ALWAYS, ALWAYS, ALWAYS remove all bark off the wood ASAP. Bugs will get in thru the bark if you don't.
If its wet, dry it slowly, in the shade out of wind and heat. A shed would be ideal, and partly cover the stack with a tarp to slow the air circulation. Wood needs some air circulation to avoid mold, but too much air will dry the outside of the plank and it can get surface stress cracks/checks. It needs to be stickered with DRY stickers. Wet stickers can cause mold.
After 6 months or so, allow full circulation. No sun, tho.
You may need to occasionally spray with fungicide or insecticide to prevent powder post beetles from eating your wood. Sprinkling with diatomatious(sp?) earth will also help prevent bugs.