ip morningstar
TRANSCRIPT
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8/10/2019 IP Morningstar
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International Paper CoIP
1 Quote
6 Analysis
9 Insiders
22 Performance
24 Financials
27 Valuation / Estimates
29 Key Ratios
32 Ownership
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International Paper CoIP Morningstar Analyst Rati
Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/
$ 50.62 ]0.32 | 0.64 % $ 50.92 50.44-51.10 43.05-51.98 3.16 21.62 bil 3.0 mil 3.4 mil 12.34 2.87 0.77 8
Stock Price2014-01-01 - 2014-10-31
XNYS:IP:2.28|4.72%
20.00
40.00
60.00
2014
Morningstars Take
International Paper has transformed from a businesswith 12 operating units in 2005 to just three today. Overthe past decade, it has shed more than $11 billion worthof timberland...
Fair Value Estimate $ 48.00
Consider Buying $ 28.80
Consider Selling $ 74.40
Fair Value Uncertainty High
Economic Moat Narrow
Stewardship Exemplary
Growth CProfitability CMorningstar Credit Rating BBB
Key Stats
Stock Ind Avg
Price/Earnings TTM 25.1 18.8
Price/Book 2.9 3.2
Price/Sales TTM 0.8 0.9
Rev Growth (3 Yr Avg) 4.9 8.6
Net Income Growth (3 Yr Avg) 29.4 20.4
Operating Margin % TTM 5.5 7.9
Net Margin % TTM 3.1 4.6
ROA TTM 2.8 4.3
ROE TTM 12.4 17.7Debt/Equity 1.2 1.4
Relative to Industry
- Avg +
Financials
Annual Quarterly
Income Statement 2013-12 2012-12 2011-12 2014-06 2013-06
Revenue 29,080 27,833 26,034 7,213 7,335
Operating Income 2,188 1,891 2,217 313 518
Net Income 1,395 794 1,341 161 259
Earnings Per Share 3.11 1.80 3.07 0.37 0.57
Shares Outstanding 448 440 437 432 448
Balance Sheet
Current Assets 9,025 8,905 10,456 8,751 9,268
Non Current Assets 22,503 23,248 16,537 22,051 23,277
Total Assets 31,528 32,153 26,993 30,802 32,545
Current Liabilities 5,127 4,998 4,738 5,393 5,677
Total Liabilities 23,423 25,849 20,373 23,280 25,838
Stockholders' Equity 8,105 6,304 6,620 7,522 6,707
Dividends
Declared Date 09/09/20
Ex-Dividend Date 11/13/20
Latest Indicated Dividend Amount 0
Projected Yield 3.16
Recent Dividends &
Splits
Type Amo
08/13/2014 Cash Dividends 0.35
05/21/2014 Cash Dividends 0.34
02/12/2014 Cash Dividends 0.34
11/13/2013 Cash Dividends 0.34
Purchase Options
Direct Investment Y
Dividend Reinvestment Plan Y
CompetitorsName Price % Chg TTM Sa
$
International Paper Co $50.62 0.64] 28,8
Amcor Ltd ADR $41.49 0.63] 9,5
Amcor Ltd $9.84 -4.28 [ 9,5
Ball Corp $64.43 1.79] 8,5
Sealed Air Corp $36.25 2.95] 7,7
MeadWestvaco Corp $44.17 2.55] 5,4
Wall St. Recommendations
Current 4.1
Total Analysts: 7 5.0 3.0Buy Hold
Ownership
Fund Owners Star
Rating
% Shares
Held
% To
Ass
Vanguard WellingtonInv
QQQQQ 1.87 0
T. Rowe Price EquityIncome
QQQ 1.73 1
Vanguard Total Stock MktIdx
1.63 0
BlackRock Equity DividendInv B
QQQ 1.47 1
T. Rowe Price Value QQQQ 1.26 1
Insiders % ChangeTTM
% ShaOutstand
John V. Faraci -194,397 0
Timothy S. Nicholls 19,021 0
Carol L. Roberts -90,561 0
Mark S. Sutton 19,407 0
Mary A. Laschinger -35,352 0
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 1 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 1 of
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International Paper CoIP Morningstar Analyst Rati
Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/
$ 50.62 ]0.32 | 0.64 % $ 50.92 50.44-51.10 43.05-51.98 3.16 21.62 bil 3.0 mil 3.4 mil 12.34 2.87 0.77 8
Cash Flow
Cash From Operations 3,028 2,967 2,675 529 748
Capital Expenditures -1,198 -1,383 -1,159
Free Cash Flow 1,830 1,584 1,516 529 748
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 2 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 2 of
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International Paper CoIP
Quote Stock Type Last Close 10/31/2014 Fair Value Estimate Morningstar RatingCyclical 50.62 $ 48.00 QQQ
Industry Classification
NAICS Folding Paperboard Box Manufacturing (322212)
SIC Folding Carton and Set-up Box Industry (2731);Folding Paperboard Boxes, IncludingSanitary (2657)
ISIC Manufacture of Corrugated Paper and Paperboard and of Containers of Paper andPaperboard (1702)
Operation Details
Fiscal Year Ends 2014-12-31
CIK 51434
Year Established
Employees (12/31/2013) 69,000
Full Time
Part Time
Auditor (12/31/2013) Deloitte & Touche LLP
Legal Advisor (02/27/2012) Debevoise & Plimpton LLP
Key Executives Timothy S. Nicholls/Senior Vice President, Printing and Communications Papers of theAmericas; Carol L. Roberts/Senior Vice President and Chief Financial Officer; Mary A.Laschinger/Senior Vice President and President, xpedx; William P. Hoel/senior vice
president, Container The Americas; Tommy S. Joseph/Senior Vice President,Manufacturing, Technology, EHS&S and Global Sourcing; Sharon R. Ryan/Senior VicePresident, General Counsel and Corporate Secretary; Thomas G. Kadien/Senior VicePresident, Consumer packaging and IP India; Paul J. Karre/Senior Vice President, HumanResources and Communications; C. Cato Ealy/Senior Vice President, CorporateDevelopment; Jeanmichel Ribieras/Senior Vice President and President, IP Europe,Middle East, Africa and Russia; Terri L. Herrington/Vice President, Finance andController; W. Michael Amick/Vice President, President, IP India and ExecutiveChairman, International Paper APPM Limited; Rampraveen Swaminathan/Vice Presidentand Managing Director, IP APPM; Glenn R. Landau/President, IP Latin America
Business Description
International Paper Co produces and distributes printinpaper, packaging, forest products, and chemicalproducts. The Company operates in four segmentsnamely industrial packaging; printing papers; consumepackaging, and distribution.
