SEATTLE, WASHINGTON -- July 20, 1999 -- Plum Creek Timber Company, Inc. (NYSE:PCL) today announced the appointment of two new directors to its board - John G. McDonald and Hamid R. Moghadam.
Professor McDonald is The IBJ Professor of Finance in the Graduate School of Business at Stanford University. He attended Stanford and earned his B.S., Engineering with honors. He began his career as an engineer at Hewlett-Packard and received his MBA and Ph.D. at Stanford in 1962 and 1967, respectively. He served for one year as Fulbright Scholar and assistant professor of finance at Ecole des Hautes Etudes Commerciales, in Paris, and joined the Stanford Business School faculty in 1968. He was awarded an endowed Chair in 1978. Professor McDonald was elected in 1987 to the Board of Governors of the National Association of Securities Dealers.
Mr. Moghadam is President and CEO of AMB Property Corporation, one of the largest public Real Estate Investment Trusts (REIT) in the U.S., focusing on industrial properties and community shopping centers. Mr. Moghadam holds a bachelor's and master's degree in engineering from the Massachusetts Institute of Technology (MIT), and an MBA from Stanford University. He serves as Vice Chairman of the National Realty Committee and has served on the Advisory Committee of the MIT Center for Real Estate.
"We are adding two extremely qualified individuals, each offering distinctive backgrounds in business, who will help Plum Creek develop and implement its growth strategy for the new millennium," noted Rick R. Holley, Plum Creek's President and Chief Executive Officer. In making the announcement, Mr. Holley indicated that Dr. George Dennison, President of The University of Montana, was leaving the Plum Creek board. "Dr. Dennison came to Plum Creek's board in 1994 and played an instrumental role in helping the Company become one of the largest timberland owners in the nation and the first timber REIT. We appreciate Dr. Dennison's many contributions to the Company," noted Holley.
Plum Creek is one of the largest private timberland owners in the nation, with timberlands and mills located in the Northwest, Southern and Northeastern United States.