Rayonier Advanced Materials (RYAM) has launched a formal strategic review aimed at maximizing shareholder value, signaling a potential major shift for the specialty cellulose producer as it evaluates its future direction.
The company said it has retained Morgan Stanley & Co as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel to support the process, which will explore a wide range of options—including a possible sale of all or part of the business, strategic investment, merger or other business combination, or continuation of its standalone plan.
At the same time, RYAM is undergoing a leadership transition after the immediate resignation of President and CEO Scott M. Sutton.
In response, the Board has formed an interim Office of the Chief Executive Officer (“OFC”) made up of senior internal executives to steer the company through the review period.
The group includes Marcus J. Moeltner, Chief Financial Officer and Senior Vice President of Finance; Michael Osborne, Vice President of Manufacturing Operations; Christian Ribeyrolle, Senior Vice President of Biomaterials; and R. Colby Slaughter, Senior Vice President, General Counsel and Corporate Secretary.
Lisa M. Palumbo, Non-Executive Chair of RYAM’s Board of Directors, said: “The Board and management are focused on ways to maximize value for the Company’s stockholders. As we have recently received unsolicited indications of interest, we believe now this is the right time to evaluate options that may further advance that goal.
"Marcus, Michael, Christian and Colby are seasoned and highly capable leaders who have proven track records of success with RYAM. I am confident that they are well positioned to provide continuity and maintain momentum as the team continues to execute on our value-creating strategy, and the Board works with a leading executive search firm to identify a permanent successor.”
A board committee will support the interim executive team during the review. However, the company emphasized there is no set timeline and no guarantee the process will result in any transaction.
RYAM also underscored that its Board remains committed to disciplined governance and long-term value creation for stakeholders, including stockholders, customers, employees, and partners.
In the interim leadership team, Marcus J. Moeltner has been CFO since July 2019, with over 35 years of experience in the forest and consumer products sectors.
Michael Osborne joined as Vice President of Manufacturing in April 2023 after three decades across major industrial firms. Christian Ribeyrolle has led the Biomaterials division since November 2021, following a long career in pulp and specialty cellulose businesses.
R. Colby Slaughter has served as General Counsel and Corporate Secretary since 2020, after joining the company’s predecessor in 2013.
