Rayonier Advanced Materials announced today that the Board of Directors has appointed Daniel M. Krawczyk as Chief Executive Officer and President, effective immediately. He will also join the Company’s Board of Directors. Mr. Krawczyk will be responsible for leading RYAM’s operations and business activities while working closely with the Board and its external advisors as part of RYAM’s exploration of strategic alternatives to maximize shareholder value.
Mr. Krawczyk most recently served as President of Huber Engineered Materials, where he led the growth and operational transformation of a $1.3 billion global industrial and specialty chemicals portfolio. Over the past decade he repositioned and focused the business for long-term value creation, accelerating its transformation by executing more than $2 billion in mergers, acquisitions and divestitures. His prior experience spans CFO and senior executive roles in corporate development, strategy, and capital markets across both private and public companies.
The Board continues to actively evaluate a broad range of strategic alternatives with the assistance of Morgan Stanley. The review process is well underway, and the Board is actively advancing the process with urgency and discipline. The Board’s appointment of a new Chief Executive Officer further sharpens the focus on both the business and the strategic review. No conclusions have been reached, and the appointment should not be viewed as signaling any particular outcome of the review. The Board remains committed to pursuing the path that it believes will maximize shareholder value.
Julie A. Dill, Non-Executive Chair of RYAM’s Board of Directors, stated, “Dan is a highly accomplished executive with a strong track record of strategic transformation, operational execution and value creation. His experience leading complex industrial businesses and executing significant portfolio-shaping transactions makes him uniquely qualified to lead RYAM during this important period. The Board is confident that Dan has the experience and drive to execute the strategic path that best serves RYAM’s stockholders.”
“I am honored to lead the exceptional team at RYAM during this important time for the Company,” said Mr. Krawczyk. “I look forward to working with the Board, its advisors and the management team to ensure a rigorous evaluation of strategic alternatives intended to maximize value for our stockholders. At the same time, we will continue to focus on delivering positive free cash flow, extending our leadership in Cellulose Specialties, and driving EBITDA improvement across every business – all while delivering leading products to our customers and running our operations safely and efficiently.”
Prior to Mr. Krawczyk’s appointment, the Board had formed an interim Office of the Chief Executive Officer, comprising current executives including 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. Members of the now disbanded Office of the CEO will continue in their prior roles and will work closely with Mr. Krawczyk to continue to execute RYAM’s business priorities as part of the senior leadership team.
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