Rayonier Advanced Materials' Board announced 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.
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. The company also manufactures products for lumber, paper and packaging markets.
