Weyerhaeuser (NYSE:WY) has elected Doyle Simons to be its new president and CEO, succeeding the retiring Dan Fulton. Simons takes over on August 1.

According to an SEC filing made by the company, Simons will be paid an annual salary of $950,000 for his labors. He will also be eligible for a target bonus of up to 300% of that figure, prorated according to his time spent in the position in his first year, plus other incentives.

The new top executive is a veteran of the paper industry. Previously, he was chairman and CEO of Temple-Inland, manning the helm from 2008 until its acquisition by International Paper in early 2012.

In the press release announcing the news, the company quoted Chairman Chuck Williamson as saying that he is convinced Simons "will bring tremendous energy, vision and leadership to Weyerhaeuser as the company continues to optimize its assets, increase efficiency and pursue sustainable growth."

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