Rayonier Advanced Materials Inc 8-K, filed Dec 6, 2021
Rayonier Advanced Materials Inc. (RYAM)
8-K
2021-12-06
For: 2021-12-05
View Original
Added on
April 11, 2026
About this 8-K
Rayonier Advanced Materials Inc filed this 8-K on December 6, 2021, reporting on events of December 5, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
COMMISSION FILE NUMBER 001-36285
Incorporated in the State of Delaware
I.R.S. Employer Identification Number 46-4559529
(Principal Executive Office)
Telephone Number: (904 ) 357-4600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
Rayonier Advanced Materials Inc.
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Page
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
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Other Events
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Financial Statements and Exhibits
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(b) On December 5, 2021, Paul G. Boynton notified
Rayonier Advanced Materials Inc. (the “Company”) of his decision to retire from his position as the Company’s President and Chief Executive Officer, effective December 31, 2021. It is expected that Mr. Boynton will remain on the
Company’s Board of Directors (the “Board”), serving in the new role of Vice Chair through the 2022 annual meeting of stockholders, at which time he will not stand for reelection, will continue as a non-executive employee of the
Company in the role of Senior Advisor, assisting with the transition of his duties and continuing his work on various Company initiatives through June 30, 2022, and thereafter will continue certain of his transition duties in a consulting capacity through December 31, 2022. Mr. Boynton will no
longer be classified as a Section 16 officer or executive officer of the Company effective as of December 31, 2021. The Company is in discussions with Mr. Boynton regarding the terms of his transition arrangement with the Company and
will disclose the relevant terms following their finalization and approval. Until the terms of the transition arrangement are finalized and approved, Mr. Boynton’s current base salary rate will remain in effect, and he
will continue to participate in the Company’s retirement and deferred compensation plans, severance and other benefit plans and programs of the Company.
(c) On December 5, 2021, the Board appointed Vito J.
Consiglio as the Company’s President and Chief Executive Officer, as a member of the Board serving in Class III and as a member of the Finance and
Strategic Planning Committee, each effective as of January 1, 2022.
Mr. Consiglio, age 57, most recently served as Senior Vice President and Chief Commercial Officer of Ashland Global Holdings
Inc. (“Ashland”), a global specialty materials company, from November 2018 to January 2020, and prior to that, as Group Vice President, Consumer Specialties of Ashland from July 2016 to November 2018. Prior to joining Ashland,
Mr. Consiglio served as Vice President – Transportation Markets at Carpenter Technology (“Carpenter”), a specialty steel manufacturer, from 2013 to 2016, and as Global Director of Bar – Specialty Alloy Operations of Carpenter from 2013 to
2015. Prior to Carpenter, Mr. Consiglio earned his bachelor’s degree in Physiology/Chemistry from Michigan State University and his master’s degree in business administration from the University of Chicago Booth School of Business.
Mr. Consiglio has served on the board of directors of the Delaware STEM Council since 2018.
Mr. Consiglio is not a party to any transaction required to be disclosed pursuant to Item 404(a) of
Regulation S-K and has no family relationship with any other executive officer or Board member.
In connection with his appointment, Mr. Consiglio and the Company entered into an Employment Letter dated
December 5, 2021 (the “Employment Letter”). Pursuant to the Employment Letter, Mr. Consiglio will receive an initial annual base salary of $1,000,000, subject to annual review by the Compensation and Management Development Committee of
the Board (the “Compensation Committee”). Mr. Consiglio will be eligible to participate in the Company’s annual cash incentive program, with a target bonus of 100% of his annual base salary and a payout potential of 0 to 200% of target
depending on achievement of performance metrics as determined by the Compensation Committee.
Mr. Consiglio will also be eligible for annual equity grants under the Company’s long-term incentive
program. The value of Mr. Consiglio’s equity grant for the 2022 long-term incentive program grant cycle will be $2,500,000, to be awarded in the form of time-based restricted stock units and performance stock and cash units, as determined
by the Compensation Committee.
