2023-11-01 18:06:23 ET
Rayonier ( NYSE: RYN ) on Wednesday said it had named current president and CFO Mark McHugh as its new top boss, succeeding David Nunes.
Nunes' retirement and McHugh's appointment will be effective April 1, 2024.
Rayonier's ( RYN ) leadership succession announcement came after the timberland real estate investment trust (REIT) separately announced Q3 results and a plan to improve shareholder value through asset sales targeting $1B.
"We emerged from the spin-off of our specialty pulp manufacturing business to become the leading pure-play timber REIT, growing the size and quality of our timberland portfolio while also launching a successful real estate development business," David Nunes said in a statement .
RYN also said that, as part of the leadership transition, current VP and chief accounting officer April Tice will become CFO, effective April 1, 2024.
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Rayonier CEO David Nunes to retire, co names CFO Mark McHugh as replacement