International Paper’s board of directors has named Andrew Silvernail as the company’s next CEO, replacing outgoing CEO Mark Sutton. Silvernail will take over May 1. 

Silvernail comes to IP from investment firm KKR & Co., where he was an executive advisor. He has two decades of experience leading global manufacturing and technology companies, including as CEO at metal product and structure company Madison Industries and CEO of specialty engineered products company IDEX Corp.

"I'm honored and proud to be a part of International Paper, a strong and resilient company and a force for good in communities around the world. Many things impressed me about IP, from the customers who rely on its essential products to the core values that drive its culture and its extraordinary sustainability platform,” Silvernail said in a statement released Tuesday.

The company announced in September that Sutton would be stepping down, triggering a succession plan. He has been with the company his entire career, since 1984, working his way up through numerous positions such as mill manager. He will continue in his position as chairman of the board.

Sutton said in Tuesday’s announcement that the "Board's succession process was comprehensive, and I'm confident that Andy's experience paired with the industry expertise of our senior leadership team will amplify the company's success going forward. It's been a privilege to work with the IP team for the past 40 years and to lead the company for the past decade — I am incredibly proud to be IP." 

Michael Roxland, senior paper and packaging analyst at Truist Securities, suggested in a Tuesday commentary that Silvernail’s outsider status allows him to provide fresh perspectives and ideas for operating improvements — similar to Kevin Kwilinski, who took over the CEO position at Berry Global last summer.

Roxland also suggested that Silvernail’s background could prompt him to evaluate portfolio optimization for IP. Namely, he pointed to the potential to find strategic alternatives for IP’s Global Cellulose Fiber business.

Like other packaging companies, IP experienced challenges in 2023 that affected its earnings. Customer destocking and a demand downturn had notable impacts, executives repeatedly stated on earnings calls. During the company’s most recent earnings call, in February, executives referenced “value over volume” while discussing a go-to-market strategy for industrial packaging in an effort to return to profitability.