Former Temple-Inland CEO joins Weyerhaeuser board
Doyle Simons, the former chairman and CEO of Temple-Inland, has joined the board of directors of Weyerhaeuser, effective June 29, 2012, according to a filing with the Securities and Exchange Commission (SEC). The 49-year-old executive held various positions with Temple-Inland, including executive VP from 2005 through 2007 and chief administrative officer from 2003 to 2005. He became CEO and chairman in 2008 and served until February 2012, when Temple-Inland was acquired by International Paper Co.
Prior to joining Temple-Inland, Simons practiced real estate and banking law with Hutcheson and Grundy. He also serves on the board of directors for Fiserv; is a member of the board of visitors for the University of Texas M. D. Anderson Cancer Center, and the Texas Governor’s Business Council; and serves on the advisory councils of the College of Natural Sciences and the Texas Memorial Museum at The University of Texas at Austin.
New funding emerges for home builders
Oaktree Capital Management, a global investment firm headquartered in Los Angeles, is investing an undisclosed sum in a lender that specializes in financing home builders.
An article in the Wall Street Journal reported that Oaktree has become a big shareholder in Sabal Financial Group, which makes small loans to builders to buy and develop land and construct houses. The Newport Beach, Calif., lender has set aside at least $100 million for these loans, which carry interest rates in the 8.5% to 9.5% range.
Mead Lumber to close Nebraska location
Regional chain Mead Lumber Co. has decided to close its Ashland, Neb., location on July 7, according to an article in the Journal-Star.
The 102-year-old lumberyard was not able to generate enough volume to make the business viable, spokeswoman Kate Mead told the newspaper. She added that local home builders were often bringing in building supplies from outside the area.
The family-owned company decided to donate the Ashland property to the Ashland Area Foundation, which is raising funds to build a new public library and senior center.
Based in Columbus, Neb., Mead Lumber will now operate 36 stores in Nebraska, South Dakota, Colorado, Wyoming, Montana, Kansas and Oklahoma.