International Paper yesterday announced that the board of directors has elected Mark S. Sutton Chief Executive Officer, effective November 1, 2014 and chairman of the board effective January 1, 2015.
Sutton currently serves as president and chief operating officer responsible for leading and running the company's global operations. Prior to his current role he was senior vice president, industrial packaging.
"Mark Sutton's election as CEO and chairman and the other changes we are announcing today reaffirm International Paper's ongoing commitment to developing a strong, deep bench that will lead the company to an even more successful future," said CEO and Chairman John V. Faraci. "Under Mark's leadership, I am confident that International Paper's best days are ahead."
The company also announced the retirement of John V. Faraci, who has served as CEO and chairman of the board of directors since November 2003. Faraci led the transformation of International Paper that began in 2005, when the company included more than a dozen different businesses, from chemicals to real estate to forestry. IP sold its diverse assets and set a course to focus on its two core businesses, packaging and paper.
