Newhall Land Gives Lee Additional Title of CEO

Newhall Land & Farming said Thomas L. Lee, its president, was elected to the additional post of chief executive officer of the Valencia real estate and agricultural concern, effective Aug. 1.

Lee, 45, succeeds James F. Dickason, 65, who is retiring as chairman and chief executive. Newhall said the chairman’s position would not be filled immediately. Gary M. Cusumano, now executive vice president, was named to succeed Lee as chief operating officer.

Separately, Newhall said lower sales of land for industrial use led to a 30% drop in its second-quarter profit from a year earlier.

Newhall, which is organized as a limited partnership, said its net income dropped to $6.7 million, or 32 cents per partnership unit, in the quarter ended June 30, from $9.6 million, or 50 cents per unit, a year ago. Revenue edged up 3%, from $38.3 million to $39.5 million.

For the first half of 1987, Newhall’s earnings fell 28%, to $11.7 million, or 56 cents per unit, from $16.3 million, or 86 cents a unit, a year earlier. Six-month revenue fell from $68.1 million to $64.4 million.