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Weyerhaeuser's Promotion of Fulton to President an Indication He Could Be Potential Heir to CEO Rogel

LOS ANGELES, December 14, 2007 (Forestweb) — Weyerhaeuser Co., one of North America's largest lumber producers, today named Daniel S. Fulton as president and began a succession program that includes the retirement of CEO Steven R. Rogel by the end of 2009, Bloomberg reported Dec. 13.

Fulton, 59, becomes the frontrunner for CEO, while the forest products company closes sawmills and other facilities because the slump in U.S. housing construction has lowered North American demand for lumber.

Today's announcement is part of the company's planning for transition of senior leadership responsibilities, Fulton said today in an interview.

Fulton is to oversee operations and report directly to Rogel, who will remain chairman and CEO. Fulton continues as president of Weyerhaeuser Real Estate Co., according to a statement today from Weyerhaeuser. The company's board has not said who will replace Rogel in his remaining roles.

Rogel, 65, said today in a phone interview that Fulton's appointment represents the first step in creating the team of the future, adding that the Federal Way, Wash.-based company has numerous retirements coming up over the next couple of years.

In May 2006, Rogel agreed to defer his retirement until 2009 to help lead a restructuring of the company and the sale of assets that have not returned cost of capital. He restated today that he intends to retire.

Fulton joined Weyerhaeuser in 1975 and has served as president of its real estate arm since 2001, the company said. He has a degree in economics from Miami University in Oxford, Ohio, and a graduate degree in business administration with a finance specialization from the University of Washington.

About CPBIS: The Center for Paper Business and Industry Studies (CPBIS) is an internationally recognized academic research center providing business knowledge of relevance to the global forest products industry. The CPBIS is cosponsored by the Alfred P. Sloan Foundation, the Georgia Institute of Technology (Georgia Tech), and the Paper Industry.



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