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
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.
Barington Capital, che possiede il 1,9% di Matthews International (MATW), ha inviato una lettera agli azionisti per promuovere i suoi tre candidati per il Consiglio di Amministrazione dell'azienda. L'investitore attivista critica l'attuale consiglio come radicato e incapace di responsabilizzare la direzione per 18 anni di erosione del valore sotto la guida del CEO Joseph Bartolacci.
I tre candidati - Ana Amicarella, Chan Galbato e James Mitarotonda - sono presentati come dirigenti altamente qualificati con competenze rilevanti nel settore e esperienza di CEO. Barington sostiene che questi candidati aiuteranno a migliorare la governance aziendale, aumentare il flusso di cassa, concentrarsi sulle operazioni aziendali e ristabilire le performance del prezzo delle azioni.
Barington sta esortando gli azionisti a votare utilizzando la carta di delega D'ORO a favore di tutti i loro candidati, sottolineando la necessità di un cambiamento nella leadership per sbloccare il valore incorporato dell'azienda.
Barington Capital, que posee el 1.9% de Matthews International (MATW), ha enviado una carta a los accionistas promoviendo a sus tres candidatos para la Junta Directiva de la empresa. El inversor activista critica a la actual Junta como afianzada e incapaz de hacer responsable a la dirección por 18 años de erosión de valor bajo el CEO Joseph Bartolacci.
Los tres nominados - Ana Amicarella, Chan Galbato y James Mitarotonda - se presentan como ejecutivos altamente calificados con experiencia relevante en el sector y como CEOs. Barington argumenta que estos nominados ayudarán a mejorar la gobernanza corporativa, aumentar el flujo de caja, concentrar las operaciones comerciales y restablecer el desempeño del precio de las acciones.
Barington está instando a los accionistas a votar utilizando la tarjeta de poder DORADA a favor de todos sus nominados, enfatizando la necesidad de un cambio en el liderazgo para desbloquear el valor incorporado de la empresa.
바링턴 캐피탈은 Matthews International (MATW)의 1.9%를 보유하고 있으며, 회사 이사회를 위한 세 명의 이사 후보를 주주들에게 홍보하는 편지를 보냈습니다. 행동주의 투자자는 현 이사회를 18년간 CEO 조셉 바르톨라치 아래 가치가 감소한 것에 대해 경영진을 책임지지 못하는 고정된 존재로 비판합니다.
세 명의 후보 - 아나 아미카렐라, 찬 갈바토, 제임스 미타로돈다 - 는 관련 분야의 전문성과 CEO 경험이 있는 매우 유능한 경영진으로 소개됩니다. 바링턴은 이 후보들이 기업 거버넌스를 개선하고, 현금 흐름을 증가시키며, 비즈니스 운영에 집중하고, 주가 성과를 회복하는 데 도움을 줄 것이라고 주장합니다.
바링턴은 주주들에게 금색 위임장을 사용하여 모든 후보에게 찬성 투표를 할 것을 촉구하며, 회사의 내재된 가치를 unlock하기 위해 리더십의 변화가 필요하다고 강조합니다.
Barington Capital, qui détient 1,9 % de Matthews International (MATW), a envoyé une lettre aux actionnaires pour promouvoir ses trois candidats au conseil d'administration de l'entreprise. L'investisseur activiste critique le conseil actuel comme étant enraciné et incapable de rendre la direction responsable de 18 années d'érosion de la valeur sous le PDG Joseph Bartolacci.
Les trois candidats - Ana Amicarella, Chan Galbato et James Mitarotonda - sont présentés comme des dirigeants très compétents ayant une expertise pertinente dans le secteur et de l'expérience en tant que PDG. Barington soutient que ces candidats aideront à améliorer la gouvernance d'entreprise, à augmenter le flux de trésorerie, à se concentrer sur les opérations commerciales et à restaurer la performance du prix des actions.
Barington exhorte les actionnaires à voter en utilisant la carte de vote OR en faveur de tous leurs candidats, soulignant la nécessité d'un changement de direction pour libérer la valeur intégrée de l'entreprise.
Barington Capital, das 1,9 % von Matthews International (MATW) besitzt, hat einen Brief an die Aktionäre gesendet, in dem es seine drei Direktorennominierungen für den Vorstand des Unternehmens fördert. Der aktivistische Investor kritisiert den aktuellen Vorstand als festgefahren und unfähig, das Management für 18 Jahre Wertverlust unter CEO Joseph Bartolacci zur Verantwortung zu ziehen.
Die drei Nominierten - Ana Amicarella, Chan Galbato und James Mitarotonda - werden als hochqualifizierte Führungskräfte mit relevanter Branchenerfahrung und CEO-Hintergrund präsentiert. Barington argumentiert, dass diese Nominierten dazu beitragen werden, die Unternehmensführung zu verbessern, den Cashflow zu steigern, sich auf die Geschäftsabläufe zu konzentrieren und die Aktienkursentwicklung wiederherzustellen.
Barington drängt die Aktionäre, die GOLD-Stimmkarte zu nutzen, um für alle ihre Nominierten zu stimmen, und betont die Notwendigkeit eines Führungswechsels, um den eingebetteten Wert des Unternehmens freizusetzen.
- Potential board refresh with experienced CEO candidates
- Nominees bring relevant sector expertise and leadership experience
- Focus on improving cash flow and corporate governance
- 18 years of shareholder value erosion under current management
- Concerns about board entrenchment and independence
- Proxy contest indicates internal corporate governance issues
Insights
This proxy battle at Matthews International represents a critical inflection point for the company's governance and future direction. Barington Capital's campaign, despite holding only a
The push for board changes is particularly noteworthy for several reasons:
- The challenge to CEO Joseph Bartolacci's 18-year tenure comes amid growing shareholder discontent with MATW's performance
- The nominees' profiles (including seasoned executives with CEO experience) suggest a serious attempt at operational transformation rather than just financial engineering
- The emphasis on sector expertise indicates a focus on operational improvements in MATW's core businesses
Historical precedents suggest that successful activist campaigns in similar mid-cap industrial companies typically lead to one of three outcomes: 1) Operational restructuring with management changes, 2) Strategic alternatives including potential sale of assets or the entire company, or 3) Compromise solutions with partial board representation. Given Barington's relatively small stake, their success will largely depend on garnering support from other institutional shareholders.
For investors, this campaign introduces both opportunities and risks. While successful activist campaigns often lead to short-term share price appreciation, the transition period can bring volatility. The outcome will likely hinge on Barington's ability to convince larger institutional shareholders that their plan offers better value creation potential than the status quo.
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?
