VANCOUVER, B.C. (News release) - Hank Ketcham, Chairman of West Fraser's Board of Directors, announced that Ray Ferris, President and Chief Executive Officer, plans to retire on December 31, 2023.

Ray has been with West Fraser for over 26 years in increasingly senior positions culminating in his appointment as President and Chief Operating Officer in 2018 and as President and Chief Executive Officer and a director of the Company in 2019.

During his tenure as Chief Executive Officer the Company has grown substantially in sales, profits, product mix and geographic diversification. In addition, Ray has driven our strong commitment to continual improvement in our safety, environmental and people programs.

West Fraser is announcing the appointment of Sean McLaren, our current Chief Operating Officer, as our new President and Chief Executive Officer effective January 1, 2024. Sean has been with West Fraser and predecessor companies for 35 years. He is a proven leader who is committed to our operating philosophy of low cost production and a prudent balance sheet which enables the Company to grow through capital improvements and strategic growth opportunities. Sean will continue West Fraser's commitment to our strong safety, environmental and people focused culture.

West Fraser has benefited immeasurably from Ray's strong leadership and our Board enthusiastically looks forward to our continued growth and success under Sean McLaren's leadership.