Key Takeaways
- International Paper’s board chose Andrew Silvernail to be the company’s new chief executive, replacing Mark Sutton, who has held the post since 2014 and will remain chairman of the board.
- Silvernail previously served as an executive advisor at investment firm KKR, and was also CEO of Madison Industries and IDEX Corporation.
- The news sent shares of International Paper to their highest level in more than a year.
International Paper (IP) was the top-performing stock in the S&P 500 Tuesday as the packaging and pulp producer announced its board had selected a new chief executive.
IP said Andrew Silvernail would replace Mark Sutton on May 1, with Sutton continuing as chairman of the board to help provide a “smooth and effective transition.”
Silvernail was most recently an executive advisor at investment firm KKR. Previously, he was CEO at Madison Industries and IDEX Corporation (IEX), and currently serves on the board of Stryker (SYK).
Sutton, who has led IP since Nov. 2014, called the succession process “comprehensive,” while Silvernail added that he believes the company is “well-positioned for growth.”
Shares of International Paper were up 10.9% at $38.73 at around 2:20 p.m. ET.