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 . . .
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