Change Must Begin at the Top: Barington Capital Sends Letter to Matthews International Shareholders Highlighting its Director Nominees' Substantial CEO Experience, Relevant Sector Expertise and Deep Commitment to Shareholder Value Creation
Rhea-AI Summary
Barington Capital, owning 1.9% of Matthews International (MATW), has sent a letter to shareholders promoting its three director nominees for the company's Board. The activist investor criticizes the current Board as entrenched and unable to hold management accountable for 18 years of value erosion under CEO Joseph Bartolacci.
The three nominees - Ana Amicarella, Chan Galbato, and James Mitarotonda - are presented as highly accomplished executives with relevant sector expertise and CEO experience. Barington argues these nominees will help enhance corporate governance, improve cash flow, focus business operations, and restore share price performance.
Barington is urging shareholders to vote using the GOLD proxy card in favor of all their nominees, emphasizing the need for change in leadership to unlock the company's embedded value.
Positive
- Potential board refresh with experienced CEO candidates
- Nominees bring relevant sector expertise and leadership experience
- Focus on improving cash flow and corporate governance
Negative
- 18 years of shareholder value erosion under current management
- Concerns about board entrenchment and independence
- Proxy contest indicates internal corporate governance issues
News Market Reaction
On the day this news was published, MATW declined 2.79%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Barington Capital Believes Electing Ana Amicarella, Chan Galbato and James Mitarotonda to the Matthews Board Will Best Position the Board to Unlock the Value Embedded Within the Company
Current Board is Radically Entrenched, Long Tenured and Incapable of Holding Management Accountable for 18 Years of Value Erosion
Urges Shareholders to Vote the GOLD Proxy Card "FOR" the Election of ALL of Barington Capital's Nominees
Barington encourages all shareholders to review the letter, which is available at https://barington.com/matthews
James Mitarotonda, Chairman and CEO of Barington Capital, said, "The Matthews Board is radically entrenched, long tenured and has utterly floundered in its duty to serve as a fiduciary to Matthews' shareholders. Given the Board's composition and tenure, we question its independence from management. There is no better evidence for this than the Board's retention of Joseph Bartolacci as CEO despite the value he has destroyed at the Company over his 18-year tenure to the severe detriment of shareholders.
"In contrast, Barington's nominees are highly accomplished executives with much-needed expertise in key sectors crucial to Matthews' success, significant experience leading value-creating businesses as CEO, and an unwavering commitment to putting shareholders' interests first. If elected, they will bring their diverse backgrounds, fresh perspectives, and a mindset of accountability to help Matthews enhance its corporate governance, improve its cash flow, focus its businesses and restore share price performance.
"We strongly believe that change must begin at the top. We are confident that our nominees are the right leaders to help unlock the value embedded within Matthews that originally attracted us to invest in the Company in 2022. We invite all shareholders to review Barington's letter so that they can make an informed decision as to who they should elect to the Board to maximize the value of their investment."
PROTECT THE VALUE OF YOUR INVESTMENT IN MATTHEWS BY VOTING
THE GOLD PROXY CARD TODAY
ABOUT BARINGTON CAPITAL GROUP, L.P.
Barington Capital Group, L.P. is a fundamental, value-oriented activist investment firm established by James Mitarotonda in January 2000. Barington invests in undervalued publicly traded companies that Barington believes can appreciate significantly in value when substantive improvements are made to their operations, corporate strategy, capital allocation and corporate governance. Barington's investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value.
Media Contact:
Jonathan Gasthalter/Amanda Shpiner
Gasthalter & Co.
212-257-4170
Important Information and Participants in the Solicitation
Barington has filed a definitive proxy statement and associated GOLD proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the upcoming annual meeting of stockholders of the Company. Details regarding the Barington nominees and the participants in its solicitation are included in its proxy statement and Barington strongly advises all shareholders of the company to read the proxy statement and other proxy materials as they contain important information.
The participants in Barington's proxy solicitation are Barington, Barington Companies Investors, LLC, Barington Capital Group, L.P., LNA Capital Corp., James Mitarotonda, 1 NBL EH, LLC, Joseph Gromek, Ana B. Amicarella and Chan W. Galbato.
If you have any questions, require assistance in voting your GOLD universal proxy card,
or need additional copies of Barington's proxy materials,
please contact:
Okapi Partners
1212 Avenue of the
Banks and Brokerage Firms, Please Call: (212) 297-0720
Shareholders and All Others Call Toll-Free: (877) 285-5990
E-mail: info@okapipartners.com
View original content:SOURCE Barington Capital Group, L.P.
FAQ
What percentage of Matthews International (MATW) does Barington Capital own?
Who are Barington Capital's nominees for the MATW board?
How long has Joseph Bartolacci been CEO of Matthews International (MATW)?
What changes does Barington Capital want to implement at MATW?
How do MATW shareholders vote for Barington's nominees?
