Glenbrook Questions the Unexplained and Abrupt Departure of Tejon CFO
Glenbrook Capital Management, a significant shareholder of Tejon Ranch (NYSE: TRC) with over 300,000 shares, has raised concerns about the unexplained departure of CFO Brett A. Brown on July 11, 2025. The company only disclosed the separation through a Form 8-K filing without providing any context or explanation.
Glenbrook's Chairman, Grover Wickersham, highlighted Brown's valuable contributions, including securing a favorable Farm Credit loan and improving financial disclosures. The investment firm is demanding transparency regarding the departure and urging independent directors to implement PFS Trust's shareholder proposal, which received 49.3% support and would allow shareholders with a combined 10% ownership to call special meetings.
Glenbrook Capital Management, azionista importante di Tejon Ranch (NYSE: TRC) con oltre 300.000 azioni, ha espresso preoccupazione per l'improvvisa partenza del CFO Brett A. Brown avvenuta l'11 luglio 2025. L'azienda ha comunicato la separazione solo tramite un modulo 8-K, senza fornire alcun contesto o spiegazione.
Il presidente di Glenbrook, Grover Wickersham, ha sottolineato i preziosi contributi di Brown, tra cui l'ottenimento di un prestito favorevole dalla Farm Credit e il miglioramento delle comunicazioni finanziarie. La società di investimento chiede trasparenza riguardo all'uscita e sollecita i direttori indipendenti ad attuare la proposta degli azionisti di PFS Trust, che ha ottenuto un 49,3% di supporto e permetterebbe agli azionisti con una partecipazione complessiva del 10% di convocare assemblee straordinarie.
Glenbrook Capital Management, un accionista importante de Tejon Ranch (NYSE: TRC) con más de 300,000 acciones, ha expresado su preocupación por la salida inexplicada del CFO Brett A. Brown el 11 de julio de 2025. La empresa solo informó la separación mediante la presentación del formulario 8-K sin proporcionar contexto o explicación.
El presidente de Glenbrook, Grover Wickersham, destacó las valiosas contribuciones de Brown, incluyendo la obtención de un préstamo favorable de Farm Credit y la mejora en las divulgaciones financieras. La firma de inversión exige transparencia sobre la salida y urge a los directores independientes a implementar la propuesta de accionistas de PFS Trust, que recibió un 49.3% de apoyo y permitiría a los accionistas con una participación conjunta del 10% convocar reuniones especiales.
글렌브룩 캐피탈 매니지먼트는 테존 랜치(NYSE: TRC)의 주요 주주로 30만 주 이상의 주식을 보유하고 있으며, 2025년 7월 11일 CFO 브렛 A. 브라운의 설명되지 않은 퇴임에 대해 우려를 표명했습니다. 회사는 8-K 양식 제출을 통해서만 이별을 공시했으며, 어떠한 배경이나 설명도 제공하지 않았습니다.
글렌브룩의 회장 그로버 위커샴은 브라운이 유리한 팜 크레딧 대출 확보와 재무공시 개선 등 중요한 기여를 했다고 강조했습니다. 투자 회사는 퇴임에 대한 투명성을 요구하며, 독립 이사들이 PFS 트러스트의 주주 제안을 실행할 것을 촉구하고 있습니다. 이 제안은 49.3%의 지지를 받았으며, 10% 이상의 지분을 가진 주주들이 특별 회의를 소집할 수 있게 합니다.
Glenbrook Capital Management, un actionnaire important de Tejon Ranch (NYSE : TRC) détenant plus de 300 000 actions, a exprimé des inquiétudes concernant le départ inexpliqué du CFO Brett A. Brown le 11 juillet 2025. La société a uniquement communiqué cette séparation via un dépôt de formulaire 8-K, sans fournir de contexte ni d'explication.
Le président de Glenbrook, Grover Wickersham, a souligné les contributions précieuses de Brown, notamment l'obtention d'un prêt avantageux auprès de Farm Credit et l'amélioration des divulgations financières. La société d'investissement demande plus de transparence sur ce départ et encourage les administrateurs indépendants à mettre en œuvre la proposition des actionnaires de PFS Trust, qui a reçu un soutien de 49,3% et permettrait aux actionnaires détenant collectivement 10% des parts de convoquer des assemblées extraordinaires.
Glenbrook Capital Management, ein bedeutender Aktionär von Tejon Ranch (NYSE: TRC) mit über 300.000 Aktien, hat Bedenken wegen des unerklärten Weggangs des CFO Brett A. Brown am 11. Juli 2025 geäußert. Das Unternehmen veröffentlichte die Trennung lediglich über eine Form 8-K Meldung, ohne Kontext oder Erklärung zu geben.
