- Push-out Score determined
- After 10 years in the position
- Praise and thanks for Boynton
- Vito Consiglio taking over
- Boynton spoke at length and said 131 words
(exechange) — Jacksonville, Florida, December 6, 2021 — Paul Boynton, chief executive of Rayonier, leaves. As announced by Rayonier Advanced Materials Inc. in a news release and in a regulatory filing published on Monday, December 6, 2021, Paul G. Boynton leaves his post as chief executive officer at the provider of cellulose-based technologies, after 10 years in the role, effective January 1, 2022.
Paul Boynton’s duties as CEO will be taken over by Vito J. Consiglio, a former Senior Vice President and Chief Commercial Officer at Ashland Global Holdings Inc.
The fact that Paul Boynton’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Effectively capitalize on the Company’s tremendous growth potential”
Rayonier did not give an explicit reason for Paul Boynton’s departure from the CEO post. Lisa Palumbo, Chair of the Board’s Nominating and Corporate Governance Committee, said: “In 2021, the Board of Directors commenced an extensive and well-planned search for a CEO candidate with the expertise and ability to effectively capitalize on the Company’s tremendous growth potential.”
Precise information regarding Paul Boynton’s future plans was not immediately available.
“Retire”
Rayonier said: “Rayonier Advanced Materials Inc. (NYSE: RYAM) today announced that its Board of Directors elected Vito J. Consiglio to succeed Paul G. Boynton as President and Chief Executive Officer and Board member effective January 1, 2022. Mr. Boynton, who has served as President and CEO since the Company’s spin-off in 2014, announced his decision to retire from the Company.”
Rayonier further said: “On December 5, 2021, Paul G. Boynton notified Rayonier Advanced Materials Inc. (the “Company”) of his decision to retire from his position as the Company’s President and Chief Executive Officer, effective December 31, 2021.”
Share price decline since December 2018
The announcement follows a decline in Rayonier Advanced Materials Inc.’s share price of 62% since December 2018.
In the position of CEO since 2012
Paul Boynton became CEO of the Company in 2012.
Boynton, as part of the leadership transition, will assume the role of Vice Chair of the Board until the May 2022 Annual Meeting.
Boynton is President and CEO of the Company, positions he has held since June 2014.
He previously held the position of Chairman of the Board from 2014 to May 2020.
Boynton held a number of positions of increasing responsibility with Rayonier Inc., including Senior Vice President, Performance Fibers from 2002 to 2008, Senior Vice President, Performance Fibers and Wood Products from 2008 to 2009, Executive Vice President, Forest Resources and Real Estate from 2009 to 2010, President and Chief Operating Officer from 2010 to 2011, President and CEO from January 2012 to May 2012 and Chairman, President and CEO from May 2012 to June 2014.
Boynton joined Rayonier Inc. as Director, Specialty Pulp Marketing and Sales in 1999.
Prior to joining Rayonier Inc., he held positions with 3M Corporation from 1990 to 1999, including as Global Brand Manager, 3M Home Care Division.
Boynton has served on the Board of Directors of The Brink’s Company since 2010 and is a member of the Board of Governors and Executive Committee of the National Council for Air and Stream Improvement, a member of the Board of Directors of the National Association of Manufacturers and a member of the Board of Directors of the Federal Reserve Bank of Atlanta’s Jacksonville Branch.
From 2012 until 2014 Boynton also served as a director of Rayonier Inc.
He holds a bachelor’s degree in Mechanical Engineering from Iowa State University, an MBA from the University of Iowa and graduated from the Harvard University Graduate School of Business Advanced Management Program.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Paul Boynton’s move on a scale of 0 to 10.
exechange reached out to Rayonier and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2021 ($).