Temple-Inland Inc. announced today the future executive leadership for Temple-Inland, Guaranty Financial Services and Forestar Real Estate Group, the three focused, stand-alone public companies resulting from Temple- Inland's transformation plan. The leadership appointments will be effective upon completion of the spin-offs of Guaranty Financial Services and Forestar Real Estate Group to Temple-Inland shareholders, which is expected by year-end 2007.
€ Doyle R. Simons will become Chairman of the Board and Chief Executive Officer of Temple-Inland
€ J. Patrick Maley III will become President and Chief Operating Officer and a Director of Temple-Inland
€ Kenneth R. Dubuque will remain President, Chief Executive Officer and a Director of Guaranty Financial Services
€ James M. DeCosmo will remain President, Chief Executive Officer and a Director of Forestar Real Estate Group
Kenneth M. Jastrow, II, will step down as Chairman and Chief Executive Officer of Temple-Inland upon completion of the spin-offs and will become Non-Executive Chairman of the Board of both Guaranty Financial Services and Forestar Real Estate Group.
"The executives named above have all done an outstanding job for Temple-Inland and I have great confidence in their abilities. They are all proven business leaders, and their wealth of industry knowledge and experience ensure that each of the companies will continue to deliver superior and sustainable long-term value as separate publicly-traded companies," said Mr. Jastrow.
"We are on target to complete our transformation plan by year-end 2007, which includes the separation of Temple-Inland into three focused, stand-alone public companies and sale of our strategic timberland. We are confident and excited about the future of each of our businesses. The creation of three public companies provides expanded opportunity for employees and for maximizing shareholder value," concluded Mr. Jastrow.
James T. Hackett, Temple-Inland's presiding director, commented on behalf of the Board, "Temple-Inland is a great company and, under Kenny Jastrow's leadership, has generated outstanding returns for shareholders. For the year 2006, Temple-Inland achieved record earnings of $3.32 per share and return on investment of 15.9% Over the past five years, total return for Temple-Inland shareholders was 144% compared with 37% for the S&P 500 and a negative 1% for our peer group median.
The Board also recognizes Mr. Jastrow's exceptional leadership skills in developing and implementing our transformation plan to maximize shareholder value. Once the spinoffs of Guaranty and Forestar are completed, the Board believes that Mr. Jastrow's leadership on the boards of these new public companies is key to helping them continue to generate superior value for shareholders."
Completion of the spin-offs is subject to receipt of favorable rulings from the Internal Revenue Service on the tax-free nature of the spin-offs, regulatory and other governmental approvals, and approval of the final terms by Temple-Inland's board of directors.
Doyle R. Simons, 43, is currently Executive Vice President of Temple-Inland, a position he has held since February 2005. Mr. Simons previously served as Chief Administrative Officer from November 2003 to February 2005, as Vice President, Administration from November 2000 to November 2003 and as Director of Investor Relations from 1994 through 2003. Mr. Simons holds a Bachelor of Business Administration degree from Baylor University and a Juris Doctor from The University of Texas and has completed the Stanford University Executive Program.
J. Patrick Maley III, 45, is currently Executive Vice President - Paper, a position he has held since November 2004 following his appointment as Group Vice President in May 2003. Prior to joining Temple-Inland, Mr. Maley served in various capacities from 1992 to 2003 at International Paper, including director of manufacturing for the container board and kraft division. Mr. Maley holds a Bachelor of Science degree in Chemical Engineering from Michigan Technology University and has completed extensive leadership and functional skill training and development.
Kenneth R. Dubuque, 58, is currently Group Vice President of Temple-Inland, a position he has held since February 2000, and President and Chief Executive Officer of Guaranty Bank, a position he has held since October 1998. From 1996 until 1998, Mr. Dubuque served as Executive Vice President and Manager -International Trust and Investment of Mellon Bank Corporation. From 1991 until 1996, he served as Chairman, President and Chief Executive Officer of the Maryland, Virginia, and Washington, D.C.,operating subsidiary of Mellon Bank Corporation. Mr. Dubuque holds a Bachelor of Science degree in Industrial Engineering from Columbia University and a Master of Business Administration degree from Fairleigh Dickinson University.
James M. DeCosmo, 48, is currently Group Vice President Real Estate of Temple- Inland, a position he has held since May 2005. Mr. DeCosmo joined Temple-Inland in 1999 as Director of Forest Management for the eastern region forest operations and in November 2000 he was promoted to Vice President - Forest for our forest products segment with responsibility for managing our timberland. Mr. DeCosmo holds a Bachelor of Science degree in Forest Resources and Conservation from the University of Florida at Gainesville and has completed the Stanford University Executive Program
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