30-day Avg Volume 4.0M
Market Cap 21.6
Net Income 0.9
Sales 28.9
Sector Consumer Cycli
Industry Packaging & Contain
Stock Style 4Large CDirect Investment Y
Dividend Reinvestment Y
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 3 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
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International Paper CoIP
Quote Stock Type Last Close 10/31/2014 Fair Value Estimate Morningstar RatingCyclical 50.62 $ 48.00 QQQ
Industry Peers
MorningstarRating
MarketCap $Mil
NetIncome $Mil
P/S P/B P/E DividendYield%
5 Yr RevCAGR%
Med Oper.Margin%
InterestCoverage
International Paper Co QQQ 21,615 884 0.8 2.9 25.1 2.8 3.2 6.8
Amcor Ltd 12,516 564 1.3 6.6 19.6 3.8 2.6 6.0 5.0Amcor Ltd 11,873 564 1.3 6.2 18.6 3.9 2.6 6.0 5.0
Ball Corp QQQ 8,919 486 1.1 7.4 19.3 0.8 2.3 9.7 4.2
Sealed Air Corp QQQ 7,685 197 1.0 5.4 45.5 1.4 9.7 7.8 1.5
MeadWestvaco Corp QQQ 7,441 861 1.4 2.1 20.8 2.3 -4.1 6.6 2.4
Rock-Tenn Company QQQQ 7,323 502 0.8 1.6 14.9 1.4 27.5 7.6 7.6
Packaging Corp of America QQQ 7,091 497 1.4 4.8 14.1 2.2 9.2 12.9
Crown Holdings Inc QQQ 6,658 423 0.7 24.6 15.6 0.8 10.1 3.4 1
REXAM PLC 5,450 203 0.9 2.6 12.0 4.1 -3.1 10.6 4.6
REXAM PLC QQQQ 5,395 203 0.9 2.5 11.9 4.1 -3.1 10.6 4.6
Smurfit Kappa Group PLC 4,733 257 0.9 1.6 29.3 3.0 2.4 8.0 2.4
Owens-Illinois Inc QQQ 4,249 128 0.6 2.5 28.0 -2.4 11.0 2.4
Sonoco Products Co QQQ 4,138 239 0.9 2.4 17.7 3.1 3.3 7.2 6.1
AptarGroup, Inc. QQQQ 4,056 183 1.6 2.7 23.1 1.7 4.0 11.3 13.9Graphic Packaging Holding Co 3,966 94 0.9 3.6 43.1 1.9 6.9
Bemis Co Inc QQQ 3,842 225 0.8 2.3 17.6 2.8 5.9 7.6 5.7
Smith (DS) PLC 3,841 140 0.6 2.1 16.8 4.0 13.9 4.4 5.1
CCL Industries Inc 3,262 150 1.6 3.2 26.4 0.9 9.7 10.4 6.7
Tupperware Brands Corp 3,212 239 1.2 11.3 13.7 4.2 4.3 13.2 10.0
Silgan Holdings Inc QQQ 3,117 175 0.8 4.1 17.9 1.2 3.5 9.2 4.8
Berry Plastics Group Inc 3,057 59 0.6 -23.0 53.5 4.9
Huhtamki Oyj 2,754 111 0.9 2.5 19.6 3.0 0.7 5.9
Nampak Ltd 2,445 1,240 1.4 3.7 20.2 2.4 -0.2 10.0
Greif Inc 2,396 114 0.5 1.9 21.0 5.0 2.8 7.8 3.9
Berli Jucker PLC 2,357 1,971 1.8 5.1 38.9 1.3 13.7 8.2
Smurfit Kappa Group PLC 2,356 257 0.5 0.8 14.6 2.2 2.4 8.0 2.4
Nampak Ltd 2,158 1,240 1.2 3.2 17.8 3.1 -0.2 10.0Greif Inc 2,103 114 0.5 1.7 18.4 3.8 2.8 7.8 3.9
Mobile Mini Inc 2,020 43 4.8 2.4 45.9 1.2 -0.4 26.2 2.3
Mayr-Melnhof Karton AG 2,003 128 0.8 1.5 12.4 2.5 2.9 8.7
Winpak Ltd 1,732 75 2.3 3.0 22.8 0.4 6.9 14.6 4,350.7
RPC Group PLC 1,571 28 0.8 3.6 19.9 6.3 6.4 6.8
Intertape Polymer Group Inc 891 91 1.2 3.6 10.0 2.5 1.2 3.6 6.5
Veritiv Corp 721 244 0.2 1.7 1.0
AMVIG Holdings Ltd 433 424 0.9 0.8 8.9 4.7 3.8 22.2 11.9
UFP Technologies Inc 155 10 1.1 1.7 15.4 4.8 12.4
Richards Packaging Income Fund 139 4 0.7 2.1 37.0 6.5 1.1 6.8 8.1
Northern Technologies International 83 4 3.3 1.9 19.1 12.9 21.1 108.6
China Shengda Packaging Group Inc 35 1 0.2 0.3 21.7 6.9 4.1
Flasr Inc 34 0CryoPort Inc 25 -20 7.5 -24.4 -875.9 -23.9
Fuwei Films (Holdings) Co Ltd 11 -58 0.2 0.2 -7.4 -5.2 -5.8
Shiner International Inc 10 -4 0.1 0.3 10.8 -0.6 -0.0
Ehouse Global Inc 0 -1 -0.1 -2.7 -33.3
Sofrinsky Experimental Mechanical Plant OJSC 2 98.7 5.6 5.9
Greatview Aseptic Packaging Co Ltd 331 2.8 3.0 19.9 1.6 20.6 108.6
Powerflute Oyj 9 3.6 8.5 10.3
Zignago Vetro 25 2.7 18.2
Youlchon Chemical Co Ltd 15,498 9.6 7.5 24.5
RM2 International SA -90 526.3 2.5 -33,264.2 -9.9
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 4 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
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International Paper CoIP
Quote Stock Type Last Close 10/31/2014 Fair Value Estimate Morningstar RatingCyclical 50.62 $ 48.00 QQQ
Industry Peers
MorningstarRating
MarketCap $Mil
NetIncome $Mil
P/S P/B P/E DividendYield%
5 Yr RevCAGR%
Med Oper.Margin%
InterestCoverage
RPC Group PLC 28 6.3 6.4 6.8
Symphony Environmental Technologies PLC 0 1.7 4.5 7.0 5.9 -14.3Cardia Bioplastics Ltd -2 0.8 0.4 -97.3 -321.5
Vetropack Holding AG 56 -2.3 13.1
Kmbi Corp -1,041 0.8 1.2 1.3
Uflex Ltd 2,225 22.4 5.4
Teckwah Industrial Corp Ltd 11 2.6 8.0 72.4
Cardia Bioplastics Ltd -2 -97.3 -321.5
New Toyo International Holdings Ltd 16 0.5 0.7 8.8 2.8 5.1 8.7 18.6
Mayr-Melnhof Karton AG 128 2.9 8.7
ThermaFreeze Products Corp
Hung Hing Printing Group Ltd 13 0.3 0.3 12.7 3.4 3.7 16.6
Radva Corp 0 -4.4 0.0 -2.3
Conforce international Inc -3 9.4 0.5 -361.3
API Group PLC 5 0.4 1.9 10.0 4.2 5.9 10.7Full Apex holdings -66 0.2 0.2 7.8 5.2 1.4
Viskase Companies Inc 12 17.5 9.3 7.4 1.8 1
Cryopak Industries Inc -1 0.0 0.0 69.5 -8.8
International Dispensing Corp -2 -23,581.6
Industry Average 3,775 441 0.9 3.2 18.8 1.8 7.2 -849.7 83.0
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 5 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 5 of
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International Paper CoIP
Analysis
Analyst Note| 09 Sep 2014 | Todd Wenning, CFA, Stock
Analyst
International Paper on Sept. 8 announced that COO
Mark Sutton would succeed chairman and CEOJohn Faraci, who is retiring at the end of October.
