Rayonier Advanced Materials Inc. announced that its chief executive officer, Scott M. Sutton, has resigned effective April 20, 2026, and that the board has established an interim Office of the Chief Executive Officer to guide the company through the transition. The interim office is led by Chief Financial Officer Marcus J. Moeltner, Vice President of Manufacturing Operations Michael Osborne, Senior Vice President of Biomaterials Christian Ribeyrolle, and Senior Vice President, General Counsel and Corporate Secretary R. Colby Slaughter.
The resignation comes amid a period of sustained financial weakness. In 2025 the company reported a net loss of $420 million and negative adjusted free cash flow of $88 million, marking the seventh consecutive year of losses from continuing operations. Revenue for the year was $1.5 billion, and the company’s debt‑to‑equity ratio stood at 2.46, underscoring the pressure on its balance sheet.
Segment performance in the fourth quarter of 2025 showed a 2% increase in net sales for Cellulose Specialties, while Paperboard and High‑Yield Pulp segments experienced significant declines driven by market oversupply and new competition. The mixed results highlight the company’s reliance on its core specialty cellulose business for resilience, while legacy segments continue to face headwinds.
In a statement, former CEO Scott Sutton said, "2025 was a challenging year for RYAM. Various disruptions and a difficult demand environment pressured volumes, earnings and cash generation…" He added that the company’s 2026 focus would be on disciplined execution and cash, with priorities to deliver positive free cash flow and improve EBITDA across all businesses. Non‑Executive Chair Lisa M. Palumbo praised the interim team, noting that “Marcus, Michael, Christian and Colby are seasoned and highly capable leaders who have proven track records of success with RYAM.”
The board has also initiated a strategic alternatives review, engaging Morgan Stanley as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel. The review will explore options such as a sale, strategic investment, merger or continued independent operation, following unsolicited indications of interest. Analysts have responded by reiterating an Outperform rating and a $14.00 price target, while a recent TipRanks update raised the target to $14 from $9, reflecting confidence in the company’s value‑creation strategy despite the leadership transition.
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