Temple-Inland names new officers for spin-offs
April 3, 2007 (Press Release) - Temple-Inland Inc. announced 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.
SOURCE: Temple-Inland Inc.