the company for the past decade – I am incredibly proud to be IP."
Mr Silvernail, CEO-Elect of International Paper, said, "I'm honoured and proud to be a part of International Paper, a strong and resilient company and a force for good in communities around the world. Many things impressed me about IP, from the customers who rely on its essential products to the core values that drive its culture and its extraordinary sustainability platform. Thanks to Mark's leadership, the company is well-positioned for growth, and I'm excited to be a part of what's next for IP.
"I want to thank the Board for their confidence in me. I look forward to working closely with the Board, Mark and our more than 39,000 employees worldwide as we continue to fulfill our vision of being among the most successful, sustainable and responsible companies in the world."
International Paper, headquartered in Memphis, Tennessee, employs approximately 39,000 staff globally, and had net sales of $19bn in 2023.
