On January 10, 2025, Barington Capital Group, L.P. filed a definitive proxy statement and sent a letter to Matthews International shareholders. The filing is in connection with its nomination of Ana B. Amicarella, Chan W. Galbato, and James Mitarotonda for election to the Matthews Board of Directors at the 2025 Annual Meeting.
Barington's letter outlined a four-step plan to drive long-term value creation, emphasizing the need for new directors and a new CEO due to years of share price underperformance, poor operational execution, and capital allocation. The activist investor stated that Matthews' recent announcement of the SGK Brand Solutions sale occurred only after Barington called for CEO replacement and its proxy solicitation became evident.
Barington believes that the election of its nominees is critical to ensuring the Board takes all necessary steps to unlock the company's full value potential. The firm urged shareholders to vote the GOLD proxy card 'FOR' all of its nominees.
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