In addition, Mr. Consiglio will receive an initial grant of leveraged performance units (“LPUs”) with a
target amount of $1,500,000. The target number of LPUs awarded will be determined based on the average of the closing market price of Company common stock during the 20 trading days preceding the grant date and during the 20 trading days
following the grant date (the “grant date share price”). The actual number of LPUs earned will be based on share price growth from the “grant date share price” compared to the “measurement date share price” determined based on the
average of the closing market price of Company common stock during the last 20 trading days of the three-year measurement period. The following table sets forth the payout range of these LPUs, with results to be interpolated:
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Performance Requirement
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Stock Price Growth from Grant
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% of LPUs Target Earned
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Threshold
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10%
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50%
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Target
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25%
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100%
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Maximum
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100%
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250%
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Any result lower than 10% stock price growth will result in no payout. Earned LPUs will be settled in Company common stock and will be subject to
a one-year holding requirement post-vesting as well as a value cap of 15x the initial grant value. In the event of Mr. Consiglio’s voluntary resignation or termination for cause prior to the payout of earned LPUs, the LPUs will be
forfeited.
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Mr. Consiglio will be eligible to participate in the Company’s benefit plans and programs. He will participate in the
Company’s Non-Change in Control Executive Severance Plan and will also be designated as a Tier I participant in the Company’s Change in Control Executive Severance Plan. Mr. Consiglio will also be eligible to participate in the executive
perquisites program which currently provides for an executive physical as well as financial planning reimbursement of up to $25,000 annually.
Mr. Consiglio will receive relocation benefits under the Company’s relocation policy, including a lump-sum payment of three
months’ base pay, as well as reimbursement of associated taxes, to cover various expenses associated with relocation, as well as reimbursement of closing costs on the sale of his principal residence, settling-in costs and moving costs. Mr.
Consiglio must repay all relocation expenses to the Company in the event of his voluntary resignation or termination for cause within two years of the later of his date of hire or the payment of final relocation expenses.
Mr. Consiglio’s employment is contingent upon his agreement to various restrictive covenants, including a non-competition
covenant. Mr. Consiglio’s compensation is also subject to any clawback policy of the Company, as may be in effect from time to time.
The foregoing description of the Employment Letter is a summary and is qualified in its entirety by reference to the
Employment Letter, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
On December 6, 2021, the Company issued a press release announcing Mr. Boynton’s retirement and Mr. Consiglio’s appointment.
A copy of the press release is attached as Exhibit 99.1 to this report and incorporated by reference herein.
The following exhibits are furnished herewith:
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Employment Letter between Rayonier Advanced Materials Inc. and Vito J. Consiglio, dated as of December 5, 2021 |
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Press Release dated December 6, 2021
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The cover page from this Current Report on Form 8-K formatted as Inline XBRL
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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Rayonier Advanced Materials Inc. (Registrant)
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| BY: |
/s/ Richard Colby Slaughter |
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Richard Colby Slaughter |
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Vice President, General Counsel and Corporate Secretary |
| December 6, 2021 |
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EXHIBIT 10.1
[Company Letterhead]
December 5, 2021
Mr. Vito Consiglio
1952 Hunt Valley Road
Lansdale, PA 19446
Dear Vito:
I am pleased to confirm the terms and conditions of your employment with Rayonier Advanced Materials Inc. (“RYAM” or the “Company”) as President and Chief
Executive Officer reporting to De Lyle Bloomquist, Chairman of the Company’s Board of Directors (“Board”). Your position will be located in Jacksonville, Florida.
This agreement is not effective until, and is in all events subject to, (i) the approval of the Compensation and Management Development Committee (the
“Committee”) and (ii) your appointment by the Board as President and Chief Executive Officer of the Company.
Compensation/Bonus Program
Your starting base salary for this position will be payable in semi-monthly payments of $41,666.67, less applicable withholdings and deductions (annualized
equivalent of $1,000,000), subject to annual review by the Committee in its sole discretion.
This offer includes participation in any Annual Cash Incentive Program as the Committee may establish under the Corporate Bonus Plan with a target bonus of
100% and a payout potential between 0 and 200% of target. Please note that any payouts under the Annual Cash Incentive Program are based on achievement of certain performance criteria as determined by the Committee, are discretionary and are not
guaranteed and are otherwise subject to the terms and conditions of the program. To be eligible for a bonus, you must be employed by the Company when the bonus is paid.
Annual Equity
An important aspect of RYAM’s pay for performance philosophy is the utilization of long-term incentive programs. As such, you will be eligible to receive
long-term incentive awards in the discretion of the Committee, commencing in March 2022 with the value of your equity grant for the 2022 Long-Term Incentive Program being $2,500,000. The determination of the amount of equity, the percentage of
restricted stock units (RSUs) versus performance shares, versus performance cash units, and performance criteria along with the vesting requirements will be determined in the discretion of the Committee and governed by the 2022 Long-Term Incentive
Program. Time-based RSUs will be scheduled to cliff-vest on the third anniversary of the grant date, and performance shares and/or performance cash units will vest and be paid out following the completion of a three-year performance period as
provided in the award document. All long-term incentive awards are subject to the terms of RYAM’s 2021 Incentive Stock Plan and award agreements and documents evidencing such awards.
