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International Paper Announces Spinoff Name, Board of Directors

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Sylvamo™, The World's Paper Company, will have a nine-member board of directors

MEMPHIS, Tenn., Aug. 9, 2021 /PRNewswire/ -- International Paper (NYSE: IP) is proud to announce Sylvamo Corporation as the name of its global papers spinoff, with headquarters planned for Memphis, Tennessee.

International Paper logo. (PRNewsfoto/International Paper)
International Paper logo. (PRNewsfoto/International Paper)

The name Sylvamo speaks to the company's connection to trees and highlights its role as a steward of sustainable forests. Sylvamo combines the Latin words for forest, "silva," and love, "amo." Company 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 Ribiéras, senior vice president, Global Papers, will serve as the company's chairman and chief executive officer.

Each director will bring significant talent and experience, including expertise in basic materials, spinoffs, finance, strategy, human resources, international operations, legal and senior leadership roles.

Stan Askren spent the majority of his 36-year career at HNI Corporation, where he served as chairman, president and chief executive officer. He also serves on the boards of Allison Transmission Holdings and Armstrong World Industries.

Christine Breves currently serves as senior vice president and chief financial officer of United States Steel (NYSE: X). During her 43-year career, she served in a variety of senior executive roles and has extensive experience in procurement, supply chain, manufacturing and business transformation.

Jeanmarie Desmond retired from DuPont de Nemours, Inc. in 2020 after a 31-year career. She most recently served as executive vice president and chief financial officer. Desmond also serves on the boards of IPG Photonics and Trinseo.

Lizanne Gottung retired from Kimberly-Clark Corporation in 2017 after a 36-year career. She served as chief human resources officer for 15 years. Gottung also serves on the board of Louisiana-Pacific Corporation.

Joia Johnson spent a substantial portion of her 36-year career with Hanesbrands Inc. before retiring this year. She served as chief administrative officer, general counsel and corporate secretary, and in other executive leadership roles. Johnson also serves on the boards of Global Payments, Inc. and Regions Financial Corporation.

David Petratis currently serves as chairman, president and chief executive officer of Allegion plc (NYSE: ALLE), where he led the company's spinoff in 2013. He has extensive experience in manufacturing and operations, global commercial markets and strategy development, serving in a variety of leadership positions throughout his 40-year career.

Jean-Michel Ribiéras currently serves as senior vice president, Global Papers, at International Paper, where he spent the majority of his 35-year paper and packaging career. He will serve as Sylvamo's chairman and chief executive officer.

Paul Rollinson currently serves as president and chief executive officer of Kinross Gold (TSX: K), where he also serves on the company's board. He has extensive international experience in mining, forestry, power and utilities and industrial sectors during his 30-year career.

James Zallie currently serves as president and chief executive officer of Ingredion (NYSE: INGR), where he also serves on the company's board. He has extensive operating, manufacturing and leadership experience throughout his 38-year career.

"We believe it is critical to have a world-class board of directors as we set off on our mission to transform renewable resources into papers that people depend on for education, communication and entertainment," Ribiéras said. "We are proud of the talented, experienced and diverse team that will guide us as an independent company."

In December 2020, International Paper announced plans to spin its global papers business into a separate, publicly traded company in late 2021. The spinoff is subject to final approval by the International Paper board of directors.

Sylvamo will employ approximately 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-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 worldwide 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, Tennessee, 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