In a recent announcement, International Paper (IP) revealed the election of Andrew Silvernail as the company’s CEO, marking the culmination of a thorough evaluation process.
Silvernail is set to assume the role effective 1 May 2024, succeeding Mark Sutton, who previously disclosed the final phase of the CEO succession plan.
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Sutton will retain his position as chair of the International Paper board of directors to ensure a seamless transition.
International Paper emphasised that with more than two decades of leadership experience in the manufacturing and technology sectors, Silvernail brings a wealth of expertise to his new role.
Previously associated with KKR & Co, where he served as an executive advisor, Silvernail also held the position of chair and CEO at Madison Industries.
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Notably, during his tenure at IDEX Corporation from 2011 to 2020, International Paper noted Silvernail drove growth, achieving best-in-class employee engagement and a total shareholder return increase of more than 500%.
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By GlobalDataChris Connor, lead director at International Paper, expressed confidence in Silvernail’s appointment, citing his proven track record of value creation and strategic prowess.
“Andy is an experienced CEO with an extensive track record for creating value. His strategic agility, core values and drive for results align with and will enhance IP’s outstanding leadership team.”
In his remarks, Silvernail expressed his honour and pride in joining International Paper, recognising the company’s resilience and positive impact on global communities.
“I’m honoured and proud to be a part of International Paper, a strong and resilient company and a force for good in communities around the world. Many things impressed me about IP, from the customers who rely on its essential products to the core values that drive its culture and its extraordinary sustainability platform.”
As Silvernail prepared to assume leadership, he expressed gratitude to the board for their confidence and reiterated his dedication to collaborating with Sutton, the board, and International Paper’s extensive workforce worldwide.
“I want to thank the board for their confidence in me. I look forward to working closely with the board, Mark and our more than 39,000 employees worldwide as we continue to fulfil our vision of being among the most successful, sustainable and responsible companies in the world.”
