CORRECTING and REPLACING CAPTION Rayonier Announces CEO Transition; Declares Dividend
21 Outubro 2011 - 4:45PM
Business Wire
Please replace the caption with the accompanying corrected
caption.
Boynton Named President and CEO of
Rayonier (Photo: Business Wire)
The release reads:
RAYONIER ANNOUNCES CEO TRANSITION; DECLARES
DIVIDEND
Rayonier (NYSE: RYN) today announced Paul G. Boynton will
succeed Lee M. Thomas as chief executive officer effective Jan. 1,
2012. Thomas will continue to serve as chairman until his
retirement in May 2012, at which time Boynton will assume the role
of chairman in addition to the roles of CEO and president.
“This has been a well-planned transition during which Paul was
elected president last year before being named to our board in
February,” said Thomas. “Paul led each of our core businesses,
including seven years of growing our market-leading Performance
Fibers business, and played an integral role in developing and
executing our core strategies. I expect a smooth transition under
Paul’s leadership.”
Thomas joined Rayonier’s board of directors in 2006 and was
named chairman and CEO in 2007. During his tenure, Rayonier has
been one of the top performing companies in the forest products
industry, with record earnings and cash flows supporting three
dividend increases.
Thomas also led significant growth in the company’s core
business units, adding approximately 400,000 acres of timberlands
and doubling Performance Fibers’ operating income.
“Under Lee’s leadership, Rayonier increased its market
capitalization by $1.3 billion resulting in a total shareholder
return of 63 percent. Lee also strengthened our culture of
integrity, operational excellence and safety that culminated in the
company’s safest year in history in 2010,” said Boynton. “The
strategic direction we developed under Lee’s guidance is the path
we’ll continue to follow to create value for our shareholders.”
Boynton was elected to Rayonier’s board of directors in February
2011 and to his current position in October 2010 after serving as
executive vice president, Forest Resources and Real Estate. He
joined Rayonier in 1999 and became senior vice president,
Performance Fibers in 2002. Prior to Rayonier, Boynton was with the
3M Corporation as global brand manager for the home care division
from 1990 to 1999. Boynton now serves as a director of The Brinks
Company, a global security services company with operations in more
than 50 countries.
Boynton holds a Bachelor of Science in mechanical engineering
from Iowa State University, and a Master of Business Administration
degree from the University of Iowa. He also graduated from the
Harvard University Graduate School of Business Administration
Advanced Management Program.
Rayonier also announced today that the company’s board of
directors has declared a fourth quarter cash dividend of 40 cents
per common share. The dividend is payable on Dec. 30, 2011 to
shareholders of record on Dec. 16, 2011.
For further information, visit the company’s website at
www.rayonier.com. Complimentary copies of Rayonier press releases
and other financial documents are available by calling
1-800-RYN-7611.
About Rayonier
Rayonier is a leading international forest products company with
three core businesses: Forest Resources, Real Estate and
Performance Fibers. The company owns, leases or manages 2.5 million
acres of timber and land in the United States and New Zealand. The
company's holdings include approximately 200,000 acres with
residential and commercial development potential along the
Interstate 95 corridor between Savannah, Ga., and Daytona Beach,
Fla. Its Performance Fibers business is one of the world's leading
producers of high-value specialty cellulose fibers, which are used
in products such as filters, pharmaceuticals and LCD screens.
Approximately 45 percent of the company's sales are outside the
U.S. to customers in approximately 40 countries. Rayonier is
structured as a real estate investment trust. More information is
available at www.rayonier.com.
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