International Paper said on February 25, 2025 its board appointed Timothy S. Nicholls, 63, as executive vice president and president – DS Smith, leading the company's business in Europe, the Middle East and Africa, effective April 1, 2025. The role is newly created.

1. 01

   International Paper said on February 25, 2025 its board appointed Timothy S. Nicholls, 63, as executive vice president and president – DS Smith, leading the company's business in Europe, the Middle East and Africa, effective April 1, 2025. The role is newly created.

2. 02

   The company said on February 25, 2025 its board appointed Lance T. Loeffler, 48, as senior vice president and chief financial officer, succeeding Nicholls in the role effective April 1, 2025. It said Loeffler served as executive vice president and chief financial officer at Halliburton from 2018 to 2022.

3. 03

   International Paper said Loeffler will receive an annual base salary of $850,000, a target AIP bonus of 100% of his base salary, a one-time inducement RSU award with a grant date fair market value of $1,700,000, and a 2025 PSU grant with a grant date fair value of $3,500,000.

4. 04

   The company said that if Loeffler experiences a Qualifying Termination, he will receive a lump-sum cash severance equal to one and a half times the sum of his base salary and target AIP bonus. Within 2 years after a change in control, that cash severance increases to two times the sum.

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Original filing

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