On September 27, 2021, Chatham Asset Management LLC sent another letter to RR Donnelley & Sons' board, warning it of a proxy battle unless it acts on proposals to stabilize the Company's share price and drive value creation. Chatham Asset stated that the Company would benefit from a strategic review focused on the sale of noncore assets. Chatham Asset also stated that the Company needs to boost operational efficiency through improved margins from cost reduction, improved its capital allocation and better align executive compensation with performance.