Morningstar | Weyerhaeuser's Standard Stewardship Rating Unchanged in Wake of CEO Succession Plan
Our standard stewardship rating will remain in place for Weyerhaeuser following the announced retirement of Doyle Simons and nomination of Devin Stockfish as president and CEO. We expect there to be no drama in this reshuffling, as Devin Stockfish had previously served in a variety of senior roles throughout the company. The most recent of which was leading Weyerhaeuser's timberlands segment, the company's largest. The company's narrow strategic focus on timberlands and wood products will fit well with Stockfish's experience.We contend that both leaders likely have fairly similar perspectives and strategies for Weyerhaeuser going forward. Accordingly, we don't believe there's any reason to change our stewardship rating at this time.
Stockfish will subsequently be replaced as senior vice president of timberlands by Adrian Blocker, who previously headed the wood products division. Blocker also has a depth of experience not only at Weyerhaeuser but with a number of competitors in the timberland and wood product businesses.
Weyerhaeuser is a real estate investment trust. The company's business segments are: Timberlands, which provides delivered logs (grade logs and fiber logs), timber, recreational leases and other products; Real Estate, Energy and Natural Resources (ENR), in which Real Estate sells timberland tracts for recreational, conservation, commercial or residential purposes, whereas ENR sells rights to explore, extract and sell construction aggregates (rock, sand and gravel), industrial materials and oil and natural gas; and Wood Products, which provides structural lumber, oriented strand board, wood products, other products, and complementary building products.
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