Sutton will also assume Faraci's chairman role on
Jan. 1. Naming Sutton as Faraci's replacement
was not a surprise, but the timing of the transition
is slightly sooner than we expected. In February,
Faraci will reach the company's mandatory retire-
ment age of 65, and earlier reports indicated he
would retire at the end of that month. We don't
see this as a major problem, though, since Faraci
will remain a special advisor to Sutton until Feb.
28.
Despite the retirement of an excellent capital al-
locator in Faraci, we are maintaining our Exem-
plary stewardship rating for International Paper.
As senior vice president of Industrial Packaging,
Sutton played a key role in exceeding the com-
pany's synergy targets after the 2012 Temple-In-
land acquisition, and we believe his strong track
record in operations should help IP maintain its
low-cost production advantages, which is the main
source of our narrow economic moat rating. Fur-
ther, we think CFO Carol Roberts has a good eye
for allocating capital and that the deep bench of
leadership talent at IP will support a smooth trans-
ition.
Investment Thesis| 02 Jul 2014 | Todd Wenning, CFA,
Stock Analyst
International Paper has transformed from a busi-
ness with 12 operating units in 2005 to just three
today. Over the past decade, it has shed more than
$11 billion worth of timberland and noncore busi-
nesses and strengthened its position in industrial
packaging by acquiring Weyerhaeuser's pack-
aging division in early 2008 and Temple-Inland in
2012. These acquisitions have resulted in IP hav-
ing an approximate one-third share of the North
American containerboard industry, compared with
19% for its closest competitor, Rock-Tenn. IP's
massive corporate restructuring has been bold and
expensive, but given the old business model's in-
ability to sustainably generate returns above its
cost of capital, we think such a move was neces-
sary and believe the new model will increase
shareholder value. IP has done a fantastic job in-
tegrating the Temple-Inland acquisition, with real-
ized synergies well ahead of expectations, and its
industry-leading EBITDA margins speak to the
company's ability to efficiently run a large mill net-
work. The other half of IP's business, which in-
cludes legacy printing papers and consumer pack-
aging, requires more of management's attention
as each segment has a unique set of challenges.
While more than three fourths of IP's revenue
comes from the United States, the company also
has paper operations or investments in each of theBRIC countries and in Eastern Europe. The jewel of
IP's emerging-market investments is its joint ven-
ture with Ilim, the largest pulp and paper company
in Russia. Ilim has two pulp mills in Siberia that
provide daily rail deliveries into China, the country
with the world's biggest fiber deficit. Despite the
strong uncoated free sheet paper demand in emer-
ging markets, we believe those regions will also
increasingly adopt digital forms of communication.
This is likely to shorten the emerging-market UFS
growth phase, though that growth phase could
nevertheless continue for another five or moreyears.
Economic MoatTM| 02 Jul 2014
We give International Paper a narrow economic
moat rating. Now that xpedx has been spun off,
IP's industrial packaging division will account for
about two thirds of annual revenue and operating
profit. We believe this business benefits from a
low-cost production advantage, with 95% of its
production capacity falling in the first and second
quartiles of the global cost curve. This advantage
can be seen in IP's North American industrial pack-
aging EBITDA margins, which are higher than
those of its primary competitors in the region,
Packaging Corporation of America and Rock-Tenn.
IP's other legacy operations, printing papers and
consumer packaging, will account for the remain-
ing third of revenue and operating profit. The vast
majority of IP's paper and paperboard mills a
fall in the lower half of the cost curve, but the d
ference between producers in the f irst and fou
quartiles isn't as wide as it is in containerboa
Plus, margins are not quite as attractive in the
businesses, owing to the secular headwinds f
cing printing papers and tepid volume growth
consumer packaging in recent years. We belie
IP's low-cost production advantage stems from
number of factors including mill locations in clo
proximity to wood baskets that were part of t
once vertically integrated company. When IP so
its forest holdings during its transformation peri
it also locked in long-term fiber supply agre
ments with the new landowners, which should e
sure that IP's proximity advantage persists for least another 10 years. Further, IP's virgin fib
mills are effectively irreplaceable from a co
standpoint given the environmental regulatio
and capital requirements to build a greenfield v
gin fiber mill in the U.S. Finally, the company h
invested heavily in energy reduction projects at
mills, which has further reduced production co
relative to some of its peers. We continue to s
little contribution from the efficient-scale ph
nomenon toward IP's economic moat. Despite t
consolidated nature of the North American co
tainerboard market, where four companies acount for about 75% of supply, we think (highe
cost) supply will continue to be added in the co
ing years through newsprint mill conversions a
brownfield investments by competitors. Witho
the efficient scale phenomenon present, we do
have sufficient confidence that IP, being a co
modity producer, can generate economic prof
beyond 20 years. As such, we do not believe
possesses a wide economic moat.
Valuation| 29 Jul 2014
Our fair value estimate is $48 per share, whi
represents a 2014 price/adjusted earnings m
t ip le n ea r 1 5 t im es a nd a n e nt er pr i
value/EBITDA multiple near 7 times. Our model a
sumes an 8.8% weighted average cost of capita
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 6 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
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International Paper CoIP
Analysis
Risk| 02 Jul 2014
We have a high uncertainty rating for Internation-
al Paper. Now that IP has acquired its way to be-
coming the largest containerboard player by a
wide margin, it must strike a profitable balance
between production and capacity in an industry
that competes largely on price. Moreover, contain-
erboard mills have high fixed costs and require
utilization rates near 100% to spread out the fixed
costs; in periods of economic decline, then, con-
tainerboard producers are faced with the difficult
choice between running mills and realizing lower
margins, or idling mills to better match supply and
demand. In such a situation, the larger producers
often bear most of the industry's burden when it
comes to taking downtime, as smaller competitors
are more able to maintain their prerecession levels
of mill utilization. If the containerboard industry is
able to introduce additional price increases in the
absence of higher input costs, containerboard pro-
ducers could have the upper hand in future pricing
events and efficient scale could, in fact, be
present. We may be underestimating this oppor-
tunity.An accelerated decline in UFS demand
would hurt not only the printing papers segment,
but also IP's industrial packaging and distribution
businesses, since boxed paper shipments make up
approximately 20% of the end uses for corrugatedpackaging. If recycled fiber prices fall materially
(unlikely in our estimation), IP's relative position on
the cost curve could diminish, given that 65% of
its North American containerboard fiber supply is
fiber with the balance in recycled. Some peers
have a higher exposure to recycled fiber and would
benefit from this trend. Finally, should political
tensions between Russia and the U.S. escalate,
IP's large investment in the Siberia-based Ilim joint
venture could be at risk.
Management | 09 Sep 2014
We assign International Paper an Exemplary stew-
ardship rating, supported by the company's tre-
mendously successful transformation over the past
decade. Our stewardship rating focuses on how
well management teams have played the hand
they were dealt, and we believe IP worked a minor
miracle, given the secular headwinds faced by the
domestic paper industry in the past two decades.
Between 2002 and 2006, for example, IP's returns
on invested capital averaged a little below 8%,
and its quarterly dividend was held at $0.25 per
share from 1995 to 2009. During this period, the
company was simply stretched across too many
business lines and operations were largely ineffi-
cient. Since 2006, however, IP sold more than $11
billion worth of timberland and noncore business
lines and acquired packaging assets such as Wey-
erhaeuser in 2008 and Temple-Inland in 2012. The
Temple-Inland integration process was a resound-
i n g s u cc e ss a nd s y ne r gi e s s u rp as s ed
management's original guidance. As a result of
these moves, IP's returns on invested capital im-proved to about 18% by 2012, and although the
firm had to slash its dividend during the financial
crisis, the payout has more than fully rebounded
and is well above its pre-financial-crisis levels.
