MEMPHIS, Tenn. (From news reports) -- A longtime member has decided to retire from International Paper Co.'s board of directors.
John Townsend gave notice of his retirement March 20. According to an 8-K filed with the U.S. Securities and Exchange Commission (SEC), Townsend will not stand for reelection. The board plans to reduce its size from 13 to 12 directors following International Paper's (IP) annual May 7, 2018, stockholders meeting.
Townsend, a retired managing partner and chief operating officer of Tiger Management LLC, joined IP's board in 2006. Townsend, who is a member of private investment fund Riverstone Group, was employed by Goldman Sachs from 1987 to 2002.
The SEC filing states: "Mr. Townsend's decision to retire was not the result of any disagreement with the company or its management on any matter, but was prompted by his desire to allocate more of his time to his many other philanthropic and public service commitments."
Memphis-based IP -- a global producer of renewable fiber-based packaging, pulp and paper products -- has manufacturing facilities across North America, Latin America, Europe, North Africa, India and Russia. The company employs more than 52,000 people in 24 countries.
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