The president and CEO will be succeeded by former Ashland executive Vito Consiglio.
Rayonier Advanced Materials Inc. announced Dec. 6 that President and CEO Paul Boynton, 57, will retire at the end of 2021.
He will be succeeded by Vito Consiglio, who was senior vice president of specialty materials company Ashland Global Holdings Inc. until 2020.
Consiglio, also 57, most recently has been serving as an adviser to private equity firms on deals within the chemical industry, Rayonier AM said.
“Having previously been a customer of RYAM’s, I understand the value proposition of its products and see the opportunity to grow demand for its bio-based solutions,” Consiglio said in a news release.
“Rayonier Advanced Materials is uniquely positioned in this competitive marketplace with its strong assets, broad product portfolio, and unparalleled technical support,” he said.
Boynton has served as CEO of the Jacksonville-based cellulose specialty products company since it split up with Rayonier Inc. in 2014. He had been serving as CEO of the combined company since January 2012.
Rayonier AM doubled in size with a 2017 acquisition of Montreal-based Tembec Inc. but the company has struggled to maintain profitably since the split with Rayonier Inc.
The company reported a net loss from continuing operations of $21 million in the first nine months of 2021.
Boynton will serve as vice chairman of the company’s board of directors until its annual shareholders meeting in May to assist in the transition.
“Having served 10 years as CEO and two decades in executive leadership, I feel this is the right time for change,” Boynton said in the news release.
Rayonier AM said the board had been searching for a new CEO after Boynton informed the directors of his plans to retire.
“With his broad commercial expertise and operational acumen, Vito has a proven track record of driving strategic growth in the specialty materials sector,” said Lisa Palumbo, chair of the board’s nominating and corporate governance committee, in the release.
“Given his strengths in areas of critical importance to RYAM, including strategy deployment, technical sales and innovation, we believe Vito is the ideal CEO to lead RYAM into its next chapter of growth and success,” she said.
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