Managing member Dan Farb outlined his position in a letter to the board this Wednesday, characterizing the company’s current financial structure as unsustainable. He pointed to annual corporate overhead costs reaching up to $60 million and a history of losses from continuing operations as evidence that internal management remains ineffective. Farb contends that combining the business with a strategic acquirer would eliminate redundant expenses and unlock the true value of the company’s assets.

Farb’s frustration follows a private dialogue with board chair Julie Dill, which he described as insufficient. The pressure to divest intensifies as the company navigates a period of transition, marked by the April resignation of CEO Scott Sutton and the board's earlier rejection of an acquisition offer ranging from $11 to $12 per share. While Rayonier confirmed it was exploring strategic alternatives earlier this year, the investor now demands a definitive exit strategy. Rayonier has not yet provided a formal response to the latest call for a sale.