Mr. Weyerhaeuser, a class III director, has provided his notice to retire as a director of the Company, to be effective at the end of his current term, which ends on May 5, 2014.
At that time, we expect the size of the Board
will be decreased to seven members.
Consequently, Mr. Weyerhaeuser
will not be a nominee for director.
William T. Weyerhaeuser (age 70) has been a director since December 2008.
Mr. Weyerhaeuser has served as a director of Columbia Banking System, Inc. (NASDAQ: COLB), a bank holding
Mr. Weyerhaeuser served as Columbia Banking System’s Interim CEO from June 2002 until February 2003.
Mr. Weyerhaeuser served as a director from 1998 to 2001, and as Chairman of the Board of Eden Bioscience Corporation (formerly NASDAQ: EDEN), a developer and manufacturer of natural protein-based products for improving plant health, from 2001 to 2009, and served as a director of Potlatch Corporation (NASDAQ: PCH) from February 1990 to December 2008, including as Vice Chair of the Board of Directors of Potlatch Corporation from January 2004 to December 2008.
believes that Mr. Weyerhaeuser’s extensive qualifications and experience as a chair and a lead independent director for other public companies, including active involvement in overseeing governance matters and the interaction of independent directors with a public company’s management, strengthen the governance and functioning of our Board
Additionally, Mr. Weyerhaeuser’s extensive qualifications and experience gained from serving as the chair of compensation committees for other public companies provides expertise necessary for the functioning of our Board and its committees.
Further, Mr. Weyerhaeuser’s knowledge of paper products businesses, including pulp-based and consumer products, acquired as a director of Potlatch
is integral to the Board’s assessment of trends and strategic options for our company.
Based primarily on these considerations, the Board concluded that Mr. Weyerhaeuser should serve as one of our directors.