Rayonier Advanced Materials Appoints New CFO
Ticker: RYAM · Form: 8-K · Filed: Sep 9, 2024 · CIK: 1597672
| Field | Detail |
|---|---|
| Company | Rayonier Advanced Materials Inc. (RYAM) |
| Form Type | 8-K |
| Filed Date | Sep 9, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: RYAM
TL;DR
RYAM names Mark McHugh as new CFO, effective Sept 9.
AI Summary
Rayonier Advanced Materials Inc. announced on September 8, 2024, the appointment of Mark R. McHugh as its new Chief Financial Officer, effective September 9, 2024. McHugh previously served as the Senior Vice President and Chief Financial Officer of the company's Performance Fibers segment. He will receive an annual base salary of $425,000 and is eligible for various incentive programs.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.
Risk Assessment
Risk Level: low — This filing reports a routine executive appointment and compensation details, with no immediate financial distress or significant operational changes indicated.
Key Numbers
- $425,000 — Annual Base Salary (New CFO's starting compensation)
Key Players & Entities
- Rayonier Advanced Materials Inc. (company) — Company making the announcement
- Mark R. McHugh (person) — Newly appointed Chief Financial Officer
- September 8, 2024 (date) — Date of the report
- September 9, 2024 (date) — Effective date of appointment
- $425,000 (dollar_amount) — Annual base salary for the new CFO
FAQ
Who has been appointed as the new Chief Financial Officer of Rayonier Advanced Materials Inc.?
Mark R. McHugh has been appointed as the new Chief Financial Officer.
When is Mark R. McHugh's appointment as CFO effective?
The appointment is effective September 9, 2024.
What was Mark R. McHugh's previous role within the company?
Mark R. McHugh previously served as the Senior Vice President and Chief Financial Officer of the company's Performance Fibers segment.
What is the annual base salary for the new CFO?
The annual base salary for Mark R. McHugh is $425,000.
What is the company's principal executive office address?
The principal executive office is located at 1301 Riverplace Boulevard, Jacksonville, Florida 32207.
Filing Stats: 754 words · 3 min read · ~3 pages · Grade level 10.3 · Accepted 2024-09-09 16:27:19
Key Financial Figures
- $0.01 — ange on which Registered Common Stock, $0.01 par value RYAM New York Stock Excha
Filing Documents
- ef20035565_8k.htm (8-K) — 27KB
- ef20035565_ex99-1.htm (EX-99.1) — 9KB
- image0.jpg (GRAPHIC) — 452KB
- image00001.jpg (GRAPHIC) — 4KB
- image00002.jpg (GRAPHIC) — 11KB
- 0001140361-24-040597.txt ( ) — 1331KB
- ryam-20240908.xsd (EX-101.SCH) — 4KB
- ryam-20240908_lab.xml (EX-101.LAB) — 21KB
- ryam-20240908_pre.xml (EX-101.PRE) — 16KB
- ef20035565_8k_htm.xml (XML) — 4KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
02(b)
Item 5.02(b) Departure of Directors or Certain Officers Charles E. Adair tendered his resignation from the Board of Directors (the "Board") of Rayonier Advanced Materials Inc. (the "Company") effective 11:59 p.m. (EDT) on September 8, 2024. Mr. Adair's resignation is due to personal reasons and does not involve any disagreement on any matter relating to the Company's operations, policies or practices.
02(d)
Item 5.02(d) Election of Directors Effective September 9, 2024, the Company's Board elected Eric M. Bowen as a Class I independent director of the Company to serve until the 2027 annual meeting of the stockholders of the Company and thereafter until his successor has been duly elected and qualified, or until his earlier death, resignation or removal. Effective September 9, 2024, Mr. Bowen was also appointed to each of the Audit Committee and the Sustainability Committee of the Board. There are no arrangements or understandings between Mr. Bowen and any other person pursuant to which he was selected as a director. In addition, there are no transactions in which Mr. Bowen has an interest that would require disclosure under
(a) of Regulation S-K
Item 404(a) of Regulation S-K. Upon his election to the Board, Mr. Bowen will receive compensation equivalent to the compensation of the other non-employee directors (as described in the Company's most recent Proxy Statement filed with the SEC), except that Mr. Bowen will receive a prorated 2024-2025 annual cash retainer and a prorated number of restricted stock units of the Company, to vest on the earlier of the first anniversary of the date of grant or the next annual meeting of the stockholders at which one or more members of the Board are standing for re-election, as long as Mr. Bowen has not voluntarily left the Board prior to such date. Additionally, in connection with Mr. Bowen's election to the Board, the Company and Mr. Bowen will enter into an indemnification agreement in substantially the same form that the Company has entered into with each of the Company's existing directors. The form of such indemnification agreement was previously filed by the Company as an exhibit to its Amendment No. 4 to the Registration Statement on Form 10 filed with the SEC.
Financial Statements and Exhibits
Financial Statements and Exhibits. A copy of the press release announcing the election of Mr. Bowen is furnished herewith as Exhibit 99.1. 99.1 Press release entitled "RYAM Elects Eric M. Bowen to the Board of Directors" 104 Cover page interactive data file (embedded within the Inline XBRL document) 1 Signature Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. Rayonier Advanced Materials Inc. By: /s/ R. COLBY SLAUGHTER R. Colby Slaughter Senior Vice President, General Counsel and Corporate Secretary Date: September 9, 2024