JACKSONVILLE, Florida -- Rayonier Advanced Materials announced that it has consolidated its senior management position of chief financial officer with corporate development and strategic planning.

Frank Ruperto, senior vice president, corporate development and strategic planning, will assume the new combined role of chief financial officer and senior vice president, finance and strategy.

"As we discussed in our third quarter earnings call, the company has embarked on an effort to evaluate opportunities to become more efficient, which includes a review of senior roles within the company. With Frank's extensive background in financial markets, investor relations, and financial management, this restructuring optimizes our financial team," said Paul Boynton, chairman, president and chief executive officer. "In addition to reducing management costs, the combination better integrates our accounting and planning functions, ensuring that all aspects of our strategy are aligned. We congratulate Frank on his expanded role and look forward to the company gaining additional benefits from his skill set that will translate into value for our stockholders."

Ruperto joined Rayonier in March 2014 as senior vice president, corporate development and strategic planning. Following the separation, he was appointed to the same position at Rayonier Advanced Materials. Drawing on nearly 25 years of investment banking experience, he will now direct the company's financial operations and continue leading efforts to achieve its future growth priorities. Prior to joining Rayonier, Frank served as managing director of mergers and acquisitions for Bank of America Merrill Lynch, and previously served as head of global industrial M&A for Banc of America Securities. He also served as managing director, M&A at Merrill Lynch, Pierce, Fenner & Smith. Ruperto received a Bachelor of Arts with a concentration in economics from Harvard College and holds an MBA, with a major in finance, from The Wharton School of Business at The University of Pennsylvania.

"As a global leader in our business and with our newly established independence, Rayonier Advanced Materials has a promising future and significant opportunities to build stockholder value," said Ruperto. "I'm looking forward to broadening my responsibilities to make a larger contribution to the organization."

With the consolidation of these roles, Benson Woo, Rayonier Advanced Materials' senior vice president and chief financial officer, has left the company. "We thank Benson for his service and wish him well in his future endeavors," Boynton said.