Though we expect increased competitive pressure
in the North American containerboard market over
the next few years, we believe IP is on much bet-
ter footing as a result of management's wise de-
cisions and strong operational execution in recent
years. The company's most recent capital-alloca-
tion decision, to spin off its noncore distribution
business, is another example of management'sprudent approach to increasing shareholder value.
John Faraci has been chairman and CEO since
2003 and is largely responsible for the company's
significant transformation. He joined IP in 1974
and served as CFO for three years before becom-
ing CEO. Faraci is set to retire in October. In
September, IP named COO Mark Sutton to replace
Faraci as chairman and CEO. Sutton has been with
IP for his entire 30-year career; before becoming
COO, he was the head of IP's industrial packaging
business where played an integral role in exceed-
ing the company's synergy targets after the
Temple-Inland acquisition. We think IP will have
plenty of time to groom Sutton for the CEO posi-
tion, and we are maintaining our Exemplary stew-
ardship rating. CFO Carol Roberts has been with
the company since 1981 and assumed her current
role in 2011. IP has a deep bench of executive tal-
ent with decades of experience, so we would an
cipate future leadership changes to promote
ternal candidates and transitions to be relative
smooth. IP executives' bonuses are tied to fr
cash flow, return on investment, and total sha
holder return metrics, which we consider approp
ate, and we're encouraged that 87% of the CEO
target compensation is at risk. We think shar
holder capital is in good hands with the
team.One slight negative point that we take wit
IP's management is the frequent use of restruct
ing charges, which can be very large in som
years. While frequent restructuring charges a
reasonable in industries facing secular declin
(office paper, for example), we would like to s
management include results with and without structuring charges when making compariso
with competitors and prior periods.
Bulls Say
With the acquisition of Temple-Inland, IP esta
lished a dominant market share lead in corrugat
packaging that brings scale advantages vers
competitors and more stable profit margins.
IP has paper and packaging operations in each
the BRIC countries, which could fuel top- and bo
tom-line growth in the medium term.
A rebound in U.S.-based manufacturing w
provide a tailwind to IP's industrial packaging se
ment.
Bears Say
The new competitive dynamics in containerboa
have yet to be tested in a recessionary enviro
ment, and any perceived pricing rationality cou
quickly break down.
The paper industry is in secular decline in d
veloped markets, and the rapid adoption of digitechnology will stifle growth potential in eme
ging markets.
Competitors have taken notice of augmented co
tainerboard industry profit margins and have b
gun to add capacity to the domestic market.
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 7 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 7 of
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International Paper CoIP
Analysis
Overview
International Paper manufactures packaging
products and printing papers. It accounts for ap-
proximately one third of the North American cor-
rugated packaging market and about 25% of the
uncoated free sheet paper market. Though it has
operations in Brazil, Russia, India, and China, more
than three fourths of its sales come from North
America.
Competitors
Name Price % Chg TTM Sales
$ mil
International Paper Co $50.62 0.64] 28,882
Amcor Ltd ADR $41.49 0.63] 9,547
Amcor Ltd $9.84 -4.28 [ 9,547
Ball Corp $64.43 1.79]
8,573Sealed Air Corp $36.25 2.95] 7,726
MeadWestvaco Corp $44.17 2.55] 5,477
Analyst
Price 10-31-2014 50.62 USD
Fair Value Estimate 48 USD
Uncertainty High
Consider Buy 28.8 USD
Consider Sell 74.4 USD
Economic Moat Narrow
Stewardship Rating Exemplary
Quantitative
Price 10-31-2014 50.62 USDQuantitative Fair Value 47.85 USD
Quantitative Uncertainty Low
Quantitative Moat Narrow
As of 10-31-2014
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 8 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 8 of
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10/38
International Paper CoIP
Insiders
Total Executive Compensation
29.01 mil
36.15 mil38.75 mil
41.11 mil
26.14 mil
16.00
32.00
48.00
2009 2010 2011 2012 2013
Stock Price
30.00
60.00
2009 2010 2011 2012 2013
Total Return
0
80.0
2009 2010 2011 2012 2013
Revenue
-1.00
0.00
2009 2010 2011 2012 2013
Return of Equity
-1.00
0.00
2009 2010 2011 2012 2013
Net Income
-1.00
0.00
2009 2010 2011 2012 2013
2013 Executive Compensation
Total Compensation $26,140,6
1-Year % Change 36.41 %
Compensation vs. Performance 1-Year % Cha
CEO Compensation -22.8
Stock Return 26.2
Revenue 4.48
Return on Equity 57.9
Net Income 75.69
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 9 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 9 of
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International Paper CoIP
Insiders
Key Executive Compensation
Key Executive Compensation 2009 2010 2011 2012 2
Salary 2,348,100 2,637,725 3,278,875 3,406,000 4,069,3
Bonus 0 0 0 0
Annual Other Income 0 0 0 0Restricted Stock Award 3,403,149 10,835,820 14,814,582 14,659,207 16,750,0
Securities Options 0 0 0 0
LTIP Payout 0 0 0 0
Non-Equity Compensation 4,307,400 4,106,300 4,865,000 3,341,100 3,951,3
Other Compensation 821,307 849,566 644,932 622,644 591,4
Total 17,519,615 26,375,694 30,847,842 32,363,037 26,140,6
John V. Faraci / Chairman of the Board and Chief Executive Officer 2009 2010 2011 2012 2
Salary 1,261,400 1,308,725 1,374,375 1,391,000 1,435,2
Bonus 0 0 0 0
Annual Other Income 0 0 0 0
Restricted Stock Award 2,397,230 7,424,073 9,001,717 8,852,190 9,013,7
Securities Options 0 0 0 0LTIP Payout 0 0 0 0
Non-Equity Compensation 2,727,400 2,250,000 2,500,000 1,784,500 1,874,3
Other Compensation 683,576 652,395 335,563 368,908 357,6
Total 12,195,181 17,181,113 16,407,713 16,427,291 12,680,9
Carol L. Roberts / Senior Vice President and Chief Financial Officer 2009 2010 2011 2012 2
Salary 541,700 679,000 694,750 720,000 720,0
Bonus 0 0 0 0
Annual Other Income 0 0 0 0
Restricted Stock Award 471,417 1,604,367 1,994,330 2,021,011 2,057,9
Securities Options 0 0 0 0
LTIP Payout 0 0 0 0
Non-Equity Compensation 800,000 1,073,500 865,000 618,000 633,0
Other Compensation 85,763 58,619 110,932 102,091 91,3
Total 2,867,959 5,012,572 5,365,452 6,206,159 3,502,2
Mark S. Sutton / Senior Vice President, Industrial Packaging 2009 2010 2011 2012 2
Salary 514,750 585,000 628,8
Bonus 0 0
Annual Other Income 0 0
Restricted Stock Award 1,534,923 1,764,995 1,797,1
Securities Options 0 0
LTIP Payout 0 0
Non-Equity Compensation 675,000 526,100 577,0
Other Compensation 45,071 85,825 58,0
