International Paper CFO, Parrs, to retire at end-2007
March 8, 2007 - International Paper said that Marianne Parrs, its executive vice president and chief financial officer, intends to retire at the end of 2007. Parrs, 62, joined International Paper in 1974.
"Marianne is a world-class leader and CFO," said John Faraci, chairman and chief executive officer. "Her business and financial acumen, keen strategic thinking and analytical skills have made her an invaluable advisor and colleague. I speak personally and also for shareowners and employees in saying she will be greatly missed."
A securities analyst by training, Parrs joined International Paper as a pension trust investment manager, and has since served as the company's director of investor and shareowner relations, director of corporate communications, controller of printing papers and staff vice president of tax. She twice served as the company's chief financial officer, first from 1995- 1999 and again assumed the role in 2005.
Parrs was named executive vice president in 1999, assuming responsibility for information technology, global sourcing, logistics and a company-wide supply chain project. She contributed significantly to the development and execution of International Paper's ongoing transformation plan, which led to divestment of more than $11 billion in assets, strategic investments, significant debt reduction, and strengthening of the company's U.S. pension fund. She serves on the boards of directors of CIT Group and Liaison Technologies, Inc., and completed a four- year term on the Financial Accounting Standards Advisory Council (FASAC) in 2001.
"I'm really proud to be part of this International Paper team, and have had a tremendously full and satisfying career," Parrs said. "It's an exciting time for the company, and I am confident that International Paper is on the path to success. I look forward to spending this final year with IP continuing to advance our transformation plan and to create strong value for our shareowners."
The company plans to announce Parrs' successor later in the year.
SOURCE: International Paper