MEMPHIS (From news reports) -- The compensation package for International Paper's former CFO is now public.
In June, Memphis-based International Paper Co. (IP) announced Glenn Landau, who started with IP in 1991, had resigned for "personal reasons." Landau assumed the CFO title in February 2017.
A July 27 filing with the U.S. Securities and Exchange Commission (SEC) has provided additional insight into his departure. Landau's official last day on the job will be Tuesday, July 31.
The SEC submission states, in part:
Mr. Landau will receive the standard termination allowance and other standard severance benefits under the Company's Salaried Employee Severance Plan, as well as an additional payment of $20,500 that is intended to be used by Mr. Landau for the payment of his COBRA insurance premiums for an additional 12 months beyond the standard six months. The standard termination allowance is a lump sum cash payment equal to two weeks of salary for each year or partial year of service, which is $726,923 for Mr. Landau (based on his 28 full or partial years of service).
IP has waived Landau's non-compete agreement for any company except the following and their affiliates:
WestRock Co.
KapStone Paper and Packaging Corp.
Georgia-Pacific LLC
Packaging Corp. of America
Domtar Corp.
Graphic Packaging Holding Co.
Tim Nicholls, who first joined IP in 1999, has returned to the role of CFO, which he previously held from 2007 to 2011. Most recently, Nicholls was the senior vice president of Industrial Packaging the Americas.
A global producer of renewable fiber-based packaging, pulp and paper products, IP has more than 52,000 employees across the globe located in more than 24 countries. For fiscal 2017, it reported $22 billion in net sales.
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