On December 19, 2024, Barington Capital Group, L.P. filed a preliminary proxy statement with the U.S. Securities and Exchange Commission. This filing is in connection with its nomination of Ana B. Amicarella, Chan W. Galbato, and James Mitarotonda for election to the Matthews International Board of Directors at the company's 2025 Annual Meeting of Shareholders.
Barington, which beneficially owns approximately 2% of Matthews' common stock, stated that its nominations follow years of stock price underperformance, unacceptable capital allocation, poor execution, and excessive spending. The activist investor believes its candidates possess the necessary skills and experience to enhance long-term value.
The firm also called for a new, credible CEO and a refreshed, declassified Board committed to holding management accountable. This action signals a formal escalation of Barington's campaign to influence Matthews' strategic direction and leadership.
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