Rayonier Inc. announced Nov. 1 that Chief Executive Officer David Nunes will retire March 31 and be succeeded by President and Chief Financial Officer Mark McHugh.
Nunes came to Rayonier in 2014 when the timber and real estate company split up with performance fibers company Rayonier Advanced Materials Inc. into separate public companies.
“Serving as Rayonier’s CEO over the past nine years has been extremely fulfilling,” Nunes said in a news release.
“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,” he said.
The real estate business includes its Wildlight mixed-used development in Nassau County. Rayonier moved its headquarters from Downtown Jacksonville to Wildlight in 2017.
McHugh joined Rayonier in 2014 as chief financial officer and took on the additional role of president in January 2023.
He will be succeeded as CFO by April Tice, currently vice president and chief accounting officer.
Rayonier Chairman Dod Fraser said in the news release that Nunes had been preparing the company for a new generation of leadership.
“The appointment of Mark is the result of a well-constructed succession plan that has been a priority of the Board for the last several years,” he said.
Rayonier also announced third-quarter earnings of $19.2 million, or 13 cents a share, lower than last year’s third-quarter adjusted earnings of $21.6 million, or 15 cents a share.