ATLANTA, December 13, 2023 – Forest Investment Associates (FIA), a global SEC-registered investment adviser of sustainable forest investments, is proud to announce that Mike Cerchiaro will elevate to President and CEO and chair the firm’s Executive Committee effective Jan. 1, 2024. Additionally, Andrew Boutwell will step into the role of Senior Managing Director to lead FIA’s newly consolidated Investment Management Team.

Cerchiaro fills the role held by Marc Walley, who announced his new responsibilities in June and will remain with FIA on a part-time basis and continue as Chairman of the Investment Committee and as a Board member.

“This is a natural evolution in the growth and development of our company,” Walley said. “We have been deliberate and intentional about our succession planning, and as an independent and majority-employee-owned firm, FIA is proud to continue our legacy of growing our leadership from within. Mike and Andrew are recognized leaders at FIA and known throughout our industry with a reputation for excellence, innovation, and as trusted leaders in forest investment.”

Cerchiaro and Boutwell both joined FIA in 2004. Cerchiaro currently leads FIA’s Investment Management Team, responsible for the ongoing investment management of a forestland portfolio spanning North and South America. Boutwell leads the Real Estate Transactions Team with responsibility for the strategic planning, valuation, due diligence, and execution for transactions. They both serve on the FIA Board as well as the Executive and Investment Committees.

“I am excited to work with Andrew, the rest of the Executive Committee, and our staff to leverage our strengths and excel in our work for FIA and our clients,” Cerchiaro said. “Our focus on the delivery of sustainable forest investment solutions to the global institutional market will continue as we capitalize on one of the most exciting investment environments we’ve seen in our sector in some time. Additionally, we will further expand our ability to meet the increasingly complex needs of today’s most sophisticated and discerning investors.”

“The newly structured Investment Management Team is designed to unify FIA’s almost four decades of transaction history, investment experience, and sophisticated forest management systems,” Boutwell said. “I’m energized to be working with the great team we have at FIA, and I strongly believe FIA’s success will continue to be rooted in client service and meeting investor objectives while continually evolving as a reputable forest investment firm.”

V. Scott Bond, who has served as Vice President of Client Relations and Business Development for the past 20 years, has also announced his transition to a part-time role in 2024. MaryKate Bullen will succeed Bond as Managing Director, Business Development and Sustainability, also effective Jan. 1, and join FIA’s Executive Committee. Bullen previously led FIA’s sustainability and ESG programs and brings 16 years of forestry investment experience in sustainability, business development, and investor services.

Cerchiaro reflected, “I believe the FIA business and team are purpose-built to deliver high-quality services for investors in global forestry. I’m confident our track record, trusted reputation, and client-first investment approach will be amplified through our reconstituted leadership and dedicated investment professionals.”

Pictured from L to R: Andrew L. Boutwell, Senior Managing Director, Head of Investment Management, MaryKate H. Bullen, Managing Director, Head of Business Development & Sustainability, Michael P. Cerchiaro, President and CEO, and Marc A. Walley, Senior Managing Director


About Forest Investment Associates

Forest Investment Associates (FIA) is a specialist investment manager, leveraging more than 37 years of timberland investment experience to help clients around the world grow value through investing in sustainable forestry. The firm’s mission is to provide high-quality, sustainable forestry investments that deliver superior investment performance while cultivating client relationships based on mutual trust and exceptional service. FIA is majority employee-owned and manages more than 2 million acres of certified timberland in the United States, Brazil, and Chile. Learn more at