#United States #Palo Alto #Glenbrook #Tejon Ranch #CFO Departure

Glenbrook Raises Concerns Over CFO Departure at Tejon Ranch

On July 11, 2025, the sudden exit of Brett A. Brown, Chief Financial Officer of Tejon Ranch Co., has left shareholders and analysts puzzled and concerned. Glenbrook Capital Management, a significant stakeholder in Tejon Ranch, is at the forefront of calling for transparency regarding Brown’s abrupt departure. With over 300,000 shares in the company, Glenbrook feels a strong responsibility to demand clarity and accountability from the Tejon board, led by David Tisch.

On the following Monday, Glenbrook issued a statement highlighting the lack of disclosure surrounding Brown's exit. While a Form 8-K filing confirmed that Brown had “separated from employment,” it offered no context or reasoning behind this significant organizational change. Glenbrook’s chairman, Grover Wickersham, expressed disappointment with the board’s decision to keep shareholders in the dark:

“There has been no press release or public disclosure… this raises more questions than answers.”

The statement from Glenbrook indicates a growing frustration that the Tisch-led board appears to disregard shareholder interests. Most notably, Brown’s experience and SEC compliance background made him a vital asset to the company, overseeing critical financial operations. His contributions included securing a favorable Farm Credit loan and enhancing financial disclosures related to general and administrative expenses. According to Glenbrook, these efforts should have warranted more than vague announcements.

Further complicating matters is the context in which Brown's departure occurred. Questions arise as to whether this resignation was linked to internal disputes over company policies, operational strategies, or possible conflicts related to accounting practices. Wickersham noted that shareholders deserve insight, especially concerning Tejon’s handling of the controversially managed Centennial project.

Amid escalating scrutiny from shareholders and advisory firms, transparent communication from Tejon's board has become essential. Glenbrook's statement notably pointed to an overwhelming shareholder backing for the PFS Trust's proposal, which would allow shareholders to convene special meetings and hold management accountable. The proposal received 49.3% support during the most recent proxy contest, underscoring the demand for greater responsiveness from the board of directors.

Glenbrook firmly states:

“Tejon’s trademark lack of transparency… only serves to erode the Company’s dwindling supply of shareholder trust.”

Acknowledging that these issues go beyond just the boardroom, Glenbrook advocates for the independent directors to engage external counsel to navigate the situation credibly. They argue that thorough disclosure regarding Brown's departure is paramount to restoring trust amongst investors.

Amid the ongoing discourse, Glenbrook reiterates its call for immediate clarity regarding Brett Brown's resignation and emphasizes the critical role he played. By sharing detailed insights into the circumstances surrounding his leaving, Tejon Ranch could alleviate some shareholder concerns and reinforce its commitment to transparency.

Going forward, the independence of the board may hinge on its ability to address these concerns effectively. Glenbrook is hopeful that, with improved governance and communication, shareholder confidence can be rebuilt. However, as things currently stand, major questions linger, and answers are desperately sought.