International Paper has announced a key leadership change, with Andy Silvernail being elected as Chairman of the Board of Directors, effective October 1, 2024.
Silvernail, who has served as Chief Executive Officer (CEO) since May 2024, will succeed Mark Sutton, who is set to retire from the Board of Directors on September 30, 2024.
Mark Sutton, who retired as CEO earlier this year but continued as Chairman, leaves behind a significant legacy. Chris Connor, Lead Director of International Paper, expressed the company’s gratitude: “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 welcomed Silvernail’s expanded role, saying, “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.”
Andy Silvernail brings over two decades of experience leading global companies across the manufacturing and technology sectors. Before joining International Paper, he was an executive advisor at KKR & Co., Inc., a global investment firm. Silvernail also served 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. During his time at IDEX, the company achieved best-in-class employee engagement and saw a total shareholder return growth of over 500%. He has also held executive positions at Rexnord Industries, Newell Rubbermaid, and Danaher Corporation.
Silvernail currently sits on the Board of Directors for Stryker Corporation, further highlighting his extensive experience in corporate governance and leadership.
International Paper is a global leader in sustainable packaging, pulp, and fiber-based products, and is one of the world’s largest recyclers. Headquartered in Memphis, Tennessee, the company employs approximately 39,000 people worldwide. With operations across North America, Europe, Latin America, and Africa, International Paper generated $18.9 billion in net sales in 2023.
