Rayonier Advanced Materials Inc. has initiated a formal process to explore strategic alternatives aimed at maximizing shareholder value, following the receipt of unsolicited indications of interest. The company also announced that President and CEO Scott M. Sutton has resigned effective immediately, with the Board of Directors establishing an interim Office of the Chief Executive Officer (OFC) to guide the company through the transition period.
The interim OFC comprises four current executives: Chief Financial Officer and Senior Vice President of Finance Marcus J. Moeltner, Vice President of Manufacturing Operations Michael Osborne, Senior Vice President of Biomaterials Christian Ribeyrolle, and Senior Vice President, General Counsel and Corporate Secretary R. Colby Slaughter. A committee of the Board will support the OFC as part of the strategic review process.
Potential alternatives under consideration include a sale of all or part of the company, a strategic investment, a merger or other business combination, or continuing to execute on the company's standalone strategic plan. The Board has not set a timetable for completion of the review and does not intend to provide updates unless disclosure becomes appropriate or required by law.
RYAM is a global leader of cellulose and derivatives commonly used in the production of filters, food, pharmaceuticals, high performance plastics, propellants and various industrial applications.