You will be eligible for future long-term incentive awards as determined by and pursuant to the terms established by the Committee.
Initial Equity Grant
In addition to your annual equity award under the 2022 Long-Term Incentive Program referenced above, you will also receive a grant of Leveraged Performance
Units (“LPUs”) in the target amount of $1,500,000. The target number of LPUs awarded will be determined based on the average of the closing market price of RYAM stock on the 20 trading days preceding the grant date and the 20 trading days following
the grant date (the “grant date share price”). The actual number of LPUs earned will be based on share price growth from the “grant date share price” compared against the “measurement date share price” determined based on the average of the closing
market price of RYAM stock on the last 20 trading days of the three-year measurement period. The following table reflects the payout range of these LPUs:
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Performance Requirement
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Stock Price Growth from Grant
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% of LPUs Target Earned
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Threshold
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10%
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50%
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Target
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25%
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100%
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Maximum
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100%
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250%
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Results are interpolated between threshold and target, and target and maximum. Any result lower than 10% stock price growth will result in no payout.
Earned LPUs are paid out in RYAM common stock and will be subject to a one-year holding requirement post-vesting. The LPUs will have a one-year post vest hold requirement and a value cap of 15X the initial grant value. Should you voluntarily leave
or be terminated by the Company for Cause prior to the payout of earned LPUs, such LPUs will be forfeited.
The Initial Equity Grant is intended to constitute “employment inducement” awards under New York Stock Exchange (“NYSE”) Rule 303A.08. This agreement and
the terms and conditions of the Replacement Equity Grants shall be interpreted in accordance and consistent with such exemption. The Company will register the Replacement Equity Grants on a Registration Statement on Form S-8.
Vacation
Based on and subject to the terms of RYAM’s vacation policy, you will be eligible for four weeks of vacation based on your experience equivalent. The vacation year begins on January 1st of each year, and a copy of RYAM's Vacation Policy, HR 13.0 has been included in your offer packet.
Based on and subject to the terms of RYAM’s vacation policy, you will be eligible for four weeks of vacation based on your experience equivalent. The vacation year begins on January 1st of each year, and a copy of RYAM's Vacation Policy, HR 13.0 has been included in your offer packet.
Relocation
RYAM will provide you with a relocation package to include a lump-sum payment of three months’ base pay (grossed up for taxes) to cover relocation expenses such as temporary living, closing costs on a new home, settling-in expenses and return visits home.
RYAM will provide you with a relocation package to include a lump-sum payment of three months’ base pay (grossed up for taxes) to cover relocation expenses such as temporary living, closing costs on a new home, settling-in expenses and return visits home.
RYAM will pay (i) the closing costs on the sale of your principle residence limited to a purchase price of up to $2,500,000 and (ii) for the movement of
household goods associated with your relocation. Such expenses in sections i and ii should be consistent with the relocation benefits for employees shown in RYAM Relocation Practice HRP 7.0. These expenses are subject to review and approval by
RYAM.
RYAM has engaged the services of Sterling Lexicon to coordinate your relocation needs, including the movement of household goods. A Sterling Lexicon
representative will contact you within one business week of your acceptance of this offer and the date screenings are complete. Sterling Lexicon will provide specific instructions regarding your relocation. Please do not list your home or
schedule any other relocation services. Failure to follow Sterling Lexicons' instructions may result in additional costs to you that will not be reimbursed by RYAM.
Should you voluntarily leave RYAM or be terminated by RYAM for Cause, as
defined in the Rayonier Advanced Materials Inc. Amended and Restated Executive Severance Pay Plan as currently in effect, within two years of the later of (i) the date of hire or (ii) the payment date of final relocation expenses by RYAM
or the company’s representative, Sterling Lexicon, where “payment date of final relocation expenses” is defined as the final payment of either (a) the fees associated with home sale or new home purchase, establishment of new permanent residence
and/or delivery of all final items from storage or (b) payment of miscellaneous expenses in excess of $5,000, all relocation expenses must be repaid to the company prior to the last day as a RYAM employee.
All relocation benefits, with the exception of the lump-sum payment amount, will be subject to the terms and conditions of the Company’s relocation
policy.
