Business Context and Reporting Period
This Form 8-K Current Report was filed by Rayonier Advanced Materials Inc. on May 23, 2019. The filing addresses a corporate governance event involving the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Director Resignation: Matthew P. Hepler tendered his resignation from the Board of Directors effective immediately on May 23, 2019.
- Succession Plan: Marcato Capital Management LP, which had the right to designate a successor director under a February 18, 2018 agreement, notified the Board that it will not exercise this right to appoint Richard T. McGuire III as Mr. Hepler's successor.
Guidance, Outlook, and Risks
The filing contains no management commentary regarding financial guidance, future outlook, risks, contingencies, or unusual items. The document is limited to the notification of the director's departure and the related agreement terms.
Key Facts for Investor Verification
- Confirm the current composition of the Board of Directors following Mr. Hepler's immediate resignation.
- Verify whether the Board intends to fill the vacancy left by Mr. Hepler given Marcato Capital Management LP's decision not to nominate a successor.
- Review the February 18, 2018 agreement between the Company and Marcato Capital Management LP to understand the full scope of the terminated designation rights.