IP Announces Faraci Retirement, Sutton as New CEO, Other Moves

International Paper Co., Memphis, Tenn., USA, this week announced that its board of directors has elected Mark S. Sutton CEO, effective November 1, and chairman of the board effective January 1, 2015. Sutton currently serves as president and COO responsible for leading and running the company's global operations. Prior to his current role, he was SVP, industrial packaging. 
 
"Mark Sutton's election as CEO and chairman and the other changes we are announcing today reaffirm International Paper's ongoing commitment to developing a strong, deep bench that will lead the company to an even more successful future," said CEO and Chairman John V. Faraci (top photo). "Under Mark's leadership, I am confident that International Paper's best days are ahead." (Sutton is in the bottom photo). 
  
The company also announced the retirement of Faraci, who has served as CEO and chairman of the board of directors since November 2003. Faraci led the transformation of IP that began in 2005, when the company included more than a dozen different businesses, from chemicals to real estate, to forestry. IP sold its diverse assets and set a course to focus on its two core businesses—packaging and paper. Today, the company is strategically well-positioned and competing in attractive growth markets around the world. Faraci served in roles including president, EVP, and CFO before being named to the company's top job. He will remain CEO until October 31 and chairman until December 31, and will serve as a special advisor until he retires Feb. 28, 2015. 
 
"The International Paper board of directors would like to thank John Faraci for his 40 years of dedicated service, including his leadership over the past decade as chairman and CEO," said J. Steven Whisler, presiding director. "John's personal integrity, vision, and keen focus on value creation helped transform International Paper into a global packaging and paper leader, and his many contributions will positively impact the company and influence the industry for years to come."
 
The company also announced the following moves:


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