Glenbrooks Vorsitzender, Grover Wickersham, hob Browns wertvolle Beiträge hervor, darunter die Sicherung eines günstigen Farm Credit-Darlehens und die Verbesserung der Finanzberichterstattung. Die Investmentfirma fordert Transparenz bezüglich des Abgangs und drängt die unabhängigen Direktoren, den Aktionärsvorschlag von PFS Trust umzusetzen, der 49,3% Unterstützung erhielt und es Aktionären mit einer kombinierten 10% Beteiligung ermöglichen würde, außerordentliche Versammlungen einzuberufen.
- None.
- Abrupt and unexplained departure of CFO raises governance concerns
- Lack of transparency in communicating executive departure
- Potential issues with company policies, operations, or accounting practices not disclosed
- Declining shareholder trust
Insights
Shareholder Glenbrook criticizes Tejon Ranch for lack of transparency around CFO's unexpected departure, raising governance concerns.
The sudden departure of Brett Brown as CFO of Tejon Ranch (NYSE: TRC) without explanation represents a significant corporate governance issue. The minimal disclosure in a Friday Form 8-K stating only that Brown "separated from employment" falls far short of transparency standards investors expect from public companies. This is particularly concerning as Brown was the company's second most senior executive and reportedly the only senior executive with an SEC compliance background.
Glenbrook Capital Management, holding over
This situation is exacerbated by the context of a recent proxy fight, with Glenbrook referencing a shareholder proposal from PFS Trusts that received
The timing and manner of this disclosure raise red flags about board oversight and transparency. When senior executives depart unexpectedly, particularly those responsible for financial reporting, companies typically provide basic context to maintain investor confidence. The complete absence of explanation here, combined with the Friday evening 8-K filing timing (often used to minimize attention), suggests potential governance deficiencies that warrant investor scrutiny.
Recent Form 8-K Filing Indicates that Tisch and Bielli Led Board Has Learned Nothing about Disclosure and Transparency from the Company's Recent Proxy Fight
Urges Tejon Ranch's Board of Directors to Disclose Full Details Surrounding Brett Brown's Departure
Calls on Tejon's Independent Directors to Follow the Recommendations of Leading Proxy Advisory Firms in Adopting PFS Trusts Shareholder Proposal that Received
"There has been no press release or public disclosure other than the statement in a Form 8-K late last Friday that Mr. Brown 'separated from employment.' This raises more questions than answers, leaving us disappointed by the Tisch-led board's apparent continuing disregard for public shareholders. The Form 8-K Friday minimally announced Brett Brown's abrupt departure as Chief Financial Officer and Treasurer, providing no reason or context for the sudden exit of its second most senior executive.
Mr. Brown was Tejon's sole senior executive with an SEC compliance background and his contributions to Tejon should not be overlooked. At Glenbrook, we were impressed by Mr. Brown's origination of a very favorable Farm Credit loan on behalf of Tejon, his participation at investor conferences and his improvements to Tejon's financial disclosure, such as better illuminating G & A expenses. The shareholders deserve to know why Mr. Brown 'separated from employment.'
Shareholders are left to wonder if there is fire where there is smoke. If Mr. Brown's exit was related to disagreements over Tejon company policies, operations, or accounting practices – such as failing to take an impairment charge for the obscenely mismanaged Centennial project, then shareholders have the right to know. We believe e SEC disclosure requirements provide that such issues be disclosed fully and promptly.
Tejon's trademark lack of transparency on such an important development only serves to erode the Company's dwindling supply of shareholder trust. For this reason, we again urge the independent directors to retain independent counsel to advise them on changing course. Tejon's public shareholders control the majority of Tejon's outstanding shares. Transparency is essential to building shareholder trust, especially in light of the calls for increased disclosure during the recent proxy contest.
Implementing PFS Trust's shareholder proposal, which we called on the Board to implement in May, would allow Tejon shareholders owning a combined
We once again call on the independent directors to implement the PFS Trust shareholder proposal, which was overwhelmingly supported by Tejon's public shareholders, and to immediately and transparently disclose further details of Mr. Brown's departure and clearly communicate plans to cover the crucial function that he served."
Media Contact:
ASC Advisors
Taylor Ingraham
Partner, ASC Advisors
tingraham@ascadvisors.com
203-992-1230
Investor Contact:
Richard Rudgley
President, Glenbrook Capital Management
richard@glenbrookcapital.net
Grover Wickersham
Chairman, Glenbrook Capital Management
415-601-1111
Disclaimer and Cautionary Statement Regarding Forward-Looking Statements
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to any person.
The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if Glenbrook underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Glenbrook that the future plans, estimates or expectations contemplated will ever be achieved.
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SOURCE Glenbrook Capital Management
FAQ
Why did Tejon Ranch (TRC) CFO Brett Brown leave the company in July 2025?
What concerns has Glenbrook Capital raised about TRC's CFO departure?
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