Lisa M. Palumbo Named Non-Executive Chair of
the Board
Company Reaffirms Second Quarter and Full Year
2022 EBITDA Guidance
Rayonier Advanced Materials Inc. (NYSE:RYAM) (the “Company”)
today announced that De Lyle W. Bloomquist has been appointed
President and Chief Executive Officer of the Company, effective
immediately. Mr. Bloomquist succeeds Vito J. Consiglio, who has
stepped down as President and Chief Executive Officer of the
Company, and as a member of the Company’s Board of Directors (the
“Board”), with the mutual agreement of the Board. In connection
with Mr. Bloomquist’s appointment, the Board named Lisa M. Palumbo
as Non-Executive Chair of the Board.
Mr. Bloomquist has served on the Company’s Board since 2014 and
was named Non-Executive Chair of the Board in May 2020. He has
decades of domestic and international leadership experience in the
chemicals, minerals and materials industries, including in finance,
sales, logistics, operations, IT, strategy and business development
capacities. Mr. Bloomquist most recently served as a partner at
Windrunner Management Advisors LLC, a management advisory services
business, and prior to that served as the President, Global
Chemical Business of Tata Chemicals Limited, and President, CEO and
Director of Tata Chemicals North America Inc.
“I look forward to working closely with the Board and management
team to improve the Company’s profitability by increasing
operational reliability, countering inflationary supply chain
pressures, focusing on employee engagement, and advancing the
Company’s biorefinery and biomaterials strategy,” said Mr.
Bloomquist. “As a result of these efforts, the Company remains on
track to meet our prior guidance and deliver improved EBITDA in the
second quarter and the full year 2022. I am confident in the
Company’s ability to continue providing our customers with the
sophisticated products, solutions and service that they have come
to expect, while delivering enhanced value to our
stockholders.”
Lisa M. Palumbo, Non-Executive Chair of the Board, said, “With
De Lyle’s nearly 30 years of industry experience and success, the
Board is confident he is the right leader to oversee the continued
execution of our strategic plan. We are also fortunate to be able
to call upon De Lyle’s deep knowledge of the Company, our strategic
position, opportunities and the value of our dedicated team
members. We look forward to benefiting from his expertise as we
continue to execute on our strategic initiatives. I also want to
thank Vito for his contributions and service to Rayonier Advanced
Materials and wish him the best in his future endeavors.”
“It has been an honor and a tremendous opportunity to work with
such a talented team. I could not be more excited about RYAM's
future,” concluded Mr. Consiglio.
About De Lyle W. Bloomquist
Mr. Bloomquist was most recently a partner at Windrunner
Management Advisors LLC, a management advisory services business,
and President, Global Chemical Business of Tata Chemicals Limited
from 2009 to 2015, which generated $1.1 billion in fiscal year 2015
producing soda ash, sodium bicarbonate, consumer and industrial
salt on four continents. From 2004 to 2009, he served as President
and CEO of General Chemical Industrial Products where he led the
transformation of the company to a highly profitable business by
improving capital and labor productivity. General Chemical
Industrial Products was acquired by Tata Chemicals for $1.025
billion in 2008. Mr. Bloomquist currently serves on the Board of
Directors of GCM Mining Inc. He serves on the Board of Business
Advisors for the Tepper School of Business at Carnegie Mellon
University. Mr. Bloomquist is a graduate of Brigham Young
University and holds an MBA from Carnegie Mellon University.
About Lisa M. Palumbo
Ms. Palumbo served as the Senior Vice President, General Counsel
and Secretary of Parsons Brinckerhoff Group Inc., a global
consulting firm providing planning, design, construction and
program management services for critical infrastructure projects,
from 2008 until her retirement in January 2015. Prior to that, Ms.
Palumbo served as Senior Vice President, General Counsel and
Secretary of EDO Corporation (a defense technology company) from
2002 to 2008. In 2001, Ms. Palumbo served as Senior Vice President,
General Counsel and Secretary of Moore Corporation; from 1997 to
2001 she served as Vice President, General Counsel and Secretary of
Rayonier Inc., and from 1987 to 1997 she served in positions of
increasing responsibility, including Assistant General Counsel and
Assistant Secretary for Avnet, Inc. (a global distributor of
technology products). Ms. Palumbo holds bachelor’s and juris
doctorate degrees from Rutgers University.
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 paper and packaging markets. With
manufacturing operations in the U.S., Canada and France, Rayonier
Advanced Materials employs just over 2,500 people and generates
approximately $1.4 billion of revenues. 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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Media Ryan Houck 904-357-9134
Investors Mickey Walsh 904-357-9162
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