RYAM announced the appointment of Scott M. Sutton as chief executive officer and president, effective immediately, following the previously communicated planned retirement of De Lyle Bloomquist. Mr. Sutton most recently served as president and chief executive officer of Olin Corporation (NYSE: OLN, NC), where he led the company through operational improvements, portfolio upgrades, and initiatives aimed at strengthening its financial position and competitive standing. The Board highlighted Mr. Sutton's background in the chemicals and materials sectors, along with his track record in operational execution and strategic decision-making, as key factors supporting his appointment. We view the leadership transition as reinforcing continuity of strategy rather than signaling a reset, with the company entering a more execution focused phase following several years of strategic repositioning. As discussed in our 2026 Preview, we believe the company enters 2026 positioned to transition out of trough earnings, supported by progress in Cellulose Specialties, incremental contribution from Biomaterials, continued cost reduction, and a clearer path to addressing non-core assets. We maintain our $9 price target on RYAM shares, based on an intact 11x enterprise value to free cash flow on our 2027 forecast of $125 million. Our price target reflects about 9x our 2027 adjusted EPS estimate of $0.96. Progress in Cellulose Specialties, momentum in Biomaterials, and improving financial discipline support our moderate risk rating.