Benefits Programs
RYAM provides a comprehensive and competitive benefits package designed to help employees plan for their future. Information on these programs is
enclosed in the offer packet. As a RYAM salaried employee, you will be eligible to participate in the various plans and policies comprising the RYAM Benefits Program, including the Rayonier Advanced Materials Inc. Non-Change in Control Executive
Severance Plan (a copy of which is included in your offer packet), upon your date of hire, subject to all plan and policy terms, conditions and eligibility requirements.
In addition to the standard non-change in control severance plan, you will participate in the Rayonier Advanced Materials Change in Control Executive
Severance Plan as a Tier I executive. The terms and conditions are reflected in the copy of this Plan included in your offer packet.
You will also be eligible to participate in the executive perquisites program as may be in effect from time to time that currently provides for an
age-based executive medical program which is currently through the Mayo Clinic as well as a financial planning reimbursement program of up to $25,000 per year for eligible expenses. Your participation in these programs will start in calendar year
2022.
An employee services specialist will review the benefit plans in detail with you upon your start date.
Intellectual Property Statement
Just as RYAM’s intellectual property is important to the Company, we respect the intellectual property rights of other companies and individuals;
including those you previously worked for or are working for prior to your joining RYAM. Thus, while we extend this job offer to you based on our understanding of your prior work experience, job knowledge, abilities and expertise, you are not
expected and, in fact, you are not permitted to bring any intellectual property of any prior employer with you to use in your position with RYAM. If you have any questions about this requirement, please contact me for further clarification.
Contingencies
This agreement is not effective until, and is in all events subject to, (i) the approval of the Compensation and Management Development Committee (the
“Committee”) and (ii) your appointment by the Board as President and Chief Executive Officer of the Company.
Please be aware that this offer is also contingent upon several conditions. The first is your successful completion of both a pre-placement drug screen
and a background check. The second is your execution of the enclosed Covenant Against Disclosure and Assignment of Rights to Intellectual Property and Supplemental Terms Agreement, which is related to limiting your conduct that is detrimental to
RYAM’s interests, including provisions related to non-competition. The consideration for the limits placed upon you are the terms provided in this offer, including the initial equity grants. You will be asked to renew the Supplemental Terms
Agreement with each subsequent equity grant that you receive.
Please return the original signed Covenant Against Disclosure and
Assignment of Rights to Intellectual Property and Supplemental Terms Agreement to Rayonier Advanced Materials Inc., Attn: Jay Posze, 1301 Riverplace Blvd, Suite 2300,
Jacksonville, FL 32207.
As required by federal law, this offer is contingent on your ability to document your authorization to work in the United States. Most people meet this
requirement the first day of work by presenting a U.S. passport or a Social Security card and a form of identification that includes a picture, generally a driver’s license. We ask that you bring the necessary documentation for completion of the
I-9 form on your first day of employment.
Clawback
Amounts payable to you pursuant to this agreement and the referenced programs and plans shall be subject to any clawback or recoupment policy of the
Company as may be in effect from time to time or any other clawback or recoupment agreement or arrangement applicable to you.
Absence of Conflicts; Competition with Prior Employer
This offer is contingent on the fact that there is nothing outstanding, including any non-disclosure or non-competition agreement with, or any
obligations to, any former employer or other party which would prevent or restrict in any way your ability to perform your job responsibilities. You represent that your performance of your duties under this agreement will not breach any other
agreement to which you are a party. You agree that you have disclosed to the Company all of your existing employment and/or business relationships, including, but not limited to, any consulting or advising relationships, outside directorships,
investments in privately held companies, and any other relationships that may create a conflict of interest. You are not to bring with you to the Company or use or disclose to any person associated with the Company, any confidential or proprietary
information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist
you in any way possible to preserve and protect the confidentiality of proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated
with any former employer and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.
