Exhibit 99.1
For immediate release
For more information contact:
Media - Bruce Amundson (253) 924-3047
Analysts - Kathryn McAuley (253) 924-2058
1 | Weyerhaeuser Announces Proposed Governance Changes | |
2 | FEDERAL WAY, Wash. (Dec. 15, 2009) – Weyerhaeuser Company (NYSE: WY) today announced that its | |
3 | board of directors has approved amendments to the company’s articles of incorporation to eliminate | |
4 | the company’s classified board structure and remove existing super majority voting provisions. | |
5 | “The board regularly reviews the company’s corporate governance practices and has made a number of | |
6 | changes over the last few years as standards of corporate governance have evolved,” said Chuck | |
7 | Williamson, chairman. “The board believes that these amendments are in the best interest of the | |
8 | company and its shareholders.” | |
9 | The board will ask shareholders to approve these amendments at Weyerhaeuser’s annual shareholder | |
10 | meeting in April 2010. It will take a 66 2/3 percent favorable vote of the outstanding shares to approve | |
11 | the amendments. Shareholders will receive information on these proposals in the 2010 proxy statement | |
12 | to be mailed in February. | |
13 | About Weyerhaeuser | |
14 | Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in | |
15 | 1900. In 2008, sales were $8 billion. It has offices or operations in 10 countries, with customers | |
16 | worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the | |
17 | manufacture, distribution and sale of forest products; and real estate construction and development. | |
18 | Additional information about Weyerhaeuser's businesses, products and practices is available at | |
19 | http://www.weyerhaeuser.com . |