On September 1, 2021, Chatham Asset Management, LLC sent a letter to R.R. Donnelley & Sons Company's Board of Directors regarding its decision to amend and extend the Company's value-destructive stockholder rights plan. In the letter, Chatham Asset stated that the Board renewed entrenching poison pill despite objections of shareholders and an independent proxy advisory firm Institutional Shareholder Services. Chatham Asset expressed its view that the Company’s common stock price has decreased approximately 80% since 2016 and nearly 20% in last month alone. Chatham Asset Management added that the Board needs new directors with strong corporate governance and capital allocation expertise to improve the Company's operating cost structure and explore better ways to allocate the Company's capital, including possibly selling non-core assets and using the proceeds to reduce debt or undertake share repurchases. Chatham Asset stated that it hopes the Board would meaningfully engage with it to address the Company's poor corporate governance, Board enhancements and maximizing value for all stakeholders.