Under new CEO, IP makes big changes to help it thrive
On Oct. 31, International Paper announced it was closing a pulp mill in South Carolina, effectively eliminating 675 jobs, including more than 125 managers. (Patrick Lantrip/The Daily Memphian file)
International Paper, laying off 1,835 employees — 4.5% of its workforce — by the end of the year, is in the middle of a large restructuring, planning to emerge muscular and efficient.
Under Andy Silvernail, the high-driving new CEO who took over last spring and in September was named board chairman, IP is scrutinizing procedures and contracts, determined to invest in the most-profitable mills and plants and trim many of the rest.
In IP’s third quarter earnings calls with analysts Oct. 31, Silvernail shared examples of the kind of boring down he’s done in his first months on the job, in one case partnering with a large customer to study its mix of its business that, in his words, was “driving huge complexity.”
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International Paper Andy Silvernail Clay Ellis Mike Roxland Subscriber OnlyThank you for supporting local journalism.
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Jane Roberts
Longtime journalist Jane Roberts is a Minnesotan by birth and a Memphian by choice. She's lived and reported in the city more than two decades. She covers business news and features for The Daily Memphian.
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