David Nunes is leaving his post as president and CEO of Pope Resources in order to take the helm of Rayonier, Inc. when the company eventually splits later this year. For now, however, he's onboarding as Rayonier's COO.
Effective June 9, Nunes will assume his interim role, in which he will be tasked with helping to finalize the separation of the company.
Upon the company's planned mid-year separation, Nunes will become president and CEO of Rayonier, with director Richard Kincaid serving as chairman. Current chairman, president and CEO Paul Boynton will assume the helm of Rayonier Advanced Materials, which was formerly Rayonier's Performance Fibers division.
“In preparation for the separation, we’ve strategically aligned our businesses to maximize their growth potential,” Kincaid said. “We’ve added high quality timberlands in the Gulf States, divested our non-core timberlands and increased our ownership in New Zealand. Additionally, our Real Estate business has obtained key land use entitlements to position our HBU portfolio for enhanced sales values. Dave’s experience in strategic planning and growing and diversifying timberland portfolios will play a key role in our timber and real estate strategies moving forward. The Board is excited to work with Dave to maximize shareholder value following the separation.”
Nunes also told Bloomberg that the company is seeking to expand right away through the purchase of additional timberlands, though he did not yet know where or how much.
“Dave will provide strong leadership and direction to the new Rayonier,” said Boynton. “With 30 years of industry experience, he will continue Rayonier’s long legacy of growing shareholder value and provide strategic direction to one of the best teams of timber and real estate professionals in our industry.”
Nunes has over 30 years' experience in timber and real estate, including more than 15 as a senior executive. He has led Pope Resources since 2002 and is credited with launching that company's private equity timber fund business. He also spent nine years at Weyerhaeuser previous to his role there.
“This is an exciting time to join Rayonier and I’m honored to accept this opportunity,” Nunes said. “Rayonier is an industry leader with top talent and an outstanding timberland portfolio serving U.S. and Pacific Rim markets. Coupled with the best HBU portfolio in the industry, Rayonier is well positioned to capitalize on the rebounding economy and housing markets. Rayonier’s unique combination of assets and talent will ensure that we continue the company’s long history of delivering value to our shareholders.”
Thomas Ringo, current CFO at Pope will serve as interim CEO upon Nunes' departure until a permanent replacement has been found.