Weyerhaeuser Company appointed Russell Hagen, currently the company’s senior vice president and chief financial officer, as senior vice president and chief development officer. In the new role, Hagen will be responsible for overseeing Weyerhaeuser’s real estate, energy and natural resources segment and its acquisitions and divestitures and business development teams.
The company will immediately begin a search for a new chief financial officer and Hagen will transition roles once a successor is identified. Additionally, Jim Kilberg, currently Weyerhaeuser’s senior vice president of real estate, energy, and natural resources, is retiring in early 2021.
“I am looking forward to taking on this new role, working closely with [CEO and president] Devin [Stockfish] and our talented teams to build on the strength of our portfolio and capitalize on new opportunities,” Hagen said in a news release. “This new structure will enhance our ability to maximize the long-term value of all our assets and take full advantage of new business opportunities as they arise.”
The leadership and organizational changes will facilitate increased collaboration among the real estate, acquisitions and divestitures, energy and natural resources, and business development teams to ensure a “unified approach to portfolio management,” according to the company. The structure will also support Weyerhaeuser’s increasing focus on emerging carbon opportunities, in alignment with its recently announced 3 by 30 sustainability initiative.
“Creating an end-to-end portfolio management team is a natural next step that builds on the strong partnership these teams established as they have worked to optimize and improve our timberlands portfolio over the past several years,” Weyerhaeuser president and CEO Devin Stockfish said. “Bringing together the complementary analytical capabilities and deep market expertise resident in these teams will further enhance our ability to make the highest-value asset decision across our entire landscape and deliver superior returns.”
Hagen has served as Weyerhasuer’s senior vice president and chief financial officer since February of 2016. Prior to the merger of Weyerhaeuser and Plum Creek, Hagen served as the senior vice president of business development at Plum Creek. The newly appointed chief development officer also held senior roles in Plum Creek’s real estate, development, and renewable energy businesses.
Seattle, Wash.-based Weyerhaeuser owns or controls around 11 million acres of timberlands in the United States and manages additional timberlands under long-term licenses in Canada.
