Barington Capital Strongly Urges Matthews International Shareholders to Protect Their Investment by Electing Ana Amicarella, Chan Galbato and James Mitarotonda to the Matthews Board
Barington Capital, owning 2.2% of Matthews International (NASDAQ: MATW), urges shareholders to vote 'FOR' their three nominees - Ana Amicarella, Chan Galbato, and James Mitarotonda - to the Board at the upcoming 2025 Annual Meeting on February 20.
Barington criticizes Matthews' recent governance changes as last-minute attempts to influence the election, noting these changes - including Board refreshment, declassification, and majority voting implementation - were only made in response to their proxy contest. They highlight that director Gregory S. Babe's resignation came only after their pressure.
The activist investor emphasizes that Matthews has experienced 18 years of underperformance and poor corporate governance, and argues that their nominees are necessary to ensure proper implementation of proposed changes and drive long-term value creation. Leading proxy advisory firms ISS, Glass Lewis, and Egan-Jones support Barington's nominees.
Barington Capital, che detiene il 2,2% di Matthews International (NASDAQ: MATW), esorta gli azionisti a votare 'A FAVORE' dei loro tre candidati - Ana Amicarella, Chan Galbato e James Mitarotonda - per il Consiglio nell'imminente Assemblea Annuale del 2025 il 20 febbraio.
Barington critica le recenti modifiche di governance di Matthews come tentativi dell'ultimo minuto per influenzare l'elezione, sottolineando che questi cambiamenti - inclusi il rinnovamento del Consiglio, la declassificazione e l'implementazione del voto di maggioranza - sono stati effettuati solo in risposta al loro contestazione per il voto. Sottolineano che le dimissioni del direttore Gregory S. Babe sono avvenute solo dopo la loro pressione.
L'investitore attivista enfatizza che Matthews ha sperimentato 18 anni di sotto-performanza e scarsa governance aziendale, e sostiene che i loro candidati sono necessari per garantire una corretta attuazione delle modifiche proposte e per promuovere la creazione di valore a lungo termine. Le principali società di consulenza per i diritti di voto ISS, Glass Lewis ed Egan-Jones supportano i candidati di Barington.
Barington Capital, que posee el 2.2% de Matthews International (NASDAQ: MATW), insta a los accionistas a votar 'A FAVOR' de sus tres nominados - Ana Amicarella, Chan Galbato y James Mitarotonda - para la Junta en la próxima Junta Anual de 2025 el 20 de febrero.
Barington critica los recientes cambios en la gobernanza de Matthews como intentos de último minuto para influir en la elección, señalando que estos cambios - incluida la renovación de la Junta, la desclasificación y la implementación de votación mayoritaria - se realizaron solo en respuesta a su contienda de poder. Destacan que la renuncia del director Gregory S. Babe ocurrió solo después de su presión.
El inversor activista enfatiza que Matthews ha experimentado 18 años de bajo rendimiento y mala gobernanza corporativa, y argumenta que sus nominados son necesarios para garantizar la correcta implementación de los cambios propuestos y fomentar la creación de valor a largo plazo. Las principales firmas de asesoría de voto ISS, Glass Lewis y Egan-Jones apoyan a los nominados de Barington.
바링턴 캐피탈은 매튜스 인터내셔널(NASDAQ: MATW)의 2.2%를 보유하고 있으며, 주주들에게 다가오는 2025년 정기 주주총회에서 그들의 세 명의 후보 - 아나 아미카렐라, 찬 갈바토, 제임스 미타로돈다 -에게 '찬성' 투표를 할 것을 촉구합니다.
바링턴은 매튜스의 최근 거버넌스 변화를 선거에 영향을 미치기 위한 막판 시도로 비판하며, 이러한 변화 - 이사회 갱신, 비밀 투표 해제, 다수결 투표 시행 -가 그들의 위임장 경쟁에 대한 반응으로만 이루어졌음을 지적합니다. 그들은 이사 그레고리 S. 베이브의 사임이 그들의 압력 이후에야 이루어졌다고 강조합니다.
행동주의 투자자는 매튜스가 18년 동안 저조한 성과와 부실한 기업 거버넌스를 경험해 왔으며, 그들의 후보가 제안된 변경 사항의 적절한 실행을 보장하고 장기적인 가치 창출을 촉진하는 데 필요하다고 주장합니다. 주요 위임장 자문 회사인 ISS, Glass Lewis, Egan-Jones는 바링턴의 후보를 지지합니다.
Barington Capital, qui détient 2,2 % de Matthews International (NASDAQ: MATW), exhorte les actionnaires à voter 'POUR' ses trois candidats - Ana Amicarella, Chan Galbato et James Mitarotonda - pour le Conseil lors de la prochaine Assemblée Générale Annuelle de 2025 le 20 février.
Barington critique les récents changements de gouvernance de Matthews comme des tentatives de dernière minute pour influencer l'élection, notant que ces changements - y compris le renouvellement du Conseil, la déclassification et la mise en œuvre du vote majoritaire - n'ont été effectués qu'en réponse à leur contestation par procuration. Ils soulignent que la démission du directeur Gregory S. Babe est survenue uniquement après leur pression.
L'investisseur activiste souligne que Matthews a connu 18 ans de sous-performance et de mauvaise gouvernance d'entreprise, et soutient que leurs candidats sont nécessaires pour garantir la mise en œuvre correcte des changements proposés et favoriser la création de valeur à long terme. Les principales sociétés de conseil en vote, ISS, Glass Lewis et Egan-Jones, soutiennent les candidats de Barington.
Barington Capital, das 2,2% von Matthews International (NASDAQ: MATW) besitzt, fordert die Aktionäre auf, bei der bevorstehenden Hauptversammlung 2025 am 20. Februar für ihre drei Kandidaten - Ana Amicarella, Chan Galbato und James Mitarotonda - zu stimmen.
