Doug Long
About Doug Long
Douglas M. Long (age 54) is Executive Vice President and Chief Resource Officer at Rayonier (RYN), appointed in January 2023 after joining the company in 1995; he oversees global forestry operations and land-based solutions and holds bachelor’s and master’s degrees in Forest Resources & Conservation from the University of Florida . Under his tenure, Rayonier delivered Adjusted EBITDA of $296.5M in 2023 and $298.8M in 2024, and the 2021 PSU program paid out 163.6% based on a 71.2% TSR percentile, signaling alignment to shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rayonier | EVP & Chief Resource Officer | Jan 2023–present | Leads global forestry operations and land-based solutions; oversees timber operations, log marketing, research, safety, sustainability |
| Rayonier | SVP, Forest Resources | Dec 2015–Jan 2023 | Led US & NZ forestry operations; expanded land-based solutions |
| Rayonier | VP, U.S. Operations | Nov 2014–Dec 2015 | Responsible for all US forestry operations |
| Rayonier | Director, Atlantic Region | Mar 2014–Nov 2014 | Managed land, resource development and marketing in Atlantic region |
| Rayonier | Resource Unit Leader (SW) | 2007–Mar 2014 | Led team managing ~400k acres in TX/LA/OK/AR; built new operating area capability |
| Rayonier NZ | Forest Services/Regional Manager | 2003–2007 | NZ operations leadership; export logistics and market development |
| Rayonier | GIS Forestry Analyst and subsequent roles | 1995–2003 | Early technical/operational roles; geospatial forestry analytics foundation |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Forest Resources Association | Vice Chair | Recent years | Industry advocacy and best practices |
| International Sustainable Forest Coalition | Vice Chair | Recent years | International sustainability leadership |
| University of Florida, School of Forest Resources & Conservation | Advisory Board Member | Recent years | Academic-industry collaboration |
Fixed Compensation
| Year | Salary ($) | Target Bonus % | Actual Bonus Paid ($) |
|---|---|---|---|
| 2022 | $453,750 | — | $461,011 |
| 2023 | $471,250 | 100% | $499,526 |
| 2024 | $531,250 | 100% | $577,469 |
Notes:
- Effective 4/1/2024 EVP salary rates: Doug Long $550,000 base; target bonus 100% of actual base pay received .
Performance Compensation
Annual Incentive Plan (AIP) – FY2024
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Adjusted EBITDA vs Budget | 70% | $297.8M (pro forma) | $298.8M | 101.7% of target for financial component (71.2% weighted) |
| Strategic Objectives & Quality of Earnings | 30% | Program goals set by Compensation Committee | Executed dispositions, Real Estate outperformance, Land-Based Solutions progress, emissions targets | 37.5% of target (11.25% weighted) |
| Total AIP Funding | — | — | — | 108.7% of target; no individual adjustments |
Long-Term Incentives (LTI) – FY2024 Grants
| Component | Weighting | Grant Detail | Vesting | Payout Mechanics |
|---|---|---|---|---|
| Performance Shares (PSUs) | 50% | Target value $512,500 | Performance period 4/1/2024–3/31/2027; paid Apr 2027 | Relative TSR vs REIT peer set; 0–175% of target with negative TSR cap at 100%; 400% value cap; 1-year post-vesting hold |
| RSUs (time-based) | 50% | Target value $512,500 | 25% per year over 4 years | Value realized with stock performance; subject to ownership/retention rules |
Historic PSU vesting:
- 2021 PSU program (period 4/1/2021–3/31/2024) paid 163.6% based on TSR 15.44% (71.2th percentile); 1-year post-vesting hold .
Equity Ownership & Alignment
Beneficial Ownership (as of March 1, 2025)
| Holder | Shares Beneficially Owned | % of Class | Savings Plan Shares Included |
|---|---|---|---|
| Douglas L. Long | 122,415 | <1% | 15,663 |
Policies and compliance:
- Ownership guidelines: EVP required 4x average base salary; all executives “met or on track” .
- Prohibitions: Hedging and pledging of company shares are prohibited; the company states none of directors/executives engaged in such transactions .
Outstanding Equity Awards at 12/31/2024 (Doug Long)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| RSUs unvested (#) | 3,186 | 2,047 | 4,185 | 9,616 | 15,784 |
| Performance shares unearned (#) | — | — | 8,369 | 12,821 | 7,892 (threshold basis) |
Insider activity and vesting-related flows:
- 4/03/2025: 1,262 shares withheld to cover taxes on RSU vesting at $26.91 (Form 4) .
- 4/14/2025: 6,194 performance shares vested from 2022 PSU award; 2,438 shares withheld for taxes at $24.98 (Form 4) .
