RYAM announced the appointment of Daniel M. Krawczyk as chief executive officer and president, effective immediately, and as a member of the Board of Directors. Mr. Krawczyk assumes leadership from the interim Office of the CEO that had guided the company since the April 2026 resignation of Scott M. Sutton. Mr. Krawczyk most recently served as president of Huber Engineered Materials, where he led a $1.3 billion global industrial and specialty chemicals portfolio and executed more than $2 billion of mergers, acquisitions, and divestitures over the past decade. He previously held chief financial officer and senior corporate development, strategy, and capital markets roles across private and public companies. The company reiterated that its comprehensive review of strategic alternatives remains ongoing and is advancing with urgency and discipline, that no conclusions have been reached, and that the appointment should not be viewed as signaling any particular outcome. We view the appointment as outcome neutral with respect to the strategic review. Although Mr. Krawczyk's background is transaction oriented, we do not read the hiring of a permanent chief executive as a signal that RYAM intends either to operate as an independent company over the long term or to pursue a full sale. In our view, it sharpens accountability around execution while preserving the Board's optionality across all paths. RYAM exited 1Q:26 with $160 million of total liquidity, comprising $68 million of cash, $88 million of ABL availability, and $4 million under its French factoring line, with net secured leverage of 4.3x against a 4.75x covenant threshold. We maintain our $15 price target on RYAM shares, based on an 11x enterprise value to our 2027 free cash flow estimate of $160 million, as we await further clarity on the strategic review process and the trajectory of operational improvement through 2026. CS leadership, a scaling Biomaterials platform and the expectation for a healthier balance sheet support our moderate risk rating.