International Paper's Board Elects Anton V. Vincent; Also Announces Retirement of Two Board Members

Rhea-AI Summary

International Paper Company (NYSE: IP) has elected Anton V. Vincent to its Board of Directors, effective March 1, 2021. Vincent, currently President of Mars Wrigley North America, brings extensive experience from leadership roles at Greencore USA and General Mills. His perspective is expected to enhance value creation for the company. The announcement also includes the retirement of two directors, J. Steven Whisler and William J. Burns, the latter due to his nomination as Director of the Central Intelligence Agency. This leadership shift aims to strengthen the Board's capabilities.

Positive

• Anton V. Vincent brings extensive marketing and consumer market experience, which may accelerate value creation.
• Leadership changes could provide fresh perspectives and strategic direction.

Negative

• The retirement of experienced directors Whisler and Burns may raise concerns about continuity and expertise on the Board.

MEMPHIS, Tenn., Feb. 9, 2021 /PRNewswire/ -- International Paper Company (NYSE: IP) announced the election of Anton V. Vincent to its Board of Directors effective March 1, 2021. 

Mr. Vincent currently serves as President, Mars Wrigley North America, part of Mars. Incorporated, a global, family-owned business with $40 billion in annual sales and a diverse and expanding portfolio of confectionery, food, and petcare products and services. He joined the company in 2019, after serving as Chief Executive Officer at Greencore USA, a wholly-owned subsidiary of Greencore Group, Plc.  Before Greencore Group, he spent 23 years at General Mills, a leading global consumer packaged goods company, advancing to become President of three separate business divisions. He holds a Bachelor of Business Administration (BBA) degree in Finance from Sam Houston State University and an MBA from Kelly School of Business at Indiana University.    

"Anton's enterprise, marketing, and deep consumer market experience will bring a valuable perspective to the International Paper Board of Directors," said Mark Sutton, Chairman and CEO. "Anton can help us accelerate value creation as we look to build a better IP, and we are extremely pleased to have him join our Board." 

Mr. Vincent has been recognized by a variety of organizations and publications for his leadership excellence, including 2014, 2016, 2019 Savoy Magazine Top 100 Most Influential African Americans in Corporate America 2012, Black Enterprise Most Powerful African Americans in Corporate America and 2008 Minneapolis Business Journal Minority Corporate Executive of the Year. He is active as a board member for National Confectionary Association, Sustainable Foods Policy Alliance and the Kelley School of Business at Indiana University Dean's Council.

The company also announced the retirement of two directors. J. Steven Whisler, former chairman and chief executive officer of Phelps Dodge Corporation, is retiring and not standing for reelection at the company's next annual meeting of shareowners in May 2021. He has served on the Board at International Paper since 2007.  Also, William J. Burns is the current nominee for Director of the Central Intelligence Agency and is therefore resigning from the Board at the end of this month.

Sutton continued, "I want to thank Steve for his 13 years of service in helping transform International Paper into a global leader in fiber-based packaging, pulp and paper. Among his many contributions, he has been a catalyst and advocate for safety, helping drive our commitment and improvement efforts at the Board level. I also want to recognize Bill for his impact and contributions. His understanding of geo-politics and the intersection of policy and business were impactful in helping us to successfully navigate in the global marketplace. I wish him the very best with the Senate confirmation and in his new role."

Mr. Vincent was identified through a national search that was conducted by Diversified Search. To learn more about other members of International Paper's Board of Directors, visit www.internationalpaper.com under the Company and Leadership tab.

ABOUT INTERNATIONAL PAPER
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We produce corrugated packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; and papers that facilitate education and communication. We are headquartered in Memphis, Tenn., employ approximately 48,000 colleagues, and serve more than 25,000 customers in 150 countries. Net sales for 2020 were $21 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.

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SOURCE International Paper

FAQ

Who is Anton V. Vincent and what is his role with International Paper?

Anton V. Vincent has been elected to the Board of Directors of International Paper and is currently President of Mars Wrigley North America.

What are the reasons behind the changes in the Board of Directors at International Paper?

Anton V. Vincent's election is aimed at enhancing the Board's expertise, while directors J. Steven Whisler and William J. Burns are retiring for personal and professional reasons.

When does Anton V. Vincent officially join the Board of International Paper?

Anton V. Vincent will officially join the Board of Directors on March 1, 2021.

How might the election of Anton V. Vincent impact International Paper?

Vincent's extensive experience in marketing and consumer markets is expected to contribute positively to value creation strategies at International Paper.

What notable contributions did retiring director J. Steven Whisler make during his tenure?

J. Steven Whisler contributed significantly to the transformation of International Paper into a leader in fiber-based packaging and advocated for safety initiatives.