International Paper promotes John Faraci to Chairman and CEO, Succeeding John Dillon who Announced Retirement.

STAMFORD, Conn., Sept. 9 /PRNewswire-FirstCall/ -- International Paper (NYSE: IP) announced today that John Dillon, chairman and chief executive officer, will retire on Oct. 31, 2003, and that John Faraci, currently International Paper president, will succeed him as chairman and CEO, effective Nov 1.

"Given the wealth of experience John Faraci has gained throughout his 29-year career at International Paper, he is extremely well prepared to lead this company," Dillon said. "He has been an integral part of our senior leadership team and a key participant in our current business and performance improvement strategy. He has proven himself to be a very effective leader, and I am confident he will build on the many successes we have achieved."

John Faraci, 53, has been International Paper's president since February having responsibility for the company's businesses. He was previously executive vice president and chief financial officer, having responsibility for all finance functions, xpedx (International Paper's distribution business), and corporate responsibility for Carter Holt Harvey, International Paper's 50.5 percent owned subsidiary in New Zealand.

He joined the company in 1974 as a financial analyst and held various financial, product management, planning and general management positions in the Wood Products, Packaging and Forest Resources businesses. In 1989, he was named a company vice president and in 1994, he assumed responsibility for Coated Paper, Bristols and Converting Papers. He later served as chief executive officer and managing director of Carter Holt Harvey, (International Paper's 50.5 percent owned subsidiary in New Zealand) before becoming International Paper's chief financial officer in 1999.

Dillon, 65,became a director in 1991, was named president and chief operating officer in '95, and has served as chairman and CEO since '96.

"The company has strengthened tremendously under John Dillon's leadership," said John Faraci. "Our core businesses are stronger and more competitive than ever before. His vision and commitment made IP a more focused company and we are poised to become one of the best companies in the world."

"I'm proud to be assuming the leadership role of the company," Faraci said. "I am committed to continuing to deliver a strong return on investment and create value for our shareowners and solutions that help our customers."

In a related announcement, International Paper announced today that Rob Amen, currently executive vice president, will succeed John Faraci as president on Nov. 1, 2003. In Amen's new position, he will continue to report to Faraci.

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International Paper has significant global businesses in paper and paper distribution, packaging and forest products, including building materials.

The company has operations in nearly 40 countries, employs more than 90,000 people and exports its products to more than 120 nations.

Sales of almost $25 billion annually are derived from businesses located primarily in the United States, Europe, Latin America, Asia/Pacific and Canada.

With approximately 9 million acres of land managed in the US alone, International Paper is one of the world's largest private landowners.

Fortune Magazine, in its annual Most Admired companies survey named International Paper as the most admired company in its industry.
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PERSONAL NOTE:

I tried to find out about John Feraci's personal life, and the only one I could discover was the following in which Feraci was a boyhood friend of Bill Simon Jr. whose dad ran for Governor of California, last year against Grey Davis.

"Billy still remembers a day in his early teens when friend John Faraci was visiting. For whatever reason, William Simon grew angry and ordered both boys to their rooms.

"I've gotten sent to my room before," recalled a laughing Faraci, now a top executive at International Paper and still a close friend of Simon. "But that was the first time somebody else's parents sent me to my room."