IP Announced Nine-Member Board for New Spinoff 'Sylvamo Corporation'
The spinoff, which will have approximately 7,000 employees from across Europe, Latin America and North America as its members, is subject to approval by IP board of directors.
SEATTLE (Scrap Monster): Memphis, Tennessee-headquartered International Paper (IP) has named its global papers spinoff ‘Sylvamo Corporation’. Sylvamo is the combination of Latin words “silva” which means forest and “amo” which means love. The name as a whole translates itself to “love of forests”. The spinoff, which will have approximately 7,000 employees from across Europe, Latin America and North America as its members, is subject to approval by IP board of directors.
According to company press release, Sylvamo Corporation will serve as a subsidiary of International Paper. It will be governed by a nine-member board, comprising of eight independent directors. Jean-Michel Ribiéras, senior vice president, Global Papers, will serve as the company's chairman and chief executive officer.
The board members are Stan Askren, Christine Breves, Jeanmarie Desmond, Lizanne Gottung, Joia Johnson, David Petratis, Jean-Michael Ribieras, Paul Rollinson and James Zallie.
Jean-Michel Ribiéras noted that it is critical to have a world-class board of directors as it sets off on its mission to transform renewable resources into papers. Furthermore, he stated that the talented, experienced and diverse team would be capable of guiding the independent company.
Earlier in December 2020, IP had declared its decision to spin its global papers business into a separate entity.
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