Douglas Rubenstein to Succeed Retiring Willis Potts as Board Chairman for CatchMark Timber Trust
CatchMark Timber Trust, Inc. (“CatchMark”) announced the appointments of two new independent directors to the board—Tim E. Bentsen and James M. DeCosmo—effective immediately. CatchMark also announced that current independent board member Douglas D. Rubenstein will succeed Willis J. Potts Jr. as chairman of the board effective at the June 24, 2020 annual stockholder meeting. Mr. Potts and Independent Director Donald S. Moss are retiring after serving on the board since 2006.
Mr. Bentsen is a former audit partner and practice leader of KPMG LLP, the global audit, tax and advisory services firm. He retired from KPMG in 2012 after serving numerous publicly-traded companies with a specialization in the financial services industry. He also is a member of the Board of Directors of Synovus Financial Corp., and previously served on the boards of Ridgeworth Funds, a mutual fund complex, and Krispy Kreme Doughnuts, Inc.
President and CEO of Forestar Group, Inc. from 2006 to 2015, Mr. DeCosmo built his career in the forest management, real estate and energy industries. Before joining Forestar he had been a Group Vice President for Temple-Inland Forest Inc. and previously worked for Scott Paper Company and Kimberly Clark Corp.
Mr. Rubenstein is Chief Operating Officer of Benjamin F. Edwards & Company, Inc., a private, full-service broker-dealer. He joined the CatchMark board in 2013 in connection with the Company’s listing on the NYSE and has been chairman of the Nominating and Corporate Governance committee as well as a member of the Audit and Finance committees.
Mr. Potts said: “These director appointments further strengthen our board, providing exceptional expertise and experience in public company governance, finance, and the forest products industry. Tim Bentsen and Jim DeCosmo are proven leaders who can provide valuable insight and guidance to our first-rate management team. I look forward to Doug Rubenstein succeeding me after my rewarding tenure with CatchMark. Doug has been a thoughtful and compelling presence on the board, ready to take on this leadership role. I wish CEO Brian Davis and everyone at CatchMark all the success they so deserve in meeting our goals to provide durable cash flow and a stable consistent dividend for our stockholders.”
Mr. Rubenstein said: “All of us on the board want to thank Willis for his outstanding leadership since the inception of CatchMark and in guiding us forward since then. We would also like to thank Don for his unwavering commitment to our success. I look forward to working with our board and our outstanding management group as CatchMark continues to execute on its strategic initiatives and disciplined capital allocation to drive stockholder value.”
Mr. Moss, who is Chairman of the board’s Compensation Committee and will retire effective at the 2020 annual stockholders meeting, said: “It’s been a privilege serving CatchMark and working with such an effective board and executive team. I look forward to the company’s building on its growth through ongoing, disciplined management and forest stewardship.”
CatchMark (NYSE: CTT) seeks to deliver consistent and growing per share cash flow from disciplined acquisitions and superior management of prime timberlands located in high demand U.S. mill markets. Concentrating on maximizing cash flows throughout business cycles, the company strategically harvests its high-quality timberlands to produce durable revenue growth and takes advantage of proximate mill markets, which provide a reliable outlet for merchantable inventory. Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in 1.5 million acres* of timberlands located in Alabama, Florida, Georgia, North Carolina, Oregon, South Carolina, Tennessee and Texas. For more information, visit www.catchmark.com. (* As of December 31, 2019)
Mary Beth Ryan – Media Contact – Marybeth@millerryanllc.com – (203) 268-0158
Source: CatchMark Timber Trust, Inc.