Real estate and agribusiness company Tejon Ranch Co. promoted Robert Velasquez from chief accounting officer to CFO, effective Jan. 1.

Velasquez replaced former CFO Allen Lyda, who was appointed to the newly created position of COO.

After Velasquez was named CFO, the position of chief accounting officer was eliminated. Velasquez continues to serve as senior vice president of finance, and Lyda continues in his roles of executive vice president, treasurer and assistant secretary.