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.”