Rayonier's

(RYN) - Get Report

, chairman and CEO, W. Lee Nutter, announced Tuesday that he plans to retire in mid-2007 at age 63 after 40 years with the company. Nutter was serving in the current position since 1999.

"Rayonier and its shareholders have benefited greatly from Lee's outstanding leadership and will continue to do so until his well-deserved retirement next year. We respect Lee's decision and very much appreciate the generous advance notice he has provided which will allow the Board to carefully consider who is best qualified to build on Lee's legacy and Rayonier's history of financial excellence," the Jacksonville, Fla.-based realty trust said.

The company's shares were trading down 22 cents at $39.59 Tuesday.

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