International Paper Announces Retirements, New Assignments

MEMPHIS, Tenn., Nov. 2 -- International Paper (NYSE: IP) today announced several retirements and new assignments among its senior management.

Printing & Communications Papers and IP Latin America Wayne Brafford, senior vice president, Printing & Communications Papers, announced his retirement, effective Dec. 31, 2009. With Brafford's retirement, Mark Sutton, currently senior vice president of Global Supply Chain, will become senior vice president, Printing & Communications Papers the Americas. Sutton began his career with IP in 1984 and also has served as vice president of European Container, vice president of strategic planning and senior vice president of global supply chain.

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Wayne Brafford, senior vice president, Printing & Communications Papers, announced his retirement, effective Dec. 31, 2009. With Brafford's retirement, Mark Sutton, currently senior vice president of Global Supply Chain, will become senior vice president, Printing & Communications Papers the Americas. Sutton began his career with IP in 1984 and also has served as vice president of European Container, vice president of strategic planning and senior vice president of global supply chain.

Consumer Packaging and IP Asia

Mike Balduino, senior vice president, Consumer Packaging, and Tom Gestrich, senior vice president and president, IP Asia, also announced their retirements, effective Dec. 31, 2009. With their retirements, Tom Kadien, currently senior vice president and president, xpedx, will become senior vice president, Consumer Packaging and IP Asia, with responsibility for the company's Coated Paperboard, Foodservice, Shorewood Packaging and IP Asia businesses. Kadien has been with IP more than 30 years and has held additional leadership positions in the company's Papers and IP Europe businesses.

xpedx

Mary Laschinger, currently senior vice president and president, Europe, Middle East, Africa and Russia, will become senior vice president and president, xpedx. Laschinger has been with IP since 1992 and has held leadership positions in Specialty Papers, Pulp and Wood Products.

IP Europe

Maximo Pacheco, currently senior vice president and president of IP Brazil and Latin America, will become senior vice president and president, IP Europe, Middle East, Africa and Russia. Pacheco has been with the company since 1994 and also has held executive leadership roles in Carter Holt Harvey Chile as well as IP Latin America.

In announcing the organizational changes, Chairman and CEO John Faraci said, "Mike Balduino, Wayne Brafford and Tom Gestrich have each made many significant and lasting contributions to International Paper throughout their careers. While they will certainly be missed, their planned retirements give other members of our senior management team opportunities to broaden their experience base and contribute to the future success of International Paper."

About International Paper

International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tenn., the company employs approximately 58,000 people in more than 20 countries and serves customers worldwide. 2008 net sales were approximately $25 billion. For more information about International Paper, its products and stewardship efforts, visit www.internationalpaper.com.

This press release may contain forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. For example, a change in business or personal circumstances may affect the timing of these retirements and leadership changes. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.

SOURCE International Paper

http://www.internationalpaper.com

The company said that the permanent shutdowns were necessary as it does not expect the demand to return to 2008 levels in the near future. These actions will reduce the company's North American paper and board capacity by 2.1 million tons.

Following these shutdowns, International Paper will have approximately 10 million tons of North American containerboard capacity, 2.6 million tons of North American uncoated freesheet production capacity, and 1.7 million tons of North American coated paperboard capacity. The company is confident that these shutdowns will not impact its ability to serve the customers.

These closures are expected to result in non-cash asset write-offs and accelerated depreciation charges of approximately $1.1 billion and cash severance charges of approximately $60 million in the fourth quarter of 2009 and first quarter of 2010. Also, the company expects to incur additional closure costs.

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