International Paper Names New CEO
International Paper, Memphis, Tenn., announced that its board of directors has elected Mark S. Sutton as CEO, effective Nov. 1, 2014, and chairman of the board, effective Jan. 1, 2015. Sutton currently serves as president and chief operating officer and is responsible for leading and running the company's global operations. Prior to his current role he was senior vice president, 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 current CEO and chairman John V. Faraci. "Under Mark's leadership, I am confident that International Paper's best days are ahead."
Faraci, who has served as CEO and chairman of the board of directors since November 2003, will retire. He led the transformation of International Paper that began in 2005, when the company included more than a dozen different businesses, from chemicals to real estate to forestry. Under Faraci, International Paper 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, executive vice president and chief financial officer before being named to the company's top job. He will remain CEO until Oct. 31 and chairman until Dec. 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."