Arbitration
To the fullest extent permitted by law, any dispute or controversy arising under or in connection with this Agreement or otherwise arising between you
and the Company, that cannot be mutually resolved by the parties, shall be settled exclusively by arbitration in Jacksonville, Florida. Such arbitration shall be conducted in accordance with the Employment Dispute Resolution Rules of the American
Arbitration Association (the “AAA”) before one arbitrator, who shall be selected jointly by the parties, or if the parties cannot agree on the selection of the arbitrator, shall be selected pursuant to the rules of the AAA. All costs of
arbitration, including each party’s reasonable attorneys’ fees and costs, shall be borne by the unsuccessful party or, at the discretion of the arbitrator, shall be prorated between the parties in such proportions as the arbitrator determines to be
equitable and shall be awarded as part of the arbitrator’s award. Nothing herein shall prohibit the Company from seeking injunctive or equitable relief from the state or federal courts of Florida, in an effort to prevent an actual or threatened
breach of this Agreement, including the attached Covenant Against Disclosure and Assignment of Rights to Intellectual Property, or in an effort to obtain specific performance of the terms and conditions of this Agreement or the Covenant Against
Disclosure and Assignment of Rights to Intellectual Property, and Supplemental Terms Agreement. With respect to any such legal action, the parties agree to be subject to personal jurisdiction in the state and federal courts located in the State of
Florida. This Paragraph shall be governed by and interpreted in accordance with the Federal Arbitration Act (“FAA”).
Miscellaneous
Employment at Will. Please note that this is an offer of employment without a specific term or time period of employment, as RYAM is
an "at will" employer. This means that neither you nor the Company is bound to continue the relationship if either chooses, and employment may be terminated at any time with or without cause or notice by the employee of the Company.
Amendment; Waiver. This agreement may not be modified or amended except in writing signed by the parties. No term or condition of this agreement will be
deemed to have been waived except in writing by the party charged with waiver. A waiver will operate only as to the specific term or condition waived and will not constitute a waiver for the future.
Assignment. The Company may assign this Agreement to any successor to all or a portion of the business and/or assets of the Company, provided, that in
the event of such an assignment, the Company will require such successor to expressly assume and agree to perform this agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had
taken place.
Governing Law. This Agreement will be governed by the laws of the State of Florida without reference to conflict of law provisions.
Code Section 409A. Although the Company does not guarantee to you any particular tax treatment relating to the payments and benefits under this
agreement, it is intended that such payments and benefits be exempt from, or comply with, Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and this agreement will be construed and interpreted in a manner consistent
with the requirements for avoiding taxes or penalties under Section 409A.
Entire Agreement; Severability. You acknowledge and agree that this
agreement constitutes the entire agreement and understanding between the Company and you with respect to the subject matter of this agreement, and supersedes any and all prior understandings, commitments, obligations and/or agreements, whether
written or oral, with respect thereto. In the event that any provision of this agreement becomes or is declared by a court of competent jurisdiction to be
illegal, unenforceable or void, this agreement shall continue in full force and effect without said provision.
Your official acceptance of this offer letter can be communicated by signing below.
We believe you will find this opportunity both challenging and rewarding and are confident you will be an asset to our organization.
I look forward to hearing of your acceptance.
Very Truly Yours,
James L. Posze Jr.
Chief Administrative Officer and Senior Vice President, Human Resources
(904) 357-3773
Cc: Russell Reynolds Associates
De Lyle Bloomquist
I accept the terms and conditions as outlined in this offer letter, including the obligations to repay the relocation expenses should I voluntarily leave
Rayonier Advanced Materials employment before the deadlines defined above.
_______________________________________
Vito Consiglio
_______________________________________
Date Signed
EXHIBIT 99.1
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Contacts:
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Media
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Ryan Houck
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904-357-9134
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Investors
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Mickey Walsh
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904-357-9162
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Rayonier Advanced Materials Announces Election of Vito J. Consiglio as President and CEO;
Paul G. Boynton to Retire and Support Transition as Vice-Chair
JACKSONVILLE, Fla. – December 6, 2021 - Rayonier Advanced Materials Inc. (NYSE: RYAM) today announced that its Board of Directors elected Vito J. Consiglio to
succeed Paul G. Boynton as President and Chief Executive Officer and Board member effective January 1, 2022. Mr. Boynton, who has served as President and CEO since the Company’s spin-off in 2014, announced his decision to retire from the Company,
and, as part of the leadership transition, he will assume the role of Vice Chair of the Board until the May 2022 Annual Meeting.
“In 2021, the Board of Directors commenced an extensive and well-planned search for a CEO candidate with the expertise and ability to effectively capitalize
on the Company’s tremendous growth potential,” said Lisa Palumbo, Chair of the Board’s Nominating and Corporate Governance Committee. “With his broad commercial expertise and operational acumen, Vito has a proven track record of driving strategic
growth in the specialty materials sector. Given his strengths in areas of critical importance to RYAM, including strategy deployment, technical sales and innovation, we believe Vito is the ideal CEO to lead RYAM into its next chapter of growth and
success.”
