International Paper announces the name of its spin-off and its board of directors
Sylvamo ™, The World’s Paper Company, will have a nine-member board of directors
MEMPHIS, Tennessee., August 9, 2021 / PRNewswire / – International Paper (NYSE: IP) is proud to announce Sylvamo Corporation as the name of its global paper spin-off, headquartered in Memphis, Tennessee.
The name Sylvamo evokes the company’s connection to trees and highlights its role as steward of sustainable forests. Sylvamo combines the Latin words for forest, “silva”, and love, “amo”. Business leaders translate this unique combination as “love of forests”.
Sylvamo, currently a subsidiary of International Paper, will be governed by a nine-member board with eight independent directors. Jean-Michel Ribieras, senior vice president of Global Papers, will assume the role of president and chief executive officer of the company.
Each director will bring significant talent and experience, including expertise in basic materials, spinoffs, finance, strategy, human resources, international operations, legal and leadership roles.
Stan askren spent most of his 36-year career with HNI Corporation, where he served as Chairman, President and Chief Executive Officer. He also serves on the boards of directors of Allison Transmission Holdings and Armstrong World Industries.
Christine Brief is currently Senior Vice President and Chief Financial Officer of United States Steel (NYSE: X). During her 43-year career, she has held a variety of senior management positions and has extensive experience in purchasing, supply chain, manufacturing and business transformation.
Jean-Marie Desmond retired from DuPont de Nemours, Inc. in 2020 after a 31-year career. She most recently held the position of Executive Vice President and Chief Financial Officer. Desmond also sits on the boards of IPG Photonics and Trinseo.
Lizanne Gottung retired from Kimberly-Clark Corporation in 2017 after a 36-year career. She held the position of Director of Human Resources for 15 years. Gottung also sits on the board of directors of Louisiana-Pacific Corporation.
Joia johnson spent a significant portion of his 36 year career with Hanesbrands Inc. before retiring this year. She has served as Executive Director, General Counsel and Corporate Secretary, and has held other leadership positions. Johnson also sits on the boards of Global Payments, Inc. and Regions Financial Corporation.
David petratis is currently Chairman, President and CEO of Allegion plc (NYSE: ALLE), where he led the company’s spin-off in 2013. He has extensive experience in manufacturing and operations, global commercial markets and strategy development, occupying various leadership positions. positions throughout his 40-year career.
Jean-Michel Ribieras is currently Senior Vice President, Global Papers, at International Paper, where he has spent the majority of his 35-year career in paper and packaging. He will be the Chairman and CEO of Sylvamo.
Paul Rollinson currently serves as President and Chief Executive Officer of Kinross Gold (TSX: K), where he also sits on the company’s board of directors. He has extensive international experience in the mining, forestry, electrical, utilities and industrial sectors during his 30-year career.
James zallie is currently President and CEO of Ingredion (NYSE: INGR), where he also serves on the board of directors of the company. He has extensive operating, manufacturing and management experience throughout his 38-year career.
“We believe it is essential to have a world-class board of directors as we embark on our mission to turn renewable resources into papers that people depend on for education, communication and entertainment,” said Ribieras. “We are proud of the talented, experienced and diverse team who will guide us as an independent company.”
In december 2020, International Paper has announced its intention to transform its global paper business into a separate, publicly traded company at the end of 2021. The spin-off is subject to final approval by International Paper’s board of directors.
Sylvamo will employ around 7,000 colleagues in Europe, Latin America and North America.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We manufacture corrugated cardboard packaging products that protect and promote goods and enable global trade; paste for diapers, handkerchiefs and other personal hygiene products which promote health and well-being; and materials that facilitate education and communication. We are based in Memphis, Tennessee, employs approximately 48,000 colleagues and serves more than 25,000 customers in 150 countries. Net sales for 2020 were $ 21 billion. For more information about International Paper, our products, and our global citizenship efforts, please visit internationalpaper.com.
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SOURCE International Paper