POULSBO, Wash., May 12, 2014 /PRNewswire/ -- Pope Resources
(NASDAQ: POPE) announced today that the Board of Directors has
received the resignation of David L.
Nunes, President and Chief Executive Officer. Mr.
Nunes plans to leave the Partnership on or about May 31, 2014, to join Rayonier Inc. (NYSE: RYN),
an international forest products company. Thomas M. Ringo, currently Chief Financial
Officer, has been designated as the interim Chief Executive Officer
effective upon Mr. Nunes' departure. "We are tremendously
appreciative of the job Dave has done in his 12 years as CEO of the
Partnership," said lead director Douglas
Norberg. "We wish him the best as he embarks on his new
responsibilities at Rayonier. Dave has positioned us well to
continue growing, and we have already begun a search for the right
person to replace him. In the meantime, Tom Ringo will serve us well as our interim
Chief Executive Officer. Tom's 25 years with the Partnership,
coupled with his deep understanding of our business and leadership
in all segments of our operations, will assure that this transition
will be seamless and we can continue the Partnership's strong track
record of delivering value to our unitholders."
About Pope Resources
Pope Resources, a publicly traded limited partnership and its
subsidiaries Olympic Resource Management and Olympic Property
Group, own or manage 204,000 acres of timberland and development
property in Washington,
Oregon, and California. We also manage, co-invest in, and
consolidate three private equity timber funds, for which we earn
management fees. These funds provide an efficient means of
investing our own capital in Pacific Northwest timberland while
earning fees from managing the funds for third-party investors. The
company and its predecessor companies have owned and managed
timberlands and development properties for over 160 years.
Additional information on the company can be found at
www.poperesources.com. The contents of our website are not
incorporated into this release or into our filings with the
Securities and Exchange Commission.
Forward Looking Statements
This release contains forward looking statements within the
meaning of applicable securities laws. These statements represent
the current expectations and plans of the Partnership's management
and board of directors. Forward looking statements are inherently
uncertain in that they represent an attempt to anticipate or
predict future events. In particular, statements in this release
pertaining to the Partnership's plans and expectations regarding
finding a suitable replacement for Mr. Nunes, as well as
expectations regarding the Partnership's plans for future growth,
are forward-looking in nature. These statements are subject to
various risks and uncertainties, including factors that may delay
our retention of a suitable replacement; our ability to
successfully integrate and transition with the new chief executive;
the costs we may experience in the search and retention process and
in connection with compensating that individual; and that leader's
success in moving forward with the Partnership's plans, strategies
and objectives. Any one or more of these circumstances may cause us
to experience less favorable results than we currently expect, or
to deviate from current plans and expectations. Readers also should
consider the factors identified in Item 1A, Risk Factors, in our
most recent Quarterly Report on Form 10-Q, and our other filings
with the Securities and Exchange Commission. Forward looking
statements in this release are accurate as of the date hereof, and
we do not undertake to update these statements to reflect the
passage of time or the occurrence of future events.
SOURCE Pope Resources