Barington kritisiert die jüngsten Governance-Änderungen von Matthews als letzte Versuche, die Wahl zu beeinflussen, und bemerkt, dass diese Änderungen - einschließlich der Erneuerung des Vorstands, der Deklassifizierung und der Umsetzung von Mehrheitsabstimmungen - nur als Reaktion auf ihren Stimmrechtskonflikt vorgenommen wurden. Sie heben hervor, dass der Rücktritt von Direktor Gregory S. Babe erst nach ihrem Druck erfolgte.
Der aktivistische Investor betont, dass Matthews 18 Jahre lang unterdurchschnittliche Leistungen und schlechte Unternehmensführung erlebt hat, und argumentiert, dass ihre Kandidaten notwendig sind, um die ordnungsgemäße Umsetzung der vorgeschlagenen Änderungen zu gewährleisten und langfristige Wertschöpfung voranzutreiben. Führende Stimmrechtsberatungsunternehmen wie ISS, Glass Lewis und Egan-Jones unterstützen die Kandidaten von Barington.
- Support from major proxy advisory firms ISS, Glass Lewis, and Egan-Jones
- Recent governance improvements including Board declassification and majority voting implementation
- Successful pressure leading to resignation of non-independent director Gregory S. Babe
- 18 years of reported underperformance
- Poor corporate governance practices
- Unacceptable capital allocation and operating execution
Insights
This proxy contest represents a critical inflection point for Matthews International's corporate governance and strategic direction. Barington Capital's campaign has already catalyzed significant governance reforms, demonstrating the power of activist pressure in driving change. The removal of supermajority voting requirements and board declassification are particularly noteworthy, as these provisions often serve as entrenchment mechanisms that can shield underperforming management teams.
The timing and nature of Matthews' recent governance changes warrant scrutiny. The company's reactive rather than proactive approach to reform suggests a board that has been resistant to change until faced with external pressure. The hasty resignation of Gregory S. Babe and the board's attempt to control his replacement highlight the ongoing tension between entrenched interests and shareholder rights.
Barington's nominees bring diverse expertise that could address key governance and operational challenges:
- Ana Amicarella brings operational expertise from the industrial sector
- Chan Galbato offers significant turnaround experience
- James Mitarotonda has a proven track record in activist investing and corporate governance reform
The proxy contest's outcome will likely have lasting implications for Matthews' governance structure and strategic direction. A victory for Barington could accelerate the pace of reform and potentially lead to a more comprehensive review of the company's capital allocation and operational strategies. Conversely, if the incumbent board prevails, shareholders will need to closely monitor whether the promised governance reforms are fully implemented or remain superficial changes.
A Vote "FOR" Barington's Nominees is a Vote in Favor of the Relevant Skills, Board Experience, Independent Perspectives and Fierce Commitment to Shareholders Required to Help Drive Good Governance and Long-Term Value Creation at Matthews
Warns Shareholders NOT to Be Misled by Matthews' Blatant Last-Minute Attempts to Placate Shareholders Days Before the 2025 Annual Meeting of Shareholders
Reaffirms that the Incumbent Board Has Overseen 18 Years of Underperformance, Unacceptable Capital Allocation and Operating Execution, and Poor Corporate Governance
Strongly Encourages Shareholders to Follow the Recommendations of Leading Independent Proxy Advisory Firms ISS, Glass Lewis, and Egan-Jones and Voting "FOR" ALL of Barington's Nominees
James Mitarotonda, Chairman and CEO of Barington Capital, said, "Time is running out for Matthews' shareholders to make their voices heard in this critical election of directors. We strongly advise shareholders not to be persuaded by Matthews' recent incremental governance changes, which, in our view, are a clear response to our proxy contest and an attempt to placate shareholders and influence the outcome of the Board election days before the Annual Meeting.
"In less than three months, the mere prospect of Barington's nominees joining the Board appears to have compelled Matthews to announce long-overdue governance changes—including refreshing its Board, declassifying its staggered Board, implementing a majority voting standard for uncontested elections, and removing supermajority voting requirements for certain amendments to the Company's Articles of Incorporation—changes we believe would not have been contemplated at all if not for our nomination of directors. Indeed, Gregory S. Babe, who was originally named a continuing director in the Company's 2025 proxy statement, finally stepped down from the Board only after Barington called for him to do so —we note the Board reluctantly accelerated his resignation, possibly as a ruse to demonstrate incremental governance improvement. In our view, Mr. Babe should never have been allowed to serve simultaneously as both an officer and a non-independent director, and the Board certainly did not earn the right to handpick his replacement.
"We believe shareholders must ask themselves how the Board, as currently constituted, can be trusted to follow through on any of its proposed governance changes and protect shareholders' investment going forward absent guidance from Barington and its experienced, independent nominees. We believe the answer is simple: it can't. Prosperity at Matthews, in our view, requires Barington's nominees in the Boardroom to help reestablish good governance, market credibility and long-term value creation.
"This election serves as a pivotal moment for Matthews' shareholders and the future of the Company. Shareholders have a choice: continue down an untenable path of weak governance, poor oversight and protracted underperformance or take decisive action to demand accountability and help unlock value. We believe there is only one correct choice, and we are grateful to all Matthews shareholders for the time that they have taken to listen to our perspectives throughout this campaign. We strongly encourage shareholders to vote "FOR" the election of Ana Amicarella, Chan Galbato and James Mitarotonda to the Board."
TIME IS RUNNING OUT: VOTE "FOR" THE ELECTION OF ANA AMICARELLA, CHAN GALBATO AND JAMES MITAROTONDA TO THE MATTHEWS BOARD TODAY
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
View original content:SOURCE Barington Capital Group, L.P.
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