#USA #The Woodlands #TETRA Technologies #Radoff Group #Board Nominees

Radoff-Torok Group Introduces New Candidates for TETRA Technologies Board

In a bold move to rectify what they describe as long-standing governance issues at TETRA Technologies, the Radoff-Torok Group, a significant shareholder group, has nominated four highly qualified independent director candidates aimed at revamping the company's Board of Directors. Collectively owning over 4.9% of TETRA's stock, the group has voiced strong concerns over the current board's track record, arguing for the necessity of reform to generate long-term value for shareholders.

The Demand for Change

In a letter addressed to the company's board, the Radoff-Torok Group articulated the pressing need for change amidst claims of poor strategic direction, ineffective governance, and concerns regarding succession planning. The letter highlights a trend of underperformance that is reflected in TETRA's declining stock price, which has dropped nearly 43% over the last decade, contrasting sharply with the broader Russell 2000 index that has seen a 66% gain in the same period.

Bradley L. Radoff and Michael Torok, leaders of the group, have emphasized a central concern: the current board appears more interested in preserving the seats of its entrenched members than addressing serious deficiencies in strategic planning and capital allocation. Their critique also points to a corporate culture resistant to necessary changes, including updating an outdated governance structure.

Four New Nominees

The Radoff-Torok Group's proposed nominees include Simon Bates, Evan Behrens, Bradley L. Radoff, and Andrew K. Ruben, all of whom bring extensive expertise in their respective fields. Each candidate is believed to have the skills necessary to provide valuable insights into TETRA's operations and to help steer the company into a more profitable and strategically sound direction.

• - Simon Bates brings over 30 years of expertise in leadership across various sectors like chemicals and construction. His past roles include positions as CEO at Argos North America and board membership at GCP Applied Technologies.
• - Evan Behrens has a wealth of experience in the oil and gas sector and previously served on several boards, bringing valuable insights into business development and financial growth.
• - Bradley L. Radoff, one of the proponents of this slate, has a history in finance and investment management and is keen on advocating for shareholder interests at TETRA.
• - Andrew K. Ruben has a robust background in corporate strategy and sustainability, having held leadership roles at Walmart that focused on transformative initiatives.

Addressing Performance Issues

With their collective expertise, the Radoff-Torok Group believes these nominees will help the company transition its focus towards becoming a high-margin specialty materials business, as opposed to its current reputation as a mere oil-field service company. They argue that a strategic pivot is necessary for TETRA to thrive as a profitable entity that delivers stockholder returns.

To support this vision, the group has repeatedly recommended that the board form a dedicated Strategy Committee comprised of independent directors who can objectively assess TETRA's portfolio, debt load, and operational efficiency. This transformation, they argue, is crucial for enhancing the company's appeal to investors, especially public market investors who currently assign low valuation multiples to firms perceived as struggling oil-field service providers.

The Need for Urgency

Amid these developments, the urgency for board changes becomes clear, especially given the stagnation under the current leadership. The Radoff-Torok Group's resistance to accepting a stale status quo is each aspect of their campaign narrative as they urge shareholders to join them in demanding accountability. They contend that TETRA's struggles have become a pressing matter requiring immediate action to restore investor confidence. With shareholder interests at the forefront, the nomination of these four candidates signals a fresh approach towards governance reform that could unlock value for all stakeholders involved in the company.

The upcoming 2025 Annual Meeting of Stockholders promises to be a pivotal event, with the Radoff-Torok Group aiming to push transformative change through these board nominations. By rallying support, they hope to usher in a new era for TETRA Technologies, centered on strategic growth, accountability, and ultimately, improved shareholder returns.