Potential Republican presidential candidate Jeb Bush notified real estate investment trust Rayonier Inc that he will resign from its board, effective Dec. 31.

Bush, 61, had said on Dec. 16 that he was actively exploring a run for the U.S. presidency in 2016 and would establish a political action committee in January.

The son of former U.S. President George H.W. Bush and the brother of former President George W. Bush, Jeb Bush served as Florida's governor from January 1999 until January 2007.

Bush said there were no disagreements between Rayonier and him.