Thomas will continue to serve as chairman until his retirement in May 2012, at which time Boynton will assume the role of chairman in addition to the roles of CEO and president.
"This has been a well-planned transition during which Paul was elected president last year before being named to our board in February," says Thomas."Paul led each of our core businesses, including seven years of growing our market-leading Performance Fibers business and played an integral role in developing and executing our core strategies. I expect a smooth transition under Paul's leadership."
Thomas joined Rayonier's board of directors in 2006 and was named chairman and CEO in 2007. During his tenure, Rayonier has been one of the top performing companies in the forest products industry, with record earnings and cash flows supporting three dividend increases.
"Under Lee's leadership, Rayonier increased its market capitalization by $1.3 billion, resulting in a total shareholder return of 63%. Lee also strengthened our culture of integrity, operational excellence and safety that culminated in the company's safest year in history in 2010," saysBoynton."The strategic direction we developed under Lee's guidance is the path we'll continue to follow to create value for our shareholders."
Boynton was elected to Rayonier's board of directors in February 2011 and to his current position in October 2010, after serving as executive vice president, forest resources and real estate. He joined Rayonier in 1999 and became senior vice president, Performance Fibers in 2002. Prior to Rayonier, Boynton was with the 3M Corporation as global brand manager for the Home Care division from 1990 to 1999.
Boynton holds a Bachelor of Science in mechanical engineering from Iowa State University, and a MBA from the University of Iowa. He also graduated from the Harvard University Graduate School of Business Administration Advanced Management Program.