- Push-out Score determined
- After less than five months in the position
- Thanks and good wishes for Consiglio
- De Lyle Bloomquist taking over
- Consiglio kept it short and said 25 words
(exechange) — Jacksonville, Florida, May 31, 2022 — This news came shortly after Memorial Day. Vito Consiglio, chief executive of Rayonier, leaves — “with the mutual agreement of the Board.” As announced by Rayonier Advanced Materials Inc. in a news release and in a regulatory filing published on Tuesday, May 31, 2022, Vito J. Consiglio has left his post as chief executive officer at the chemical company specializing in cellulose-based products, after less than five months in the role, effective May 28, 2022.
Vito Consiglio’s duties as CEO will be taken over by De Lyle W. Bloomquist, most recently Non-Executive Chair of the Board at Rayonier Advanced Materials Inc.
In connection with Bloomquist’s appointment, the Board named Lisa M. Palumbo as Non-Executive Chair of the Board.
In connection with Bloomquist’s appointment, Bloomquist stepped down as Non-Executive Chair of the Board but will remain a director of the Company, and Consiglio resigned from the Board.
“Improve the Company’s profitability”
Rayonier did not give an explicit reason for Vito Consiglio’s departure from the CEO post. Bloomquist said: “I look forward to working closely with the Board and management team to improve the Company’s profitability by increasing operational reliability, countering inflationary supply chain pressures, focusing on employee engagement, and advancing the Company’s biorefinery and biomaterials strategy.”
Precise information regarding Vito Consiglio’s future plans was not immediately available.
“Stepped down”
Rayonier said: “De Lyle W. Bloomquist has been appointed President and Chief Executive Officer of the Company, effective immediately. Mr. Bloomquist succeeds Vito J. Consiglio, who has stepped down as President and Chief Executive Officer of the Company, and as a member of the Company’s Board of Directors (the “Board”), with the mutual agreement of the Board.”
Rayonier further said: “On May 28, 2022, the Board of Directors (the “Board”) of Rayonier Advanced Materials Inc. (the “Company”) appointed De Lyle W. Bloomquist as President and Chief Executive Officer of the Company. Mr. Bloomquist succeeds Vito J. Consiglio, who stepped down as President and Chief Executive Officer of the Company with the mutual agreement of the Board on the same day.”
Share price decline since January 2022
The announcement follows a decline in Rayonier Advanced Materials Inc.’s share price of 30% since January 2022. January 2022 is the month in which Consiglio’s tenure as CEO began.
In the position of CEO since 2022
Vito Consiglio became CEO of the Company in 2022.
Consiglio has served as President and CEO of the Company.
He joined on January 1, 2022.
From 2020 to 2021, Consiglio served as an advisor to multiple private equity firms on deals within the chemicals industry.
Prior to that, Consiglio was with Ashland Global Holdings Inc. (Ashland), a global specialty materials company, where he served as Senior Vice President and Chief Commercial Officer from 2018 to 2020, and prior to that, as Group Vice President, Consumer Specialties of Ashland from 2016 to 2018.
Prior to joining Ashland, Consiglio served as Vice President, Transportation Markets, at Carpenter Technology, a specialty steel manufacturer from 2015 to 2016, and as Global Director of Bar-Specialty Alloy Operations from 2013 to 2015.
Prior to his tenure with Carpenter, Consiglio held positions of increasing responsibility at various specialty materials companies including Doughty Hanson, Danaher, and Rohm and Haas.
He earned his bachelor’s degree in Physiology/Chemistry from Michigan State University and his master’s degree in business administration from the University of Chicago Booth School of Business.
Consiglio serves on the board of directors of the Delaware STEM Council.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Vito Consiglio’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 23.2022 ($).