IRONWOOD — The Keweenaw Land Association, Ltd. on Monday announced it has closed the previously announced sale of its timber assets.

Payment of the first special distribution of $92 per share is scheduled to be made today to shareholders of record as of the close of business this past Monday. As of Monday, the majority of shares outstanding were held by Cede & Co. as the official holder of record.

The association previously indicated its desire to reduce the size of its board of directors as it enters the next chapter focused on the operation of its mineral assets, it said. Three directors — John Enlow, Peter Madden and Steve Winch — have tendered their resignations effective Monday, with Mark Sherman agreeing to join Keweenaw’s board.

“The transaction we closed on today has been the culmination of years of hard work. We are looking forward to Keweenaw’s next phase,” said Keweenaw Land Association Chairman Jamie Mai in a Monday news release. “I’d like to thank John Enlow, Pete Madden and Steve Winch for their invaluable contributions over the past few years and we are thrilled that Mark Sherman has agreed to join Keweenaw’s board.”

Keweenaw’s board now consists of three members — Mai, Sherman and Eric Speron.

Sherman, who is president and CEO of the association, will retire effective today. It appointed Timothy G. Lynott, 44, as president to oversee the mineral operation.

The association said Lynott has served as its treasurer and controller of Keweenaw since June 25, 2019. Prior to joining Keweenaw, Lynott worked at Highland Copper Company, a publicly traded development-stage copper company, as manager of finance and administration for five years.

Lynott previously held similar positions at Hudbay Minerals and White Pine Copper Refinery — a division of Hudbay — and Jacquart Fabric Products, Inc.

Lynott received his bachelor’s degree at Alma College and is a certified management accountant.

“We are thankful for the tremendous efforts of management over these past several months to bring this transaction to fruition,” Mai said in a news release. “We congratulate Mark on his retirement and look forward to working with Tim as we move forward.”

Headquartered in Ironwood, the association previously operated as a forest products and land management company owning substantial subsurface mineral rights. Following the sale of its timberland assets, Keweenaw’s business will be focused on its mineral assets.

Additional information is available at www.keweenaw.com.