Barington Capital Reminds Matthews International Shareholders to Cast Their Vote for Independent, Fresh Perspectives in the Boardroom
Barington Capital, owning 2.2% of Matthews International (MATW), urges shareholders to vote for their three nominees - Ana Amicarella, Chan Galbato, and James Mitarotonda - at tomorrow's Annual Meeting. The activist investor's push for board changes has received unanimous support from all three leading proxy advisory firms - ISS, Glass Lewis, and Egan-Jones.
Barington criticizes the current board for overseeing prolonged share price underperformance, poor capital allocation, and inadequate corporate governance. They particularly highlight CEO Joseph C. Bartolacci's 18-year tenure as destructive to shareholder value. The company's recent actions, including Gregory S. Babe's resignation, are viewed by Barington as reactive measures prompted by their nomination campaign.
Barington Capital, che possiede il 2,2% di Matthews International (MATW), esorta gli azionisti a votare per i loro tre candidati - Ana Amicarella, Chan Galbato e James Mitarotonda - all'Assemblea Annuale di domani. La spinta dell'investitore attivista per cambiamenti nel consiglio di amministrazione ha ricevuto sostegno unanime da tutte e tre le principali società di consulenza per i proxy - ISS, Glass Lewis ed Egan-Jones.
Barington critica l'attuale consiglio per aver supervisionato un prolungato sotto rendimento del prezzo delle azioni, una cattiva allocazione del capitale e una governance aziendale inadeguata. Sottolineano in particolare che il mandato di 18 anni del CEO Joseph C. Bartolacci è stato distruttivo per il valore degli azionisti. Le recenti azioni dell'azienda, inclusa le dimissioni di Gregory S. Babe, sono viste da Barington come misure reattive provocate dalla loro campagna di nomination.
Barington Capital, que posee el 2.2% de Matthews International (MATW), insta a los accionistas a votar por sus tres nominados - Ana Amicarella, Chan Galbato y James Mitarotonda - en la Junta Anual de mañana. El impulso del inversor activista por cambios en la junta ha recibido apoyo unánime de las tres principales firmas de asesoría de voto - ISS, Glass Lewis y Egan-Jones.
Barington critica a la actual junta por supervisar un prolongado bajo rendimiento del precio de las acciones, una mala asignación de capital y una gobernanza corporativa inadecuada. Destacan en particular que el mandato de 18 años del CEO Joseph C. Bartolacci ha sido destructivo para el valor de los accionistas. Las recientes acciones de la empresa, incluida la renuncia de Gregory S. Babe, son vistas por Barington como medidas reactivas provocadas por su campaña de nominación.
바링턴 캐피탈은 매튜스 인터내셔널(MATW)의 2.2%를 소유하고 있으며, 주주들에게 내일 열리는 연례 회의에서 그들의 세 명의 후보 - 아나 아미카렐라, 찬 갈바토, 제임스 미타로돈다 -에게 투표할 것을 촉구하고 있습니다. 이 행동주의 투자자의 이사회 변경 요청은 세 개의 주요 의결권 자문 회사 - ISS, Glass Lewis, Egan-Jones의 전폭적인 지지를 받았습니다.
바링턴은 현재 이사회가 장기간 주가 저조, 자본 배분 실패, 그리고 부적절한 기업 거버넌스를 감독했다고 비판합니다. 특히 CEO 조셉 C. 바르톨라치의 18년 재임 기간이 주주 가치를 파괴적이었다고 강조합니다. 최근 그 회사의 행동, 그레고리 S. 베이브의 사임을 포함하여, 바링턴은 그들의 후보 지명 캠페인에 의해 촉발된 반응적 조치로 보고 있습니다.
Barington Capital, qui détient 2,2% de Matthews International (MATW), appelle les actionnaires à voter pour ses trois candidats - Ana Amicarella, Chan Galbato et James Mitarotonda - lors de l'Assemblée Générale de demain. La pression de l'investisseur activiste pour des changements au sein du conseil d'administration a reçu le soutien unanime des trois principales sociétés de conseil en vote - ISS, Glass Lewis et Egan-Jones.
Barington critique l'actuel conseil d'administration pour avoir supervisé une sous-performance prolongée du prix des actions, une mauvaise allocation du capital et une gouvernance d'entreprise inadéquate. Ils soulignent en particulier que le mandat de 18 ans du PDG Joseph C. Bartolacci a été destructeur pour la valeur des actionnaires. Les récentes actions de l'entreprise, y compris la démission de Gregory S. Babe, sont perçues par Barington comme des mesures réactives provoquées par leur campagne de nomination.
Barington Capital, das 2,2% von Matthews International (MATW) besitzt, fordert die Aktionäre auf, bei der morgigen Hauptversammlung für ihre drei Kandidaten - Ana Amicarella, Chan Galbato und James Mitarotonda - zu stimmen. Der Vorstoß des aktivistischen Investors für Veränderungen im Vorstand hat einstimmige Unterstützung von allen drei führenden Proxy-Beratungsfirmen - ISS, Glass Lewis und Egan-Jones - erhalten.
