MEMPHIS, Tenn. - International Paper (NYSE: IP), a leading global producer of fiber-based products, announced the appointment of Jamie A. Beggs and Scott A. Tozier to its Board of Directors, with the effective date of Monday. Concurrently, the company disclosed the retirement of Ilene S. Gordon from the Board for personal and health reasons, also effective Monday.
Jamie A. Beggs, 47, is the Senior Vice President and Chief Financial Officer of Avient Corporation (NYSE: AVNT). With a background in finance and investor relations, she brings experience in driving long-term sales growth and expanding EBITDA margins. Beggs has a history of senior roles at Hunt Consolidated and Celanese (NYSE:CE) Corporation and holds degrees in Business Administration and Professional Accounting from The University of Texas at Austin.
Scott A. Tozier, 58, serves as a strategic advisor at Albemarle Corporation (NYSE: NYSE:ALB) and has previously held the role of Executive Vice President and Chief Financial Officer there. His leadership contributed to significant revenue and market cap growth during his tenure. Tozier's career also includes 16 years at Honeywell (NASDAQ:HON) in various senior financial positions. He has a Bachelor's degree from the University of Wisconsin-Madison and an MBA from the University of Michigan.
Both Beggs and Tozier are set to join the Audit and Finance Committee and the Public Policy and Environment Committee at International Paper. Their appointments are expected to bring financial acumen and strategic insight to the company's Board.
Mark S. Sutton, Chairman of IP, expressed gratitude to Ilene Gordon for her 12 years of service on the Board, including her role as the Board's lead independent Presiding Director and chair of the Governance Committee.
With these changes, International Paper's Board will comprise 11 directors, with nine serving as independent directors. Clinton A. Lewis, Jr. was named chair of the Governance Committee at the Board's regular meeting on May 14, 2024.
International Paper, headquartered in Memphis, Tennessee, employs approximately 39,000 people worldwide. The company reported net sales of $18.9 billion for 2023 and operates manufacturing facilities across North America, Latin America, North Africa, and Europe. This announcement is based on a press release statement.
InvestingPro Insights
As International Paper (NYSE: IP) welcomes new expertise to its Board of Directors, the company's financial health and market performance continue to be a focal point for investors. The recent appointments of Jamie A. Beggs and Scott A. Tozier are expected to strengthen the company's financial strategy and oversight, which is particularly relevant given the current financial metrics and market sentiment.
InvestingPro data shows that International Paper has a market capitalization of $14.83 billion, reflecting its significant presence in the industry. Despite a challenging environment characterized by a revenue decline of -11.6% over the last twelve months as of Q1 2024, the company's gross profit margin remains robust at 27.57%. The dividend yield stands at an attractive 4.44%, signaling a commitment to returning value to shareholders, which aligns with the company's history of maintaining dividend payments for 54 consecutive years, a noteworthy point for income-focused investors.
InvestingPro Tips suggest that International Paper is trading at a high earnings multiple, with a P/E ratio of 86.28, which may raise questions about valuation. However, when adjusted for the last twelve months as of Q1 2024, the P/E ratio appears more moderate at 25.44. Moreover, the company's stock has experienced a large price uptick over the last six months, with a 29.56% total return, indicating strong recent performance that investors might find encouraging.
For investors seeking a deeper analysis of International Paper's prospects, there are additional InvestingPro Tips available that can provide further insights into the company's potential. With a coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable tips and make more informed investment decisions.
Overall, the blend of stable shareholder returns and recent stock performance presents a mixed but intriguing picture for International Paper, one that the new board members will likely help navigate in the coming periods.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.