Total 3,858,691 4,814,971 3,477,1
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 10 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 10 of
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International Paper CoIP
Insiders
Timothy S. Nicholls / Senior VicePresident, Printing and
Communications Papers and IP Brazil
2009 2010 2011 2012 2
Salary 545,000 650,000 695,000 710,000 710,0
Bonus 0 0 0 0
Annual Other Income 0 0 0 0
Restricted Stock Award 534,502 1,807,380 2,283,612 2,021,011 2,057,9Securities Options 0 0 0 0
LTIP Payout 0 0 0 0
Non-Equity Compensation 780,000 782,800 825,000 412,500 434,0
Other Compensation 51,968 138,552 153,366 65,820 66,2
Total 2,456,475 4,182,009 5,215,986 4,914,616 3,276,8
Tommy S. Joseph / Senior Vice President, Manufacturing,
Technology, EHS&S and Global Sourcing
2009 2010 2011 2012 2
Salary 575,2
Bonus
Annual Other Income
Restricted Stock Award 1,823,3
Securities Options
LTIP Payout
Non-Equity Compensation 433,0
Other Compensation 18,2
Total 3,203,5
A publicly-traded company is only required to disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a given year. Information aboutcompensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 11 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 11 of
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International Paper CoIP
Insiders
Weekly Insider Transactions
-277,958
0
277,958
555,915
Nov Dec 2014 Feb Mar A r Ma Jun Jul Au Se Oct
Buy
Acquisition (Non-open Mkt)
Option Exercise
SellDisposition (Non-open Mkt)
Stock Price
30.00
60.00
Nov Dec 2014 Feb Mar A r Ma Jun Jul Au Se Oct
Total Return
0
10.0
Nov Dec 2014 Feb Mar A r Ma Jun Jul Au Se Oct
Revenue
-1.00
0.00
Nov Dec 2014 Feb Mar A r Ma Jun Jul Au Se Oct
Return of Equity
-1.00
0.00
Nov Dec 2014 Feb Mar A r Ma Jun Jul Au Se Oct
Net Income
-1.00
0.00
Nov Dec 2014 Feb Mar A r Ma Jun Jul Au Se Oct
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 12 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 12 of
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International Paper CoIP
Insiders
Transaction History
Date * Name Title Transaction Shares Va
10/01/2014 Ray G. Young Independent Director Acquisition 3,230
10/01/2014 John V. Faraci Chairman of the Board Sale at 47.388 per share. 40,000 1,895,5
09/16/2014 William P. Hoel senior vice president, Container The Americas Sale at 49.278 per share. 10,000 492,709/15/2014 William P. Hoel senior vice president, Container The Americas Sale at 50.05 per share. 10,000 500,5
09/12/2014 Sharon R. Ryan Senior Vice President, General Counsel and Corporate Secretary Sale at 49.624 per share. 3,000 148,8
09/03/2014 Timothy S. Nicholls Senior Vice President, Pr inting and Communicat ions Papers ofthe Americas
Sale at 48.84 per share. 20,000 976,8
09/02/2014 John V. Faraci Chairman of the Board Sale at 48.402 per share. 40,000 1,936,0
08/26/2014 Sharon R. Ryan Senior Vice President, General Counsel and Corporate Secretary Sale at 47.741 per share. 2,000 95,4
07/01/2014 William P. Hoel senior vice president, Container The Americas Sale at 51 per share. 10,000 510,0
07/01/2014 John V. Faraci Chairman of the Board Sale at 50.832 per share. 30,000 1,524,9
06/30/2014 William P. Hoel senior vice president, Container The Americas Sale at 50 per share. 10,000 500,0
06/11/2014 C. Cato Ealy Senior Vice President, Corporate Development Sale at 48.156 per share. 10,000 481,5
06/06/2014 Mary A. Laschinger Senior Vice President and President, xpedx Sale at 47.89 per share. 20,000 957,8
06/05/2014 Thomas G. Kadien Senior Vice President, Consumer packaging and IP India Sale at 47.787 per share. 22,000 1,051,3
06/02/2014 John V. Faraci Chairman of the Board Sale at 47.31 per share. 30,000 1,419,2
05/14/2014 Carol L. Roberts Senior Vice President and Chief Financial Officer Gift 21,100
05/14/2014 Carol L. Roberts Senior Vice President and Chief Financial Officer Gift 21,100
05/13/2014 Ahmet Dorduncu Independent Director Acquisition 2,910 136,0
05/13/2014 J. Steven Whisler Presiding Independent Director Acquisition 6,072 283,8
05/13/2014 William G. Walter Independent Director Acquisition 2,910 136,0
05/13/2014 John F. Turner Independent Director Acquisition 2,910 136,0
05/13/2014 Stacey J. Mobley Independent Director Acquisition 2,910 136,0
05/13/2014 Ilene S. Gordon Independent Director Acquisition 5,537 258,7
05/13/2014 John L. Townsend Independent Director Acquisition 2,910 136,0
05/13/2014 Joan E. Spero Independent Director Acquisition 5,323 248,7
* Date represents the date on which the insider initiated the transaction
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 13 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 13 of
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International Paper CoIP
Insiders
Holding Summary
Name Title Total Shares Held TTM Change % Shares Outstanding % Market Va
All Key Insiders 3,194,390 -9.49% 0.74% 160,677,8
John V. Faraci Chairman of the Board 1,388,644 -12.28 0.33% 69,848,7Timothy S. Nicholls Senior Vice President, Printing and CommunicationsPapers of the Americas
213,306 9.79 0.05% 10,729,2
Carol L. Roberts Senior Vice President and Chief Financial Officer 208,420 -30.29 0.05% 10,483,5
Mark S. Sutton Director 177,835 12.25 0.04% 8,945,1
Mary A. Laschinger Senior Vice President and President, xpedx 171,629 -17.08 0.04% 8,632,9
William P. Hoel senior vice president, Container The Americas 152,224 -13.4 0.04% 7,656,8
Tommy S. Joseph Senior Vice President, Manufacturing, Technology,EHS&S and Global Sourcing
146,420 -1.21 0.03% 7,364,9
Sharon R. Ryan Senior Vice President, General Counsel and CorporateSecretary
134,576 6.86 0.03% 6,769,1
Thomas G. Kadien Senior Vice President, Consumer packaging and IPIndia
127,980 -34.98 0.03% 6,437,3
Paul J. Karre Senior Vice President, Human Resources andCommunications
101,251 -22.78 0.02% 5,092,9
C. Cato Ealy Senior Vice President, Corporate Development 96,408 -25.47 0.02% 4,849,3
Jeanmichel Ribieras Senior Vice President and President, IP Europe, MiddleEast, Africa and Russia 70,071 0 0.02% 3,524,5
David J. Bronczek Independent Director 53,560 8.33 0.01% 2,694,0
Stacey J. Mobley Independent Director 42,376 9.17 0.01% 2,131,5
John L. Townsend Independent Director 39,714 7.91 0.01% 1,997,6
Terri L. Herrington Vice President, Finance and Controller 29,617 -20.94 0.01% 1,489,7
Ilene S. Gordon Independent Director 15,942 57.47 0% 801,8
Ahmet Dorduncu Independent Director 13,571 27.3 0% 682,6
John F. Turner Independent Director 10,846 39.39 0% 545,5
Ray G. Young Independent Director 0 0 0%
Jay L. Johnson Independent Director 0 0 0%
Joan E. Spero Independent Director 0 0 0%
William G. Walter Independent Director 0 0 0%
All Key Insiders 3,194,390 -9.49% 0.74% 160,677,8
* Based on IP Last Close Price: 50.3 10/30/2014 4:00:00 PM EST.
