International Paper Company ( IP ) shares are trading higher after the company disclosed that its board of directors has appointed Andrew Silvernail as Chief Executive Officer (CEO), effective May 1, 2024.

Silvernail will succeed Mark Sutton, who has previously announced the final phase of the CEO succession process.

Sutton will continue as the Chairman of the International Paper’s Board of Directors to ensure a smooth and successful transition.

In September 2023, International Paper ( IP ) disclosed its CEO succession plan and explored internal and external candidates for Sutton’s successor.

Silvernail has two decades of experience working at major global companies in the manufacturing and technology sectors.

He joins IP from KKR & Co. Inc. ( KKR ) , a global investment firm, where he served as an executive advisor.

Chris Connor, Lead Director, said, “Andy is an experienced CEO with an extensive track record for creating value. His strategic agility, core values and drive for results align with and will enhance IP’s outstanding leadership team. We are confident that he is the right person to build on the success achieved under Mark Sutton’s leadership.” 

Last month, International Paper ( IP ) reported fourth-quarter sales of $4.601 billion, missing estimates, but topped on adjusted EPS at $0.41.

Price Action: IP shares are up 10.2% at $38.51 on the last check Tuesday.