#USA #New York #Matthews International #Barington Capital #James Mitarotonda

Change Must Begin at the Top

Barington Capital Group, L.P., an influential activist investor, has taken a firm stance aiming to support vital operational changes at Matthews International Corporation. The firm, which holds approximately 1.9% of the company’s common stock, has articulated its concerns over the current board's performance and proposed a slate of director nominees with substantial qualifications.

A Call for Revitalization

In a recently dispatched letter to Matthews shareholders, Barington emphasized the need for immediate change due to the board's long-standing entrenchment and inability to effectively fulfill its fiduciary duties. Notably, the letter highlights that the current board has remained unchanged for nearly two decades and has allowed the organization's trajectory to deteriorate, detrimentally impacting shareholder value.

James Mitarotonda, Chairman and CEO of Barington, criticized the board for its retention of CEO Joseph Bartolacci, despite over 18 years of value erosion. Mitarotonda argues that this significant misalignment with shareholder interests showcases a pressing need for new leadership capable of driving Matthews towards a more profitable and value-oriented future.

Introducing Qualified Nominees

To rectify the situation, Barington has nominated three executives who they believe can bring much-needed perspectives and experience to the board: Ana Amicarella, Chan Galbato, and James Mitarotonda himself. Each nominee brings a unique set of skills and industry knowledge crucial to enhancing Matthews’ operational effectiveness and financial performance.

• - Ana Amicarella is known for her strategic prowess and expertise in operations that could lead Matthews to unlocking its hidden value.
• - Chan Galbato contributes invaluable insights from his background in finance and value creation with significant accomplishments in related sectors.
• - James Mitarotonda has extensive experience as an activist investor and a proven track record of appraising underperforming companies and instigating essential changes.

Barington’s letter invites shareholders to carefully review these candidates, expressing confidence that the inclusion of these individuals on the board would facilitate enhanced governance, a sharper focus on cash flow, and a straightforward approach to considering corporate strategies aimed at improving shareholder returns.

The Importance of Shareholder Engagement

Engagement and activism among shareholders play a crucial role in promoting efficient management and relevant board oversight. Barington's proactive approach is a textbook case of how shareholder reform can serve as a catalyst for positive organizational change.

The firm firmly urges Matthews' shareholders to utilize the GOLD proxy card to vote in favor of Barington's nominees, stating that their election is imperative for ushering in a new era of accountability and growth at Matthews International.

Barington has filed a definitive proxy statement with the SEC to solicit votes and is working tirelessly to communicate the importance of these changes to current shareholders.

In conclusion, as Barington Capital positions itself as a formidable voice for change within Matthews International, the impending vote presents an opportunity for shareholders to reclaim their interests. The message is clear: for Matthews International to thrive and restore its market value, a transformation initiated at the highest levels of leadership is critical.