Barington Capital Demands Leadership Change at Matthews International for Future Growth
Barington Capital Calls for New Leadership at Matthews International
Barington Capital Group, L.P., an activist investment firm well-known for its proactive approach in the corporate world, has stepped forward with a firm message directed to Matthews International Corporation. In a letter addressed to Alvaro Garcia-Tunon, the Chairman of the Board, the firm voiced significant concerns regarding Matthews' current management and the company’s performance over the last several years.
According to Barington, which holds approximately 2% of Matthews' common stock, it believes that the company's leadership, particularly CEO Joseph C. Bartolacci, needs to be replaced. This call for change comes after an extensive period of disappointment in the company’s capital allocation and share price trajectory – which has seen a notable decline of 20.2% under Bartolacci's 18-year tenure. The firm pointed out that high debt levels and subpar capital returns have been prevalent, prompting their plea for immediate action to rejuvenate shareholder value.
James Mitarotonda, Chairman and CEO of Barington Capital, expressed the firm’s position:
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