International Paper (NYSE: IP) has a new CEO, and investors appear pleased with the choice. Shares of IP are up about 10% as of 12:45 Eastern, an unusually large move for the typically mundane forestry and paper products company.

International Paper investors have faced a good deal of uncertainty in recent years. The company has historically been a good choice for income-focused investors, with slow but steady growth and a predictable dividend. But that cash payout has been the subject of considerable debate since last year's divestment of the company's lucrative Russian pulp business.

Last September, IP CEO Mark Sutton announced plans to retire once a successor is found. Sutton has been with the company for forty years.

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Source Fool.com