USA – American pulp and paper company, International Paper has announced that Chairman and CEO Mark Sutton has requested that the Board of Directors move forward with the next phase of the company’s CEO succession plan.
This phase in the process will include a comprehensive evaluation of internal and external candidates for Sutton’s successor. Sutton will remain in his position until a successor is found.
Sutton has been with International Paper for his entire 39-year career, having joined in 1984 and worked his way through numerous positions such as mill manager, director of European corrugated packaging operations and vice president of supply chain.
He became CEO in November 2014. Before that, he served as president and chief operating officer for four months, during which time he led the company’s global businesses.
“I am confident that this is the right time to initiate this phase of our multi-year succession plan,” said Sutton in the release, citing a strong balance sheet and ongoing execution of a “transformation strategy.”
“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,” he continued.
“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.”
Like other packaging companies, especially fiber-centric ones, International Paper’s earnings showed softness in the last few quarters.
Executives said during the company’s Q2 earnings call in July that the sticky inventory destocking trend dragged down demand and volumes, but they expected improvement in the second half of the year.
Sutton noted that capital expenditures, especially for the box business, should “expand our capabilities and improve productivity for future growth.”
Pankaboard announces CEO change
Meanwhile, special cartonboards supplier, Pankaboard has announced that CEO Sampo Antti’s service relationship at the company has ended.
Current Deputy CEO Pasi Piiparinen will act as an interim CEO until a new CEO has been appointed and started.
Sampo has been at the helm since August 2021 replacing Juha Tilli who resigned from the company.
Pankaboard manufactures high-quality cartonboards for packaging, various graphical and industrial applications and food service products.
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.
