Rayonier Advanced Materials Inc. (NYSE: RYAM) announced it has initiated a formal process to explore strategic alternatives to maximize shareholder value, according to a company statement. The Jacksonville, Florida-based cellulose producer has engaged Morgan Stanley & Co. LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel for the review.

The company's Board of Directors established an interim Office of the Chief Executive Officer following the immediate resignation of President and CEO Scott M. Sutton. The interim office comprises four current executives: 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.

Lisa M. Palumbo, Non-Executive Chair of RYAM's Board of Directors, stated the company has recently received unsolicited indications of interest. The strategic review will consider various alternatives including a sale of all or part of the company, strategic investment, merger, other business combinations, or continuing with the current standalone strategic plan.

The board committee will support the interim office during the strategic review process. The company has not established a completion timeline for the review and stated it will not provide updates unless disclosure is required by law. The company noted there is no assurance the review process will result in any transaction or strategic change.

RYAM operates manufacturing facilities in the United States, Canada and France, producing cellulose and derivatives used in filters, food, pharmaceuticals and industrial applications. The company reported $1.5 billion in revenue for 2025.