Accomplished Financial Executive Will Serve as Chief Accounting
Officer of Rayonier Inc. Until Its Upcoming Separation into Two
Industry-Leading Companies
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Jun. 6, 2014--
Rayonier (NYSE:RYN) today announced the appointment of Benson K. Woo as
Chief Accounting Officer, effective June 9. Following the June 27
separation, Rayonier’s Performance Fibers business will become Rayonier
Advanced Materials (NYSE:RYAM), an independent publicly-traded company
initially focused on the production of high-purity cellulose specialties
products. Upon separation, Woo will assume the role of Chief Financial
Officer of Rayonier Advanced Materials.
Woo brings more than 30 years of financial and executive management
experience, most recently as Executive Vice President and Chief
Financial Officer of Prestolite Electric, a global manufacturer of
alternator and starter motors for heavy-duty applications. He began his
career at General Motors, rising through the ranks over 15 years in a
variety of financial roles in Michigan, New York, Canada and Brazil. He
later led the financial functions of several leading companies,
primarily in the manufacturing sector, including Case Corporation, York
International Corp., Metris Companies, TriMas Corporation and Tower
Automotive.
“Benson’s strong record of financial leadership in the manufacturing
sector and his knowledge of global markets will benefit us greatly as we
look to grow Rayonier Advanced Materials after the separation,” said
Paul Boynton, Chairman, President and CEO of Rayonier and future
Chairman, President and CEO of Rayonier Advanced Materials. “With the
addition of Benson, I’m confident that the new senior leadership team
for Rayonier Advanced Materials possesses the talent and experience
necessary to continue to deliver the long-term value that our
shareholders have come to expect from our business.”
Woo earned a Bachelor of Science in electrical engineering from the
Massachusetts Institute of Technology and an MBA in finance from Harvard
Business School. He has extensive experience conducting business in
Europe, Latin America and Asia and is fluent in Portuguese and Cantonese.
“I’m honored to be joining Rayonier at this exciting time,” Woo said.
“As the world’s leading producer of high-value specialty cellulose
fibers, Rayonier Advanced Materials will be well positioned for
continued growth and market leadership. I hope that my experience will
bring valuable insight to the company’s financial operations and growth
strategy.”
Certain statements in this document regarding anticipated financial,
legal or other outcomes including business and market conditions,
outlook and other similar statements relating to Rayonier's and Rayonier
Advanced Materials’ future events, developments or financial or
operational performance or results, are "forward-looking statements"
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and other federal securities laws. These
forward looking statements are identified by the use of words such as
"may," "will," "should," "expect," "estimate," "believe," "intend,”
"anticipate" and other similar language. However, the absence of these
or similar words or expressions does not mean that a statement is not
forward-looking. While management believes that these forward-looking
statements are reasonable when made, forward-looking statements are not
guarantees of future performance or events and undue reliance should not
be placed on these statements.
Although Rayonier believes that the expectations reflected in any
forward-looking statements are based on reasonable assumptions, it can
give no assurance that these expectations will be attained and it is
possible that actual results may differ materially from those indicated
by these forward-looking statements due to a variety of risks and
uncertainties. Such risks and uncertainties include, but are not limited
to: uncertainties as to the timing of the spin-off and whether it will
be completed, the possibility that various closing conditions for the
spin-off may not be satisfied or waived the impact of the spin-off on
the businesses of Rayonier and Rayonier Advanced Materials, the ability
of both companies to meet debt service requirements, the availability
and terms of financing and expectations of credit rating. Other
important factors are described in Rayonier’s most recent Form 10-K and
10-Q reports on file with the U.S. Securities and Exchange Commission
and in Rayonier Advanced Materials’ Form 10 that could cause actual
results or events to differ materially from those expressed in
forward-looking statements that may have been made in this document.
Neither Rayonier nor Rayonier Advanced Materials assumes any obligation
to update these statements except as is required by law.
About Rayonier
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 2.6 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 50 percent of the company's sales are outside the
U.S. to customers in approximately 20 countries. Rayonier is structured
as a real estate investment trust. More information is available at www.rayonier.com.

Source: Rayonier
Rayonier
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Ed Kiker, 904-357-9186
or
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Russell
Schweiss, 904-357-9158