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 14 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 14 of
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International Paper CoIP
Insiders
Key Executive
Timothy S. Nicholls, 52
Senior Vice President, Printing and Communications Papers ofthe AmericasSince:2005
imothy S. Nicholls was named senior vice president, industrial packaging effective November 1, 2014.
Currently, he is senior vice president, printing and communications papers-the Americas. Nicholls'
previous positions included senior vice president and chief f inancial officer, vice president of finance, anvice president and CFO, IP Europe. He has been with International Paper since 1991.
Carol L. Roberts, 54
Senior Vice President and Chief Financial OfficerSince:2005
Carol L. Roberts, 54, senior vice president and chief financial officer since November 2011. Ms. Roberts
previously served as senior vice president - industrial packaging from 2008 until 2011 and senior vice
president - IP packaging solutions from 2005 until 2008. Ms. Roberts serves on the board of directors of
Alcoa Inc. and Ilim Holding S.A., a Swiss holding company in which International Paper holds a 50%
interest, and of its subsidiary, Ilim Group. Ms. Roberts joined International Paper in 1981.
Mary A. Laschinger, 53
Senior Vice President and President, xpedxSince:2005
Mary A. Laschinger, 53, senior vice president since 2007 and president - xpedx since January 2010. Ms.
Laschinger previously served as president - IP Europe, Middle East, Africa and Russia from 2005 until
2010. Ms. Laschinger joined International Paper in 1992. Ms. Laschinger serves on the board of directors
of the Kellogg Company.
William P. Hoel, 57
senior vice president, Container The AmericasSince:2000
William P. Hoel, 57, senior vice president, Container The Americas, since February 2012. Mr. Hoel
previously served as vice president, Container The Americas, from 2005 until 2012, senior vice president
corporate sales and marketing, from 2004 until 2005, and vice president, Wood Products, from 2000 unti
2004. Mr. Hoel joined International Paper in 1983.
Tommy S. Joseph, 54
Senior Vice President, Manufacturing, Technology, EHS&Sand Global SourcingSince:2005
Tommy S. Joseph, 54, senior vice president - manufacturing, technology, EHS&S and global sourcing sin
January 2010. Mr. Joseph previously served as senior vice president - manufacturing, technology, EHS&
from February 2009 until December 2009, and vice president - technology from 2005 until February 2009.
Mr. Joseph is a director of Ilim Holding S.A., a Swiss Holding Company in which International Paper hold
a 50% interest, and of its subsidiary, Ilim Group. Mr. Joseph joined International Paper in 1983.
Sharon R. Ryan, 54
Senior Vice President, General Counsel and CorporateSecretarySince:1992
Sharon Ryan joined International Paper in 1988 as an attorney in the Land and Timber/Forest Products
Division. In 1992, she was named vice president and general counsel of Masonite Corporation, an
International Paper subsidiary. In 1997, Sharon was named general counsel - Building Materials Group,
adding Wood Products and Decorative Products to her Masonite responsibilities. She became general
counsel of Consumer Packaging and Corporate Sales & Marketing in 2000, and, in 2005, expanded her
responsibilities to include IP's Papers businesses and Wood Products business. Sharon was promoted to
associate general counsel - Corporate Law in 2006, and, in 2009, assumed the additional role of Chief
Ethics and Compliance Officer. She was appointed vice president in February 2011 and, in May 2011, wa
also named acting general counsel and corporate secretary. Sharon was promoted to senior vice
president, general counsel and corporate secretary November 1, 2011. Prior to joining International Papeshe was a real estate attorney with Baker, Smith & Mills in Dallas, Texas. She received her undergradua
degree from George Washington University in 1981. In 1985, she received her JD degree from Boston
College Law School where she was an editor for the Boston College Law Review.
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 15 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 15 of
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International Paper CoIP
Insiders
Key ExecutiveThomas G. Kadien, 57
Senior Vice President, Consumer packaging and IP IndiaSince:2005
Thomas G. Kadien, 57, senior vice president - consumer packaging and IP Asia since January 2010. Mr.
Kadien previously served as senior vice president and president - xpedx from 2005 until 2009. Mr. Kadien
joined International Paper in 1978. Mr. Kadien serves on the board of directors of The Sherwin-Williams
Company.Thomas G. Kadien was named senior vice president, human resources, communications and
global government relations along with current responsibilities for supply chain and IP India, effective
November 1.
Paul J. Karre, 61
Senior Vice President, Human Resources and CommunicationsSince:2000
Paul J. Karre, 61, senior vice president - human resources and communications since May 2009. Mr. Kar
previously served as vice president - human resources from 2000 until 2009. Mr. Karre joined Internation
Paper in 1974. Paul J. Karre, senior vice president, human resources and communications, will retire,
effective November 1 2014.
C. Cato Ealy, 57
Senior Vice President, Corporate DevelopmentSince:2003
C. Cato Ealy, 57, senior vice president - corporate development since 2003. Mr. Ealy is a director of Ilim
Holding S.A., a Swiss holding company in which International Paper holds a 50% interest, and of its
subsidiary, Ilim Group. Mr. Ealy joined International Paper in 1992.
Jeanmichel Ribieras, 51
Senior Vice President and President, IP Europe, Middle East,Africa and RussiaSince:2009
Jean-Michel Ribieras, 51, senior vice president and president - IP Europe, Middle East, Africa and Russia
since June 2013. Mr. Ribieras previously served as president - IP Latin America from 2009 until 2013. M
Ribieras is a director of Ilim Holding S.A., a Swiss holding company in which International Paper holds a
50% interest, and of its subsidiary, Ilim Group. Mr. Ribieras joined International Paper in 1993.
Terri L. Herrington,
Vice President, Finance and ControllerSince:2007
Terri Herrington, has been appointed Vice President, Controller, effective January 31, 2011. Ms.
Herrington joined the Company in November 2007 and served as Vice President, Audit, until May 2009
when she assumed her current role as Vice President, Finance, Consumer Packaging. Prior to joining the
Company she was Director of Audit for BP plc in London.
W. Michael Amick,
Vice President, President, IP India and Executive Chairman,International Paper APPM LimitedSince:1990
W. Michael Amick, Jr., was elected senior vice president, N.A. papers, pulp and consumer packaging,
effective November 1, and will report to Sutton. Currently he serves as International Paper vice presiden
and president, IP India, and as executive chairman, International Paper APPM Limited. Prior to his role in
India, Amick was vice president and general manager for the coated paperboard business. He has been
with International Paper since 1990.
Rampraveen Swaminathan,
Vice President and Managing Director, IP APPMSince:2012
Rampraveen Swaminathan was named president, IP India, effective November 1, and will report to
Kadien. Currently, Swaminathan serves as IP vice president and managing director of IP APPM.
Swaminathan was appointed a director of International Paper APPM Limited in January, 2012 and also a
managing director and CEO of the company in March 2012.
Glenn R. Landau,
President, IP Latin AmericaSince:2013
Glenn R. Landau was elected International Paper senior vice president, effective November 1, and will
continue as president, IP Latin America, with responsibilities for operations in Brazil, and will report to
Sutton. Since 2013, Landau has served as International Paper vice president and president, IP Latin
America. Previously, he served as vice president, investor relations, and as vice president and general
manager, containerboard and recycling. He has been with the company since 1991.
Board of Directors
John V. Faraci, 64 John V. Faraci, 64, chairman and chief executive officer of International Paper, since November 2003.
