International Paper appoints CEO

International Paper has announced that the board of directors has elected Mark S. Sutton CEO, effective November 1 and chairman of the board effective January 1, 2015.

Sutton currently serves as president and COO responsible for leading and running the company's global operations. Prior to this 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.

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.

He will remain CEO until October 31 and chairman until December 31 and will serve as a special advisor until he retires February 28, 2015.

"The International Paper board of directors would like to thank John Faraci for his 40 years of dedicated service, including his leadership over the past decade as chairman and CEO​," said J. Steven Whisler, presiding director.