The Board of Directors of IP India and IP-APPM, at their meeting held on February 22nd, 2017 have accepted his resignation. Mr. Swaminathan will continue to discharge his current responsibilities and support a smooth transition until end of April 2017.
The company placed on record its appreciation for his leadership and contribution in developing business in India, turnaround of International Paper APPM and in creating a strong organization as per IP values.
International Paper also announced the appointment of Mr. Don Devlin as President-International Paper India and as Chairman and Managing Director for IPAPPM succeeding Mr. Rampraveen Swaminathan at the end of April 2017. Don has nearly 20 years of experience in International Paper, in various leadership roles. Don joined International Paper in 1998 and has served in a number of finance, strategic planning and project management roles in the United States and Europe. He will be based in Hyderabad, India.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Asia and Russia. We produce packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; papers that facilitate education and communication; and paper bags, cups and food containers that provide convenience and portability. We are headquartered in Memphis, Tenn., and employ approximately 55,000 colleagues located in more than 24 countries. Net sales for 2016 were $21 billion. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.com.
International Paper APPM Ltd is closed at Rs 325, down by Rs 0.8 or 0.25% from its previous closing of Rs 325.8 on the BSE.
The scrip opened at Rs 327 and has touched a high and low of Rs 328.75 and Rs 324.05 respectively. So far 26328(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1295.71 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 355 on 19-Jan-2017 and a 52 week low of Rs 246 on 24-Feb-2016. Last one week high and low of the scrip stood at Rs 331.85 and Rs 315.25 respectively.
The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 3.19 % and 21.81 % respectively.
The stock is currently trading above its 50 DMA.