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 16 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
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International Paper CoIP
Insiders
Chairman of the BoardSince:2003
Earlier in 2003, he was elected president of International Paper, and he previously served as executive
vice president and chief financial officer from 2000 to 2003. From 1999 to 2000, he was senior vice
president - finance and chief financial officer. From 1995 to 1999, he was chief executive officer and
managing director of Carter Holt Harvey Ltd., a former majority-owned subsidiary of International Paper
located in New Zealand. Mr. Faraci is a member of the Council on Foreign Relations and is a member of
the board of directors of United Technologies Corporation, PPG Industries, Inc. and the National Fish and
Wildlife Foundation. He also serves on the board of the Moscow School of Management and is a membe
of the U.S. - Brazil CEO Forum. He is a trustee of Denison University and The American Enterprise Institut
Director since February 11, 2003. John V. Faraci retired as Chief Executive Officer, effective October 31,
2014, as Chairman of the Board and a director, effective December 31, 2014.
Mark S. Sutton, 53
DirectorSince:2014
On September 8, 2014, the Board of Directors of International Paper Company appointed Mark S. Sutton
as Chief Executive Officer, effective November 1, 2014, and as Chairman of the Board, effective January
2015, and Mr. Sutton resigned as President and Chief Operating Officer, effective October 31, 2014. Prio
to becoming President and Chief Operating Officer on June 1, 2014, Mr. Sutton, age 53, served as Senio
Vice President - Industrial Packaging, a position he held since November 2011. He served as Senior VicePresident - Printing & Communications Papers the Americas from 2010 to 2011, as Senior Vice President
Global Supply Chain from 2008 through 2009, and as Vice President - Global Supply Chain from 2007 to
2008. He served as Vice President - Strategic Planning of IP from 2005 to 2007. He joined the Company i
1984.
David J. Bronczek, 59
Independent DirectorSince:2006
David J. Bronczek, 59, president and chief executive officer of FedEx Express, the world's largest express
transportation company and a subsidiary of FedEx Corporation, since February 2000. Mr. Bronczek starte
with FedEx in 1976 and, prior to being named president, served as executive vice president and chief
operating officer of FedEx Express. He also serves on the Strategic Management Committee of FedEx
Corporation. A native of Cleveland, Ohio, Mr. Bronczek graduated from Kent State University. Mr. Broncz
was appointed by former President George W. Bush to the National Infrastructure Advisory Council. He i
a member of the Board of Governors of the International Air Transport Association (IATA); a board memb
for Airlines for America; a member of the Board of Governors for National Safe Kids Campaign; and a
board member for the Smithsonian's National Air and Space Museum. He is also a member of Memphis
Tomorrow. Director since October 9, 2006.
Stacey J. Mobley, 68
Independent DirectorSince:2008
Stacey J. Mobley, 68, retired in June 2008 as senior vice president, chief administrative officer and
general counsel of DuPont, a global science company, and a member of DuPont's office of the chief
executive. Mr. Mobley was with DuPont for 35 years and had senior management responsibility for lega
and governmental affairs. Since November 2008, Mr. Mobley has served as senior counsel, Dickstein
Shapiro LLP, a multi-service law firm. He is a director of Nuclear Electric Insurance Ltd. and serves on the
board of trustees of Howard University. He previously served as a director of Hewitt Associates Inc.
(through October 2010) and Wilmington Trust Company (through April 2010). Director since July 7, 2008.
John L. Townsend, 58
Independent DirectorSince:2006
John L. Townsend, III, 58, is a senior advisor to Tiger Management, LLC, an investment management
business. From 2010 to 2012, Mr. Townsend served as managing partner and chief operating officer of
Tiger Management, LLC. Mr. Townsend is also a member of the Riverstone Group, a private investment
fund. Mr. Townsend was previously employed by Goldman Sachs & Co. from 1987 to 2002 and was a
general partner from 1992 to 1999 and a managing director from 1999 to 2002. Mr. Townsend is a direct
of Belk, Inc., a department store retailer, and The Heritage Group, an industrial conglomerate. Director
since March 13, 2006.
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 17 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 17 of
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International Paper CoIP
Insiders
Ilene S. Gordon, 60
Independent DirectorSince:2012
Ilene S. Gordon, 60, chairman, president and chief executive officer of Ingredion Incorporated (formerly
Corn Products International, Inc.), a publicly traded global ingredient solutions company, since May 2009
Ms. Gordon is also a member of the board of directors of Ingredion Incorporated and World Business
Chicago, a not-for-profit economic development organization. Ms. Gordon previously served as presidentand chief executive officer of Rio Tinto's Alcan Packaging, a multinational company engaged in the
production of flexible and specialty packaging, from 2006 until 2009, and in various senior executive role
at Alcan Packaging and its affiliate and predecessor companies from 1999 until 2006. Prior to 1999, Ms.
Gordon was employed for 17 years with Tenneco Inc., a conglomerate, in a variety of management
positions, including vice president and general manager leading its folding carton business. Additionally
during the past five years, Ms. Gordon served on the board of directors of United Stationers, Inc., a
publicly traded wholesale distributor of business products, and Arthur J. Gallagher & Co., a publicly trad
international insurance brokerage and risk management business. Director since October 1, 2012.
Ahmet Dorduncu, 60
Independent Director
Since:2011
Ahmet C. Dorduncu, 60, chief executive officer of Akkok Group, a financial and industrial conglomerate
located in Turkey, since January 2013. Mr. Dorduncu served as chief executive officer of Sabanci Holdinganother financial and industrial conglomerate located in Turkey, from 2005 to 2010. He also served from
2006 to 2010 as chairman of the board of Olmuksa, an industrial packaging business joint venture
between Sabanci Holding and International Paper. Sabanci Holding is the parent company of the Sabanc
Group, a leading Turkish financial and industrial company. Director since March 6, 2011.
John F. Turner, 72
Independent DirectorSince:2005
John F. Turner, 72, former Assistant Secretary of State for Oceans and International and Scientific Affair
from November 11, 2001, to July 8, 2005. He received the Department of State's Distinguished Honor
Award from Secretary of State Colin Powell in January 2005. Prior to serving in the Department of State
Mr. Turner was president and chief executive officer of The Conservation Fund. Between 1989 and 1993
he was director of the U.S. Fish and Wildlife Service. Mr. Turner also served in the Wyoming State
Legislature for 19 years and is a past president of the Wyoming State Senate. Mr. Turner is a director of
American Electrical Power, Inc., Peabody Energy Company, Ashland Inc., and The Bank of Jackson Hole.He was a visiting professor at the University of Wyoming in the School of Environment & Natural
Resources in 2007 and 2008, and is a managing partner in a family business, The Triangle X Ranch, in
Wyoming. Director since July 11, 2005.
Ray G. Young, 52
Independent DirectorSince:2014
On September 8, 2014, the Board elected Ray G. Young as a director. Mr. Young, age 52, is Senior Vice
President and Chief Financial Officer of Archer-Daniels-Midland Company, a publicly traded company and
one of the largest agricultural processors in the world, a position he has held since 2010. Prior to joining
ADM, he was associated with General Motors Company, a publicly traded company and producer of
vehicles throughout the world, from 1986 to 2010. At GM and its affiliates, he served in various senior
executive roles, including as its Executive Vice President and Chief Financial Officer from 2008 to 2009 a
its Vice President, International Operations, China, from 2009 to 2010. He currently serves on the U.S.
