Tejon Ranch Co. (NYSE:TRC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Director Frederick C. Tuomi has informed the Board of Directors that he will complete his current term as a Director at the May9, 2018 board meeting and annual meeting and will not stand for reelection as a director at the May 2018 annual meeting. Mr.Tuomi indicated that his new position as CEO of Invitation Homes and his relocation to Dallas, Texas will make it difficult for him to fulfill his duties as a director as the Company deserves.
Mr.Tuomi has served the Company as a director since 2014. He served the Company on the Audit Committee and the Compensation Committee. Mr.Tuomi’s extensive real estate development experience and business acumen will be missed by the Board and the Company as he has been a valuable resource over his tenure.
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About Tejon Ranch Co. (NYSE:TRC)
Tejon Ranch Co. is a diversified real estate development and agribusiness company. The Company operates through five business segments: commercial/industrial real estate development; resort/residential real estate development; mineral resources; farming, and ranch operations. Its commercial/industrial real estate development segment is engaged in building, land lease activities, and land and building sales. The resort/residential real estate development segment is involved in the land entitlement and development process. Within its resort/residential segment, the three active developments are MV, Centennial and Grapevine. Its mineral resources segment includes oil and gas royalty leases, rock and aggregate mining leases, a lease with National Cement and sales of water. The farming segment is engaged in the sale of wine grapes, almonds and pistachios. The Ranch Operations segment consists of grazing leases, game management, and other ancillary services supporting the ranch.