Barington Capital Calls for Matthews International Shareholder Action Ahead of Board Election

Barington Capital's Call to Matthews International Shareholders

In a recent announcement, Barington Capital Group, L.P. strongly urged Matthews International Corporation's shareholders to ensure their investments are safeguarded by electing three highly qualified nominees—Ana Amicarella, Chan Galbato, and James Mitarotonda—to the company's Board of Directors. This appeal comes ahead of Matthews' Annual Meeting scheduled for February 20, 2025.

James Mitarotonda, the Chairman and CEO of Barington Capital, emphasized the critical nature of this election, stating that time is of the essence for shareholders to voice their opinions. He expressed concerns that Matthews' incremental governance adjustments are merely tactics to distract shareholders from the Board's longstanding history of disappointing performance.

Barington, which holds approximately 2.2% of Matthews' outstanding shares, pointed to a troubling track record over the last 18 years characterized by poor capital allocation and inadequate corporate governance. The activist investment firm stressed that significant changes are necessary to rejuvenate the company's governance structure and overall value creation potential.

"The recent announcements from Matthews regarding governance changes—like refreshing its Board and declassifying its staggered structure—appear to be a direct reaction to our nomination of directors. These changes would likely not have occurred without our intervention," said Mitarotonda.

He specifically criticized the Board's previous composition, citing a case where Gregory S. Babe served concurrently as an officer and a non-independent director, raising concerns about the effectiveness of oversight in such a setup. Barington's nominees, according to Mitarotonda, bring the necessary experience and independent perspective needed for genuine governance reform.

In preparation for the annual meeting, Barington encouraged shareholders to heed the recommendations of prominent independent proxy advisory firms such as ISS, Glass Lewis, and Egan-Jones, all of which support Barington’s nominees, reinforcing their commitment to enhancing shareholder value.

Barington seeks to galvanize support from the shareholders for a decisive shift in direction. The firm believes that this election is not just about electing new board members but is fundamentally about taking control of Matthews' future.

The stakes are high, and with only days left before voting, Barington is rallying shareholders to act immediately. The firm is emphasizing that continued passive governance could lead to further operational struggles and missed opportunities for value creation.

Underlining the urgency, Barington capitalized on the moment, encouraging each shareholder to consider the implications of maintaining the current Board versus the potential advantages that new leadership could bring to Matthews International.

For more information on Barington Capital's campaign at Matthews International, shareholders are invited to visit their dedicated website.

As the clock counts down to the ballot, Matthews' shareholders find themselves at a crossroads, where their vote can either propel the company towards a brighter and more accountable future or continue down a path of stagnation and unfulfilled potential.

The message is clear: Vote for change. Vote for Ana Amicarella, Chan Galbato, and James Mitarotonda.

About Barington Capital:
Founded in January 2000 by James Mitarotonda, Barington Capital Group, L.P. is known for its strategic, value-oriented activism. The firm specializes in investing in undervalued companies where operational enhancements can catalyze profitable growth and improved shareholder returns.