CEO Succession Plan for International Paper

International Paper (NYSE: IP) made an announcement in which Chairman and CEO Mark Sutton expressed his request for the Board of Directors to proceed with the next phase of the company’s CEO succession plan. This phase involves conducting a thorough assessment of potential candidates, both from within the organization and externally, to identify Sutton’s eventual successor. Sutton will continue to serve as chairman and CEO until his successor assumes the role.

Sutton stated, “I am confident that this is the right time to initiate this phase of our multi-year succession plan,” said Sutton. “Our experienced leadership team, refined business portfolio, ongoing execution of our transformation strategy, and strong balance sheet position the company for our next leader to capitalize on significant opportunities for profitable growth. I look forward to working with our Board of Directors on this phase of the process. I will continue to lead the management team to ensure the company’s success and a seamless handoff to my successor.”

Lead Director Chris Connor commented, “Mark has done an exceptional job creating a strategic platform to enable the company’s future performance and profitable growth. He has developed a strong senior leadership team and prepared the company for this important transition. The Board appreciates the leadership he has provided over his four decades of service and the significant contributions he has made leading the company as Chairman and CEO for nearly a decade. The Board, with the guidance of our Management Development and Compensation Committee, will seek to find the right leader who, like Mark, is grounded in the company’s core values and focused on creating value for our stakeholders.”

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