International Paper CEO John Faraci To Retire; Mark Sutton Named Successor

(RTTNews) - International Paper Co. (IP) on Monday announced the retirement of John Faraci, who has served as CEO and chairman of the company's board of directors since November 2003.

Faraci,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 company said.

The company also said that its board of directors has elected Mark 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 of the company. Prior to his current role he was senior vice president, industrial packaging.