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.