Employment Terms
| Provision | Detail |
|---|---|
| Severance Pay Plan (non-CIC) | 20–26 weeks of base salary, plus 1 week per year of service beyond one year, upon qualifying termination . |
| Executive Severance Pay Plan (CIC) | Double-trigger required; benefits if involuntary termination (not for cause) or resignation for good reason within 24 months post-CIC; “best net benefit” (no excise tax gross-up) . |
| Tier & Multiples | Tier I for Long (CEO and EVP); 3x base and 3x Applicable Bonus Amount under CIC scenario . |
| Potential Payments (CIC, as of 12/31/2024) | Scheduled Severance $1,650,000; Bonus Severance $1,593,750; 401(k) Benefit $214,088; Medical/Welfare & Outplacement $87,394; Equity Acceleration $1,873,771 . |
| Non-compete/Non-solicit & Covenants | Conditioned payments may require confidentiality, non-disparagement, non-compete, non-solicit; duration generally the shorter of 1 year from termination or 2 years post-CIC . |
| Clawbacks | Mandatory restatement clawback (Section 16 officers) and discretionary “detrimental conduct” clawback for broader management (36-month lookback) . |
| Perquisites | Executive Physical Program; no other executive perquisites . |
Pension and deferred compensation:
- Pension: Present value at earliest eligible retirement age $997,935 (Retirement Plan) and $76,114 (Excess Benefit Plan); monthly annuity of ~$5,495 started Oct 2023; $21,981 paid Jan–Apr 2024 before annuity provider began payments .
- Nonqualified Deferred Compensation: 2024 executive contributions $18,465; company contributions $36,270; aggregate earnings $15,189; aggregate balance $329,620 .
Investment Implications
- Pay-for-performance alignment: AIP is 70% Adjusted EBITDA and 30% strategic/quality of earnings; 2024 funding at 108.7% reflects near-target financial delivery ($298.8M vs $297.8M budget) and strong strategic execution (dispositions, Real Estate, Land-Based Solutions) . PSU design ties payouts to relative TSR with negative TSR cap and a 1-year post-vesting hold, strengthening shareholder alignment .
- Retention risk: Tier I double-trigger CIC economics (3x salary and bonus, equity acceleration) reduce pressure to exit during combinations; non-compete/non-solicit covenants suggest moderate restrictions on post-termination mobility .
- Insider selling pressure: Recent Form 4s show tax withholding related to RSU/PSU vesting rather than open-market sales; annual April vesting cycles can create mechanical supply without signaling discretionary selling .
- Ownership and pledging: EVP ownership guideline at 4x salary with stated compliance “met or on track”; company prohibits hedging/pledging and reports no pledges, reducing alignment red flags .
- Execution track record: 2021 PSU payout at 163.6% indicates strong relative TSR performance; operational commentary highlights navigating salvage-driven pricing headwinds and advancing Land-Based Solutions and solar option pipeline—relevant to medium-term non-timber income growth .
Appendix: Additional Context
- Say-on-pay support averaged 98% over five years; 97.2% in 2024 vote on NEO compensation—indicates strong shareholder endorsement of the pay framework .
- Compensation benchmarking uses FW Cook, WTW, and NAREIT surveys targeted to size scope; CEO and EVP positioning around market medians with high equity emphasis .
- Performance Share peer set emphasizes REIT sector with timber peers overweighted, focusing management on value-per-share creation over a three-year horizon .
Citations:
- 10-K/Proxy content: **[52827_0000052827-24-000052_ryn-20240403.htm:56]** **[52827_0000052827-24-000052_ryn-20240403.htm:26]** **[52827_0000052827-25-000035_ryn-20250402.htm:28]** **[52827_0000052827-25-000035_ryn-20250402.htm:30]** **[52827_0000052827-25-000035_ryn-20250402.htm:3]** **[52827_0000052827-25-000035_ryn-20250402.htm:31]** **[52827_0000052827-25-000035_ryn-20250402.htm:33]** **[52827_0000052827-25-000035_ryn-20250402.htm:48]** **[52827_0000052827-25-000035_ryn-20250402.htm:47]** **[52827_0000052827-25-000035_ryn-20250402.htm:66]** **[52827_0000052827-25-000035_ryn-20250402.htm:41]** **[52827_0000052827-25-000035_ryn-20250402.htm:42]** **[52827_0000052827-25-000035_ryn-20250402.htm:38]** **[52827_0000052827-25-000035_ryn-20250402.htm:54]** **[52827_0000052827-25-000035_ryn-20250402.htm:56]** **[52827_0000052827-25-000035_ryn-20250402.htm:37]** **[52827_0000052827-25-000035_ryn-20250402.htm:49]** **[52827_0000052827-25-000035_ryn-20250402.htm:51]** **[52827_0000052827-25-000035_ryn-20250402.htm:7]** **[52827_0000052827-25-000035_ryn-20250402.htm:40]** **[52827_0000052827-25-000035_ryn-20250402.htm:34]** **[52827_0000052827-25-000018_ryn-20241231.htm:25]**.
- Internet sources: LinkedIn profile for role details **[https://www.linkedin.com/in/doug-long-998003a]**; Investor Day bio **[https://ir.rayonier.com/static-files/d247bb5a-0c76-4277-9348-d4bd31285fce]**; Company press release succession **[https://ir.rayonier.com/news-releases/news-release-details/rayonier-announces-leadership-succession-plan]**; Form 4 filings **[https://ir.rayonier.com/static-files/90eab334-731f-40e6-9b85-229a74cc395a]** **[https://ir.rayonier.com/static-files/946b77a1-9ec9-4606-af1a-b2c4cd3304cc]**; Earnings call context **[52827_2063142_4]** **[52827_2063142_13]**.