Acadian Timber Corp. (TSX:ADN) has announced that longtime chief executive Reid Carter is stepping down at the end of the week.
The company said in its earnings reported issued Tuesday after markets closed that Mark Bishop will become president and CEO effective on Friday.
Bishop has more than 25 years of forest industry experience, including the last seven with Brookfield Asset Management (TSX:BAM.A), Acadian’s manager.
In addition to his new role, Bishop will continue to lead Brookfield’s timberland business development activities outside of North America.
Carter, who steps down after nine years as CEO, will continue to lead Brookfield’s timberlands platform and intends to remain on Acadian’s board, the company said.
News of the change at the top came as Acadian reported swinging to a net loss of $2.9 million or 17 cents per share in the three months ended March 28, compared with a net profit of $697,000 or four cents per share in the comparable year-earlier period.
The net loss primarily reflected a higher non-cash fair value adjustment to timber and an increased unrealized exchange loss on long-term debt, the company said.
Sales revenue improved to $24.7 million from $21.2 million, primarily from a 14 per cent increase in weighted average log selling prices reflecting continued strong market demand along with the positive impact of the strengthening of the U.S. dollar and a higher proportion of hardwood saw timber in the sales mix.