JACKSONVILLE, Fla.--(BUSINESS WIRE)--May. 17, 2012--
Rayonier Inc. (NYSE:RYN) hosted its Annual Meeting of Shareholders today
at 4 p.m. in Jacksonville, Fla.
At the meeting, shareholders elected the following directors to the
Richard D. Kincaid, V. Larkin Martin, James H. Miller and Ronald
Townsend; each for three-year terms, expiring in 2015
Thomas I. Morgan, one-year term, expiring in 2013
Shareholders also approved the following management-sponsored proposals:
Amendments to the company’s Articles of Incorporation to remove the
board’s classified structure and increase the number of authorized
Amendments to the Rayonier Incentive Stock Plan to increase the number
of shares available and reapprove the material terms of
An annual advisory vote approving the compensation of Rayonier’s named
executive officers also received strong shareholder support.
As planned, Lee Thomas retired from the board of directors at the end of
the meeting, and Paul Boynton, Rayonier’s president and CEO, assumed the
additional responsibility of chairman.
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 2.7 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.
Source: Rayonier Inc.
Carl Kraus, 904-357-9158