Breaking News

Chairman, President and CEO of Rayonier Plans To Retire

September 14, 2006

W. Lee Nutter, chairman, president and CEO of Rayonier, Jacksonville, FL, plans to retire in mid-2007 after 40 years with the company. Mr. Nutter has been in his current position since 1999 and president and a director since 1996.

In a statement, the Rayonier board of directors said, "Rayonier and its shareholders have benefited greatly from Mr. Lee's outstanding leadership and will continue to do so until his well-deserved retirement next year. We respect Mr. Lee's decision and very much appreciate the generous advance notice he has provided, which will allow the board to carefully consider who is best qualified to build on his legacy and Rayonier's history of financial excellence." The board has indicated it will consider both internal and external candidates.

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