Rayonier Advanced Materials Inc. (NASDAQ: RYAM) stock gained by 0.34% at last close whereas the RYAM stock price dropped by 5.35% in the pre-hours trading session. Rayonier Advanced Materials is a world pioneer in cellulose-based technology, such as high purity cellulose specialities, a natural polymer used in filters, food, pharmaceuticals, and other industrial uses.
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RYAM stock’ Recent Development
Rayonier Advanced Materials reported that Vito J. Consiglio will replace Paul G. Boynton as President and Chief Executive Officer and a board member of Directors on January 1, 2022.
Mr. Boynton has declared that he will be leaving the company. He will serve as Vice Chair of the Board till May 2022 Annual Meeting as part of the leadership transition. Mr. Boynton, who has served as CEO and a member of the Board of Directors for more than ten years, wants to retire in the New Year. Paul will work as a consultant for the Company in the second half of 2022.
Board Chair De Lyle Bloomquist commented that,
He would like to appreciate Paul on behalf of the entire Board of Directors for his more than 22 years of dedicated commitment to the Company. He’s been a fantastic leader, and he’s helped the company position itself for long-term success in the bio-future. Paul informed the Board of his retirement plans ahead of time and has been a great resource while the Board conducted a comprehensive and thoughtful search for a suitable replacement. They value Paul’s commitment to the company and his ongoing assistance during the changeover.
About this, Boynton said that,
RYAM is at a valuable stage to further harness its capabilities by generating bioenergy and biomaterials for a future requiring more sustainable materials as the world’s biggest producer of cellulose specialty with four biorefinery plants. After ten years as CEO and 20 years in senior leadership, he believes that it is time for a shift.