By Christine Giordano
After more than a decade of climbing the investment ladder at International Paper — one spreadsheet, manager call, and actuarial assumption at a time — a longtime team member has officially been tapped to become its Deputy Chief Investment Officer. An internal memo, acquired by Markets Group, announced the news this week that Craig Wocl will step into the role once held by Diana Winalski, (who recently took a deputy CIO role at EY), and before that, Carol Tusch, who was promoted to Chief Investment Officer upon the retirement of Robert Hunkeler in 2023.
In the role, he will be responsible for the day to day investment activities of International Paper’s $8 billion pension plan and $7 billion Savings Plan. He will also serve as Treasurer of the International Paper Foundation investments, a 501c3 involved with education, environmental and hunger causes.
CIO Carol Tusch has worked with Wocl for a decade, and told Markets Group, “He has always been a key contributor and an important part of the team. It was an easy choice for me.”
She noted “he was instrumental in modernizing the savings plan line up in 2024 and very involved in the derisking of the pension plan with three separate Pension Risk Transfers totaling over $4 billion.”
In 2020, Wocl proposed the use of derivatives to rebalance the portfolio, and that played a crucial role in the strong performance of the Pension Plan. Wocl was instrumental in developing the portable alpha program that comprise 11% of the portfolio. The new deputy has also painstakingly evaluated hedge fund managers, in an effort to build strong resilience and consistent returns within the portfolio. The Plan has a long term track record that points to success in all markets, according to an industry source.
Having risen through the ranks, insiders say Wocl will be able to take a critical look at the current manager line up, leaning into his prior history of due diligence when choosing them. He will refine the LDI and return-seeking portfolios, and continue to make market returns for the hybrid plan that is frozen for salaried workers, but still open to hourly employees.
This leadership shift arrives at a time when International Paper’s retirement plans are in a notably strong position. The pension plan, now over 102% funded, has rebounded substantially from a 77% funding level in 2015. That recovery has been driven by multiple factors, including rising interest rates, liability management, and a proactive pension risk transfer (PRT) strategy implemented several years ago. While another PRT is not imminent, the company remains watchful for future opportunities.
Wocl benefitted from working under two strong leaders with two different approaches: Bob Hunkeler, who took a laissez-faire approach, encouraging the team to explore where their interests took them, and Tusch, who, has settled into the CIO role since 2023 with a collaborative brainstorming approach for finding the best solutions possible.
Hunkeler, the CIO who hiredWocl, was a former chemist who applied his knowledge to pensions. Similarly, Wocl, didn’t start in pensions. He started in media advertising and worked as an analyst at Barrington Media Group, then pivoted into finance while earning his MBA with a concentration in Finance from Fairfield University.
On the defined contribution (DC) side, 2024 marked a major modernization effort. The investment lineup was overhauled with the addition of a full suite of passive index funds, new target-date funds, and the removal of the Mid Cap fund. These updates were aimed at reducing costs and better aligning the investment strategy with participant demographics and long-term retirement outcomes. In a nod to diversification, the company also introduced a standalone real estate option in 2023—though uptake has been modest due to market timing.
The DB plan continues on its established glide path, but the new leader plans to refine its liability-driven investment (LDI) strategy. A recent revamp of the portable alpha allocation has shifted its beta exposure from equities to Treasuries—now a component of the LDI program. That change was designed to reduce volatility and enhance return consistency. The team recently consolidated hedge fund exposure by moving away from direct manager mandates in favor of fund-of-fund structures, resulting in a smoother return stream and less operational complexity.
The company’s hybrid retirement plan structure—closed to salaried employees but still open to hourly workers—contributes to a larger allocation toward return-seeking assets. While no immediate changes are expected, private assets remain a long-term consideration as they gain traction in the DC landscape.
With a lean internal team, the transition has highlighted the importance of prioritization and efficiency. Tusch emphasized applying the company’s “80/20 mindset,” focusing on the few key levers that drive most outcomes—particularly within the LDI portfolio and return-seeking strategies.
The Trust Investments department, once a six-person team, has downsized in recent years. With the current leadership change, rebuilding capacity will be a top priority. The focus going forward will be refining white-label fund structures, enhancing resilience in down markets, and continuing to evaluate opportunities in hedge funds and private markets—all with an eye toward long-term value creation and participant outcomes. International Paper has released a job description to hire at least one new experienced person to move into Wocl’s former role, as Director of Trust Investments, and potentially one more investment team member. CIO Tusch comes from a generalist background, having been at International Paper for 25 years, and Verizon for 16 years before that, and has hands-on experience in every asset class, including alternatives. She is looking for someone with generalist experience but is open to a specialist that compliments the team. Wocl’s promotion continues International Paper’s tradition of promoting reliable employees that deliver both due diligence and consistent performance.
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