Chatham Asset Management, a hedge fund with discretionary AUM close to $7 billion, plans to withhold its vote against two long-serving members of the board of directors of Rayonier Advanced Materials (NYSE: RYAM), given its unhappiness with poor returns, the board’s insulation from stockholder/bondholder engagement, and doubts about its operational competence.
The annual shareholder meeting is set for May 16.
In an open letter to shareholders, Chatham identified the two long-tenured directors up for election at this meeting as Thomas I. Morgan and Lisa M. Palumbo. It observed that if . . .
Unlock this article instantly, along with the rest of our premium content, newsletters and data tables tracking investor and manager activity. Annual subscriptions get you the most bang for your buck, including access to Alternatives Watch Research articles and out Annual Investor Compendium.
Monthly subscriptions and discounted corporate plans for up to 100 members also available.