Barington Capital Group Pushes for Change at Matthews International's Upcoming Annual Meeting

Overview
Barington Capital Group, L.P. has officially submitted a definitive proxy statement as it prepares for the 2025 Annual Meeting of Shareholders at Matthews International Corporation. With a stake of approximately 1.9% in the company, Barington is pushing for essential leadership changes intended to revitalize the organization and improve shareholder value.

Need for Change
Barington's recent communications reflect deep concerns regarding the current state of Matthews International. The firm claims that the company's Board of Directors and CEO have failed to deliver promised returns to shareholders, largely attributing these failures to poor operational execution and ineffective capital allocation. In their communication, Barington emphasizes the need for not only new directors but also a new CEO, citing excessive spending and broken promises as critical issues undermining the company’s performance.

Proposal Details
In the filed proxy statement, Barington Capital has nominated three individuals for election to the Matthews Board: Ana B. Amicarella, Chan W. Galbato, and James Mitarotonda. The firm has laid out a four-step plan designed to drive long-term value creation, which they believe is crucial for the company's recovery and sustainable growth. This proposal comes after Matthews' recent announcement regarding the potential sale of its SGK Brand Solutions segment, a move which Barington emphasizes was likely prompted by their push for board changes.

Shareholder Advocacy
James Mitarotonda, Chairman and CEO of Barington Capital, strongly advocates that Matthews’ shareholders would benefit significantly from fresh perspectives brought by new directors who possess substantial experience in business strategy and corporate governance. Barington's nominees, if elected, would aim to work collaboratively with existing board members to enhance the company's focus on critical areas such as corporate governance, return on invested capital, and overall revenue growth, thus ensuring that shareholder interests are prioritized.

Call to Action
Barington Capital encourages Matthews shareholders to support their nominees by voting the GOLD proxy card. They assert that decisive action is needed to unlock Matthews International's full value potential, urging voters to recognize the importance of swift and effective change in corporate leadership.

About Barington Capital Group
Founded in 2000, Barington Capital Group, L.P. is an activist investment firm focused on undervalued public companies. Their investment philosophy revolves around driving substantive operational improvements and effective governance, aiming to significantly enhance shareholder value.

Looking Ahead
As the annual meeting approaches, the tension between Barington Capital and Matthews International will likely intensify. The outcome of this proxy battle could have longstanding implications for the company's direction and its perception among investors. If shareholder approval leans toward Barington's nominees, significant changes to the company's strategic posture and management could be on the horizon. The industry will be watching closely as this unfolds, marking a pivotal moment for one of the longstanding players in the market.