China Business Council. He completed his bachelor's degree in business administration at the Ivey Schoo
of Business at the University of Western Ontario and his master's degree in business administration
(MBA) at the University of Chicago.
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 18 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 18 of
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International Paper CoIP
Insiders
Jay L. Johnson, 67
Independent DirectorSince:2013
Jay L. Johnson, 67, retired as chairman and chief executive officer of General Dynamics Corporation, a
publicly traded manufacturer of worldwide defense, aerospace, and other technology products, in
December 2012. He served as its chairman from May 2010 and as its chief executive officer from July
2009. He served as its president from July 2009 to May 2010, and as its vice chairman from September
2008 to June 2009. He served on its board of directors from 2003 to December 2012. From 2000 to 2008,
he served in various senior executive roles at Dominion Resources Inc., a publicly traded energy compan
and its affiliated companies, including as chief executive officer of Dominion Virginia Power. Prior to 200
he had a distinguished 32-year career as an officer in the U.S. Navy. He retired as an admiral in July 200
after serving as chief of naval operations and as a member of the Joint Chiefs of Staff since 1996. Direct
since October 1, 2013.
Joan E. Spero, 69
Independent DirectorSince:2011
Joan E. Spero, 69, an adjunct senior research scholar at Columbia University's School of International an
Public Affairs, since November 2010. Ms. Spero is also a member of the board of directors of Citigroup
and International Business Machines Corporation. Ms. Spero previously served as Undersecretary of Sta
for Economic, Business and Agricultural Affairs of the U.S. Department of State from 1993 until 1996, an
as Ambassador to the United Nations for Economic and Social Affairs of the U.S. Department of Statefrom 1980 until 1981. Ms. Spero held various leadership positions at American Express Company from
1981 until 1993, served as president of the Doris Duke Charitable Foundation from 1997 to 2008, and wa
a visiting scholar at the Foundation Center from 2009 until 2010. Additionally, during the past five years,
Ms. Spero served on the board of directors of ING Groep N.V. and First Data Corporation. Ms. Spero is a
trustee of the International Center for Transitional Justice and the Wisconsin Alumni Research
Foundation, and a trustee (emeritus) of Columbia University, Amherst College and the Council on Foreign
Relations. Director since June 10, 2011.
William G. Walter, 68
Independent DirectorSince:2005
William G. Walter, 68, retired chairman of FMC Corporation, an agriculture, specialty and industrial
chemical company, a position he held from 2001 to September 2010. Mr. Walter also served as FMC's
president and chief executive officer from 2001 until December 2009. Mr. Walter served as executive vic
president of FMC Corporation from 2000 to 2001 and vice president and general manager of FMC's
Specialty Chemicals Group from 1997 to 2000. Mr. Walter is a member of the board of the New York Life
Insurance Company. Director since January 1, 2005.
W. Michael Amick,
Vice President, President, IP India and Executive Chairman,International Paper APPM LimitedSince:1990
W. Michael Amick, Jr., was elected senior vice president, N.A. papers, pulp and consumer packaging,
effective November 1, and will report to Sutton. Currently he serves as International Paper vice presiden
and president, IP India, and as executive chairman, International Paper APPM Limited. Prior to his role in
India, Amick was vice president and general manager for the coated paperboard business. He has been
with International Paper since 1990.
J. Steven Whisler, 59
Presiding Independent DirectorSince:2007
J. Steven Whisler, 59, retired as chairman and chief executive officer of Phelps Dodge Corporation, an
international mining company, upon its merger with Freeport Copper and Gold, Inc. in March 2007. Mr.Whisler served as chairman and chief executive officer of Phelps Dodge Corporation from May 2000 unti
March 2007, and served on the board of Phelps Dodge Corporation from 1995 through March 2007. Mr.
Whisler is a director of CSX Corporation and the Brunswick Corporation. He is also a director of the C.M.
Russell Museum. Director since December 11, 2007.
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 19 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 19 of
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International Paper CoIP
Insiders
Audit And Finance Committee
Name Title
William G. Walter Independent Director, Chairman Of Audit And Finance Committee, Member Of Executive Committee And Member OfManagement Development And Compensation Committee
John L. Townsend Independent Director, Member Of Audit And Finance Committee And Member Of Management Development AndCompensation Committee
Jay L. Johnson Independent Director, Member Of Governance Committee And Member Of Audit And Finance Committee
Ilene S. Gordon Independent Director, Member Of Audit And Finance Committee And Member Of Management Development AndCompensation Committee
Ahmet Dorduncu Independent Director, Member Of Public Policy And Environment Committee And Member Of Audit And FinanceCommittee
Executive Committee
Name Title
John V. Faraci Chairman Of The Board, Chairman Of Executive Committee
Stacey J. Mobley Independent Director, Chairman Of Governance Committee, Member Of Executive Committee And Member Of Public
Policy And Environment CommitteeWilliam G. Walter Independent Director, Chairman Of Audit And Finance Committee, Member Of Executive Committee And Member Of
Management Development And Compensation Committee
J. Steven Whisler Presiding Independent Director, Chairman Of Management Development And Compensation Committee, Member OfExecutive Committee And Member Of Governance Committee
John F. Turner Independent Director, Chairman Of Public Policy And Environment Committee, Member Of Executive Committee AndMember Of Governance Committee
Governance Committee
Name Title
Stacey J. Mobley Independent Director, Chairman Of Governance Committee, Member Of Executive Committee And Member Of PublicPolicy And Environment Committee
Jay L. Johnson Independent Director, Member Of Governance Committee And Member Of Audit And Finance Committee
Joan E. Spero Independent Director, Member Of Governance Committee And Member Of Public Policy And Environment Committee
J. Steven Whisler Presiding Independent Director, Chairman Of Management Development And Compensation Committee, Member OfExecutive Committee And Member Of Governance Committee
John F. Turner Independent Director, Chairman Of Public Policy And Environment Committee, Member Of Executive Committee AndMember Of Governance Committee
Management Development And Compensation Committee
Name Title
J. Steven Whisler Presiding Independent Director, Chairman Of Management Development And Compensation Committee, Member OfExecutive Committee And Member Of Governance Committee
David J. Bronczek Independent Director, Member Of Public Policy And Environment Committee And Member Of ManagementDevelopment And Compensation Committee
John L. Townsend Independent Director, Member Of Audit And Finance Committee And Member Of Management Development AndCompensation Committee
William G. Walter Independent Director, Chairman Of Audit And Finance Committee, Member Of Executive Committee And Member OfManagement Development And Compensation Committee
Ilene S. Gordon Independent Director, Member Of Audit And Finance Committee And Member Of Management Development AndCompensation Committee
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 20 ofRelease date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 20 of
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Public Policy And Environment Committee
Name Title
John F. Turner Independent Director, Chairman Of Public Policy And Environment Committee, Member Of Executive Committee AndMember Of Governance Committee
David J. Bronczek Independent Director, Member Of Public Policy And Environment Committee And Member Of ManagementDevelopment And Compensation Committee
Joan E. Spero Independent Director, Member Of Governance Committee And Member Of Public Policy And Environment Committee
Stacey J. Mobley Independent Director, Chairman Of Governance Committee, Member Of Executive Committee And Member Of PublicPolicy And Environment Committee
Ahmet Dorduncu Independent Director, Member Of Public Policy And Environment Committee And Member Of Audit And FinanceCommittee
Release date 11-02-2014
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1