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International Paper Announces Resignation of CFO Chris Liddell

Press release from the issuing company

STAMFORD, Conn., April 25 -- International Paper Chairman and Chief Executive Officer John V. Faraci today announced that Senior Vice President and Chief Financial Officer Christopher P. Liddell has resigned from the company and will be joining Microsoft Corp. as its chief financial officer, effective May 9, 2005. Liddell has held leadership positions in International Paper and its New Zealand affiliate, Carter Holt Harvey, for the past ten years. "Chris has played a pivotal role as the chief executive officer of Carter Holt Harvey, and more recently, as the chief financial officer of International Paper. We will very much miss having Chris on our leadership team, but this is a great opportunity for him. We thank Chris for all of the outstanding contributions he has made to our company and congratulate him on his new role," Faraci said. Faraci also announced that Marianne M. Parrs, executive vice president, International Paper, will serve as chief financial officer until a permanent successor to Liddell is named. Parrs, who will retain her current responsibilities as executive vice president, has been with International Paper for 30 years in a variety of roles. She has in-depth business and financial expertise, including four years as the company's chief financial officer. "I am confident that Marianne will provide outstanding leadership to the finance organization during this transition period," Faraci said.