Rayonier Advanced Materials (RYAM) said Monday it is exploring a strategic alternatives that could include selling all or part of the company, a strategic investment, a merger or other business combination, and other strategic or financial alternatives.

"The board has not set a timetable for completion of the strategic review and does not intend to provide updates unless and until it is determined that disclosure is appropriate or required by law," Rayonier said in a statement.

The company also said that its board of directors has set up an interim office of the chief executive following the resignation of President and Chief Executive Scott Sutton.

The office includes Chief Financial Officer Marcus Moeltner, Vice President of Manufacturing Operations Michael Osborne, Senior Vice President of Biomaterials Christian Ribeyrolle, and General Counsel R. Colby Slaughter.

Shares of Rayonier Advanced Materials were up over 5% pre-bell Monday.

Price: 10.80, Change: +0.59, Percent Change: +5.78