Ted Seraphim has been tapped to take over as West Fraser Timber Co. Ltd.'s chief executive officer.
Mr. Seraphim, West Fraser's president and chief operating officer, will replace Hank Ketcham as CEO on March 1. Mr. Ketcham, who also currently serves as chairman, will assume the role of executive chairman, the Vancouver-based company said Thursday.
West Fraser reported that it posted a fourth-quarter profit of $22-million as lumber prices climbed, compared with an $11-million loss in the same period of 2011. For the full 12 months of last year, the lumber producer had an $87-million profit, up from $27-million in 2011.
Meanwhile, Canfor Corp. announced that it had a $21.6-million profit in the final three months of 2012, compared with a $44.1-million loss in the year-earlier quarter. Canfor CEO Don Kayne said growth in global demand for softwood lumber has lifted sales. Canfor expects U.S. housing starts to continue improving.
Vancouver-based Canfor earned $32.1-million in 2012, compared with a $56.6-million loss in 2011.
West Fraser and Canfor have sawmills in the B.C. Interior and U.S. Southeast.