International Paper has announced that Andy Silvernail, who has served as chief executive officer (CEO) since May 2024, will assume the additional role of chairman of the Board of Directors, effective October 1, 2024. This decision follows the upcoming retirement of current chairman Mark Sutton, who will step down from the Board on September 30, 2024, after having led the company as both CEO and chairman.
Chris Connor, lead director at International Paper, expressed gratitude for Sutton’s long-term contributions, stating: “On behalf of the Board of Directors, I’d like to thank Mark for his many years of service to IP and for his leadership as chairman and CEO. During his tenure, he strengthened the company’s balance sheet and focused the portfolio. He leaves behind a strong legacy, and we wish him and his family all the best”.
Connor also voiced confidence in Silvernail’s appointment as chairman: “Additionally, we are pleased that Andy is taking on the role of chairman of the Board. In just four months with IP, he is off to a terrific start and has the team aligned on implementing our strategy. Andy has a clear plan for unlocking the company’s potential to drive results and achieve excellence for our employees, customers and shareholders”, Connor added.
Silvernail, who joined International Paper earlier this year, brings over two decades of experience leading global companies in the manufacturing and technology sectors. Before joining IP, he was an executive advisor at the investment firm KKR & Co., Inc. His previous leadership roles include serving as chairman and CEO of Madison Industries, one of the world’s largest privately held companies, and as chairman and CEO of IDEX Corporation from 2011 to 2020, where employee engagement reached best-in-class performance and total shareholder return increased by over 500%. Silvernail has also held executive positions at Rexnord Industries, Newell Rubbermaid, and Danaher Corporation. He currently serves on the Board of Directors of Stryker Corporation.