Barington kritisiert den aktuellen Vorstand dafür, dass er eine langanhaltende Unterperformance des Aktienkurses, eine schlechte Kapitalallokation und unzureichende Unternehmensführung überwacht hat. Besonders hervorheben sie, dass die 18-jährige Amtszeit von CEO Joseph C. Bartolacci schädlich für den Wert der Aktionäre war. Die jüngsten Maßnahmen des Unternehmens, einschließlich des Rücktritts von Gregory S. Babe, werden von Barington als reaktive Maßnahmen angesehen, die durch ihre Nominierungskampagne ausgelöst wurden.
- Unanimous support from all three major proxy advisory firms (ISS, Glass Lewis, Egan-Jones) for board changes
- Potential for improved governance and strategic direction with new independent board members
- Extended period of share price underperformance
- Poor capital allocation and operating execution
- Weak corporate governance practices
- 18 years of value destruction under current CEO's leadership
Insights
The unanimous endorsement from all three major proxy advisory firms - ISS, Glass Lewis, and Egan-Jones - for Barington Capital's board nominees represents an extraordinary development in corporate governance. Such consensus among these influential firms is extremely rare and signals severe concerns about Matthews International's current leadership and strategic direction.
The proposed slate of nominees brings significant credentials: Ana Amicarella's energy sector expertise, Chan Galbato's operational transformation experience, and James Mitarotonda's proven activist investment track record. Their diverse skill sets directly address Matthews' identified weaknesses in capital allocation and operational execution.
The board's reactive measures, particularly Gregory Babe's sudden resignation, demonstrate classic defensive tactics often seen in contested situations. However, these last-minute changes typically indicate governance weakness rather than strength, suggesting the board recognizes its vulnerable position.
The 2.2% ownership stake by Barington, while relatively modest, has proven sufficient to catalyze significant pressure for change, aided by the proxy advisors' backing. This situation exemplifies how smaller activist investors can effectively leverage institutional support to drive corporate reform when governance concerns are well-documented and proposed solutions are credible.
The timing of this proxy contest is particularly important as it coincides with growing market emphasis on board refreshment and independent oversight. The unanimous advisor support suggests potential material changes in Matthews' corporate strategy and governance structure, regardless of the vote outcome.
Rare Unanimous Support of Barington's Nominees from All Three Leading Independent Proxy Advisory Firms ISS, Glass Lewis, and Egan-Jones Further Validates the Need for Ana Amicarella, Chan Galbato and James Mitarotonda on the Matthews Board
Strongly Urges Shareholders to Vote "FOR" the Election of ALL of Barington Capital's Nominees Ahead of Tomorrow's Annual Meeting
In casting your vote, Barington asks shareholders to consider the following:
- The current Board has overseen an inordinately long period of share price underperformance, unacceptable capital allocation and operating execution, and inexcusably poor corporate governance while failing to hold CEO Joseph C. Bartolacci accountable for any of his management decisions which have destroyed shareholder value during his entire 18-year tenure.
- Barington's director nominees – Ana Amicarella, Chan Galbato and James Mitarotonda – bring the relevant skills, board experience, independent perspectives and fierce commitment to shareholders desperately needed at Matthews. As a shareholder, you must question whether you can trust the oversight of a Board that has gone to such extreme lengths to exclude nominees of this caliber from the Boardroom.
- All three leading independent proxy advisory firms – ISS, Glass Lewis and Egan-Jones – UNANIMOUSLY recommend shareholders vote "FOR" ALL of Barington's nominees*:
- Institutional Shareholder Services Inc. ("ISS"): "…the board continues to suffer from major deficiencies with independence that necessitate further change. In light of these and other factors, support for dissident nominees Ana Amicarella, Chan Galbato, and James Mitarotonda are warranted on the dissident (GOLD) card."
- Glass Lewis & Co. ("Glass Lewis"): "… the status quo does not clearly represent the most compelling outcome at this time, and that Barington — which we do believe can credibly claim to have served as a catalyst at Matthews — has presented a stronger case here."
- Egan-Jones Proxy Services ("Egan-Jones"): "… we believe that a reshaped Board consisting of the Barington slate would provide value-added insights and fresh perspectives in the board room. We are also convinced that the credible and strong track record of the Barington nominees in a multi-faceted industry would help to re-align the strategic direction of Matthews."
- The current Board's last-minute actions are a desperate attempt to placate shareholders by diverting attention away from the Company's failures and only reinforce the case for urgent change. We believe these maneuvers, including the immediate resignation of Gregory S. Babe, would never have been contemplated if not for our nomination of directors. The Board, in our view, is incapable of protecting shareholders' investment and creating value absent guidance from Barington and its experienced, independent nominees.
VOTE "FOR" ALL OF BARINGTON'S NOMINEES BEFORE IT'S TOO LATE!
*Barington has neither sought nor obtained consent from ISS, Glass Lewis or Egan-Jones to use previously published information in this press release.
For additional information regarding Barington's campaign at Matthews, visit: https://barington.com/matthews
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
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SOURCE Barington Capital Group, L.P.
FAQ
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