Georgia-Pacific Board Elects Balloun Director, Declares Quarterly Dividend
Georgia-Pacific Corp.'s board of directors today elected James S. Balloun as a director of the corporation and declared regular quarterly dividends on each of the corporation's two classes of common stock.
Balloun, 60, is chairman, chief executive officer and president of National Service Industries Inc. Prior to joining NSI in 1996, Balloun worked for 31 years with McKinsey & Co., where he was a senior governing leader and a member of that firm's shareholders (board of directors), partner election and partner review committees. Balloun is a director of Wachovia Corp. and Radiant Systems Inc. He holds a master's degree in business administration from Harvard Business School and a bachelor's degree in industrial engineering from Iowa State University.
It is anticipated that Balloun will stand for election to a three-year term as a director at the annual shareholders meeting in May.
In other action, the board declared regular quarterly dividends of 25 cents per share on each of the corporation's two classes of common stock. The dividends are payable Aug. 19, 1998, to shareholders of record Aug. 10, 1998.
Georgia-Pacific's common stock was redesignated in December 1997 to reflect separately the performance of the company's pulp, paper and building products manufacturing and distribution businesses, which are now known as Georgia-Pacific Group (NYSE:GP). A separate class of common stock reflects the performance of the corporation's timber operating group, which is now known as The Timber Company (NYSE:TGP).