JACKSONVILLE, Fla. -- Former Florida Gov. Jeb Bush will sit on the board of directors of a Jacksonville-based company that owns real estate and timberland.

Rayonier Inc. makes wood and plant fiber products and also has about 200,000 acres of developable land between Savannah, Ga. and Daytona Beach. Bush left office in 2007 after eight years. He previously worked as a Miami real estate developer.

Rayonier pays board members $40,000 each quarter. Last year, board members were also given 1,500 shares of company stock, which on Monday was selling for $30.96 per share.

Last year, the company posted a net income of nearly $160 million, but last month it announced its profit dropped 58 percent in the third quarter as the timber business struggled under a weak housing market.