MEMPHIS (From news reports) -- International Paper (IP) announced Tuesday that its board of directors has elected Andrew Silvernail as Chief Executive Officer (CEO), following an extensive evaluation process.

Effective May 1, 2024, Silvernail will succeed Mark Sutton, who previously announced the final phase of the CEO succession process. Sutton will continue in his role as Chairman of the International Paper Board of Directors to ensure a smooth and successful transition.

Silvernail joins IP from KKR & Co., Inc., a global investment firm, where he served as an executive advisor. Silvernail also served as the Chairman and CEO of Madison Industries, one of the world's largest privately held companies.

Prior to that, Silvernail served as Chairman and CEO of IDEX Corp. from 2011 to 2020. He previously held executive positions at Rexnord Industries, Newell Rubbermaid and Danaher Corp. He currently serves on the Board of Directors of Stryker Corp.