Pope Resources CEO retires; leaves thriving company behind; ready for new challenges

Business Wire, Dec 15, 1995

POULSBO, Wash.--(BUSINESS WIRE)--Dec. 15, 1995--"Going out on top."

That's how the local paper characterized George Folquet's impending retirement as president and CEO of Pope Resources, a publicly traded limited partnership with 78,000 acres of timberland and development property in the Puget Sound area of Washington State. At the helm of Pope Resources since its inception in 1984, Folquet will leave the company at the end of this year.

The complimentary headline and full-page article came as a surprise to Folquet, often at odds with the paper over his tough approach to dealing with anti-growth activists who sought to sink his company's flagship project, Port Ludlow.

"I'm pleased that what we've accomplished in Port Ludlow is getting the recognition it deserves, and that our mutual respect for the job we've each had to do has remained intact," Folquet said.

Port Ludlow does stand out as a remarkable project in a region where the public agenda is dominated by strident anti-growth activists who have forced other developers to pack up and leave after unsuccessful attempts to placate never-ending demands.

Folquet doesn't credit any complex strategies for his success in overcoming the formidable obstacles involved in making Port Ludlow one of the most successful adult communities in the country: "I simply tried to stand up squarely and bluntly for what is right. And if I took a lot of heat in the process, that was part of my job as the head guy."

In some ways, Folquet said, he served as a"lightning rod" for the company, allowing his management team to do its job without the burden of taking on the opposition.

Beyond Port Ludlow's success, Folquet has led Pope Resources from a fledgling entity with a negative net worth, to the prominent, solid performer it is today. When he took the partnership public in 1985, Pope Resources units opened at $11.61. In 1995, they traded as high as $104.00.

Peter Pope, chairman of the Pope Resources Board summed up Folquet's achievements this way: "George's legacy is built on adding significant value for our unitholders through his active stewardship of the asset base and strategic acquisitions. He has performed spectacularly, and the board and our unitholders are most grateful."

His retirement from the top job at Pope Resources caps a nearly 30-year career with the Pope & Talbot organization. He served as Pope & Talbot Inc.'s CFO between 1967 and 1984, and during that time the company's operations rose from $20.0 million in sales to $25.0 million in profits in 1979. He also put Pope & Talbot on the New York Stock Exchange in 1972.

Reflecting on his career, Folquet credits a focus on the basics and a "the-buck-stops-here" management style with his success. "I'm an accountant by profession," he said, "and, yes, management decisions should ultimately be driven by the bottom line. That's what we're in business for."

He is quick to point out, too, that recruiting and empowering a top notch management team is crucial. "I've been fortunate in finding outstanding management talent, such as the team at Pope Resources," he said," and motivating and rewarding such a team is a top priority with me."

While he is retiring from Pope Resources, Folquet is not ready to "hang it up just yet." He'll take a bit more time to pursue his "other passion," golf -- Folquet served on the executive committee of the United States Golf Association from 1984 to 1986 -- to, as he put it, "get his handicap low again." But, he'll be looking for new challenges in working with turn-around companies and those wishing to go public.

CONTACT: F.W. Gregory, 206/232-3630