MEMPHIS, Tenn. (AP) -- International Paper is increasing the size of its board to 11 members with the addition of Jay Johnson, former chairman and CEO of defense contractor General Dynamics.
The 67-year-old Johnson's appointment is effective Oct. 1.
Johnson retired as chairman and CEO of General Dynamics Corp. in December 2012. Before that, he was CEO of Dominion Virginia Power. He had risen to the rank of admiral in a career of more than 30 years in military service. Johnson served as the Chief of Naval Operations and as a member of the Joint Chiefs of Staff from 1996 until 2000.
On Wednesday International Paper announced that it is laying off 1,100 people who work at an Alabama paper mill that it plans to permanently close because of waning demand for the paper the facility makes. The company's total employee headcount is about 70,000.
Shares of Memphis, Tenn.-based IP Rose 13 cents to $48.26 in morning trading Friday.
- Consumer Discretionary
- General Dynamics
- International Paper
- Dominion Virginia Power