Rayonier Advanced Materials Announces Additional Corporate Governance Enhancements
March 10, 2020 - Rayonier Advanced Materials Inc. (the "Company") on March 6 announced that the Company's Board of Directors will nominate and appoint two new independent directors to the Board. The Board will nominate David C. Mariano as a Class III Director, along with Paul Boynton and De Lyle W. Bloomquist, at the upcoming 2020 Annual Meeting of Stockholders (the "Annual Meeting").
The Board will also appoint Ivona Smith as a Class II Director at the conclusion of the Annual Meeting. In addition, longtime directors C. David Brown and Mark Gaumond have announced that they are planning to retire from the Board, effective as of the Annual Meeting.
"We look forward to having both David and Ivona join our Board," said Paul Boynton, Chairman, President and Chief Executive Officer. "We expect to benefit from David's expertise in the cellulose specialties business, as a successful investor, as a strategist, and as a current significant stockholder in our company. Ivona has a proven track record as an investment professional and fund manager with significant knowledge and insights regarding the financial community. Their decades of relevant experience and perspectives will be invaluable to the Company as we execute on our strategic priorities and continue the Board's efforts to build value."
Mr. Boynton added, "We greatly appreciate the dedicated service, insights and guidance from both David and Mark over the past six years, and we wish them all the best in the future."
To Separate the Roles of Chairman and CEO
The Board also announced [on March 6] that it will separate the roles of Chairman and CEO, effective immediately after the Company's Annual Stockholder Meeting in May. The Board will name a non-executive Chairman immediately after the Annual Meeting. In connection with these changes, the Board will discontinue the role of Independent Lead Director. Mr. Boynton, who currently serves as Chairman, will continue in his role as President and CEO, and as a director of the Company.
Mr. Boynton concluded, "The steps we are taking today, in addition to our previously announced proposals to declassify the Company's Board and to eliminate supermajority voting requirements from our governance structure, further underscore our commitment to strong corporate governance practices and proactive Board refreshment. Today's announcements reflect the results of our engagement with our stockholders and their valued feedback. We will continue to regularly review our Board's expertise, skills and experience as we execute on our strategic priorities to improve profitability and drive sustained value creation."
Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties, a natural polymer commonly found in cell phones, computer screens, filters and pharmaceuticals. The Company also manufactures products for lumber, paper and packaging markets. For further information, visit: www.rayonieram.com.
SOURCE: Rayonier Advanced Materials Inc.