EL DORADO, Ark., Oct. 10, 2016 /PRNewswire/ -- The Board of
Directors of Deltic Timber Corporation (NYSE: DEL) announced today
the retirement of Ray C. Dillon as
the company's President and CEO. Concurrently, the group
elected D. Mark Leland, a current
member of the company's Board of Directors, as interim President
and CEO. The transition of roles and responsibilities will
begin immediately as a national search for Mr. Dillon's permanent
replacement gets underway.
"I would like to thank Deltic Timber's Board of Directors and
shareholders for the privilege of leading this asset-rich company
for the past 13 years," said Dillon. "I retire knowing Deltic
is well positioned to deliver excellent future financial and
operational results."
Deltic's Chairman of the Board, Robert
C. Nolan, added, "Ray expanded our Southern Pine timberland
base, and brought operational excellence to our manufacturing
facilities that resulted in top quartile performance while
maintaining discipline in capital allocation. We appreciate
all that he accomplished on Deltic's behalf and wish him well."
Leland, age 54, will retain his position on the Board. He
is the retired former president of the Midstream Division of El
Paso Corporation. Prior to that position, he served in
various positions including Executive Vice President and CFO, El
Paso Corporation and Senior Vice President CFO, El Paso Production
Company. He also has served as Chief Operating Officer of GulfTerra
Energy Partners.
"With his exceptional financial skills and his strong
operational understanding and proven capabilities, Mark was the
perfect choice to be a constructive bridge from the past to the
future for Deltic," said Nolan. "He is a strong strategist,
and with his solid work ethic and high level of integrity, Deltic
is well positioned for the future. I, and my fellow Board members,
look forward to working closely with him."
Leland added, "I am honored and excited to be selected by the
Board to lead the transition of Deltic into its next
chapter. As a Board member, I understand the strengths of the
operation and intend, with the help of a solid Deltic team, to
leverage current and future value for our customers, investors and
employees. We do not anticipate any additional leadership
changes or changes to our business strategy during this transition
period."
The information included herein contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of
1934. Actual results may vary fundamentally from those
described in these forward-looking statements. All
forward-looking statements reflect numerous assumptions and involve
a number of risks and uncertainties. These risks and
uncertainties include risk factors that are disclose by Deltic from
time to time in its filings with the Securities and Exchange
Commission.
About Deltic Timber
Deltic Timber Corporation is a natural resources company focused
on the ownership and management of timberland. The Company
owns 530,000 acres of timberland, operates two saw mills and is
engaged in real estate development. Headquartered in
El Dorado, Arkansas, the Company's
operations are located primarily in Arkansas and north Louisiana. Deltic
stock is listed on the New York Stock exchange under the symbol
DEL. Additional information about Deltic is available at
www.deltic.com.
Contacts:
Kenneth D. Mann
Vice
President of Finance and Administration and CFO
(870) 881-6432
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SOURCE Deltic Timber Corporation