RYAM: Appointing CEO; review of strategic alternatives continues

Research evidence excerpt

RYAM: Appointing CEO; review of strategic alternatives continues

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Matthew McKellar, CFA (Analyst)

Amit Prasad, CFA (Associate)

June 22, 2026

Rayonier Advanced Materials Inc.

Appointing CEO; review of strategic alternatives continues

NYSE: RYAM | USD 9.05 | Outperform | Price Target USD 14.00

Sentiment: Negative

Our view: We expect a neutral to moderately negative reaction in RYAM shares. RYAM's board emphasizes that no conclusions

regarding its strategic review of alternatives have been reached, and that Mr. Krawczyk's appointment "further sharpens the focus

on both the business and the strategic review" and should not be viewed as signaling any particular outcome of the review.

However, while we continue to expect that the strategic review can create value for shareholders (the company stated that the

"review process is well underway, and the Board is actively advancing the process with urgency and discipline"), we wonder if

some shareholders may view a sale of the company as marginally less probable with the appointment.

Daniel M. Krawczyk appointed as CEO and President. RYAM announced Mr. Krawczyk will replace the interim office of the CEO

(whose members will return to their prior roles) and join the board of directors, effective immediately. Mr. Krawczyk has previously

served as President of Huber Engineered Materials at the J.M. Huber Corporation, where he oversaw three business units including

Huber Advanced Materials, Huber Specialty Minerals and Huber AgroSolutions Before joining Huber, Mr. Krawczyk served as EVP

& Chief Financial Officer of Gibson Guitar Corporation, he also was Global VP of Business Development & Strategic Marketing for