“I am honored to join RYAM and look forward to working with RYAM's talented employees to continue building value and driving growth for its
stockholders, customers and employees,” Consiglio said. “Having previously been a customer of RYAM's, I understand the value proposition of its products and see the opportunity to grow demand for its bio-based solutions.
Rayonier Advanced Materials is uniquely positioned in this competitive marketplace with its strong assets, broad product portfolio, and unparalleled technical support. I look forward to joining and leading the company as we define our
bright futures.”
Mr. Boynton plans to step down from his current executive duties in the new year after more than 10 years as CEO and Board member. He will serve as Vice
Chair of the Board until the May 2022 Annual Meeting to facilitate a smooth transition. During the second half of 2022, Paul will support the Company as a consultant.
Board Chair De Lyle Bloomquist said, “On behalf of the full Board, I would like to thank Paul for more than 22 years of tireless service to the Company. He
has been a phenomenal leader and has positioned the Company to be successful well into its new bio-future. Paul provided the Board with early notice of his retirement plans and has been a valuable resource as the Board engaged in a thorough and
thoughtful search to find the right successor. We appreciate Paul’s dedication to the Company and his continued support through the transition process.”
Boynton stated, “As the leading global producer of cellulose specialties with four biorefinery assets, RYAM is well-positioned to further leverage its
potential by developing and producing bioenergy and biomaterials for a world demanding more sustainable products. Having served 10 years as CEO and two decades in executive leadership, I feel this is the right time for change. I have been incredibly
fortunate to work with an outstanding and dedicated RYAM team, and I want to offer my sincere thanks for their hard work and dedication, which has allowed us to achieve so much. I also want to thank our customers and Board of Directors for their
on-going support. I’m confident Vito will be an excellent leader for RYAM. I look forward to working closely with him to ensure a smooth and successful transition.”
Mr. Boynton has served as RYAM’s President and CEO, and as a director on its Board since the Company was spun off from Rayonier Inc. in 2014. Prior to the
spin, Mr. Boynton served as the Chairman, President and CEO of Rayonier Inc. beginning in 2010, having originally joined Rayonier Inc. in 1999. Driven by a customer-centric mindset, Mr. Boynton has navigated the Company through several significant
milestones, including cost transformation, financial recapitalization, and debt reduction. He led the acquisition and integration of Tembec Inc., and the subsequent portfolio optimization including the recent sale of the lumber and newsprint
businesses.
Mr. Consiglio, 57, has extensive global industrial and product experience and a proven track record of achieving commercial and operational excellence over a
30-year career. He most recently served as an advisor to multiple private equity firms on deals within the chemicals industry. Prior to that, Mr. Consiglio was with Ashland Global Holdings Inc. (Ashland), a global specialty materials company, where
he served as Senior Vice President and Chief Commercial Officer from 2018 to 2020, and prior to that, as Group Vice President, Consumer Specialties of Ashland from 2016 to 2018. Prior to joining Ashland, Mr. Consiglio served as Vice President,
Transportation Markets, at Carpenter Technology (Carpenter), a specialty steel manufacturer, from 2015 to 2016, and as Global Director of Bar - Specialty Alloy Operations of Carpenter from 2013 to 2015. Prior to his tenure with Carpenter, Mr.
Consiglio held positions of increasing responsibility at various specialty materials companies including Doughty Hanson, Danaher, and Rohm and Haas. He earned his bachelor’s degree in Physiology/Chemistry from Michigan State University and his
master’s degree in business administration from the University of Chicago Booth School of Business. Mr. Consiglio has served on the board of directors of the Delaware STEM Council since 2018.
About Rayonier Advanced Materials
Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties, a natural
polymer commonly found in filters, food, pharmaceuticals and other industrial applications. The Company also manufactures products for paperboard and high-yield pulp markets. With manufacturing operations in the U.S., Canada and France, Rayonier
Advanced Materials generated approximately $1.3 billion of revenues during 2020 and currently employs approximately 2,500 people. More information is available at www.rayonieram.com.
Forward-Looking Statements
Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market
conditions, outlook and other similar statements relating to Rayonier Advanced Materials’ or future or expected events, developments or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "should," "expect," "estimate," "believe," "intend,"
"anticipate" and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking
statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can
give no assurance these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.
Other important factors that could cause actual results or events to differ materially from those expressed in forward-looking
statements that may have been made in this document are described or will be described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Rayonier Advanced
Materials assumes no obligation to update these statements except as is required by law.
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