Barington Capital Group Sends Letter To Chairman Of The Board Of Matthews International Highlighting Urgent Need For New Leadership; Calls For Prompt Replacement Of CEO Joseph C. Bartolacci Following 18 Years Of Unacceptable Capital Allocation, Dismal Share Price Performance, Poor Execution And Excessive Spending
Calls for Prompt Replacement of CEO Joseph C. Bartolacci Following 18 Years of Unacceptable Capital Allocation, Dismal Share Price Performance, Poor Execution and Excessive Spending
Believes Company Must Also Reduce Indebtedness, Explore Options to Divest Underperforming Businesses and Improve Corporate Governance to Unlock Trapped Value
Nominates Three Directors with Strong Boardroom Skills and Experience as Well as Proven Track Records of Creating Long-Term Value for Shareholders
NEW YORK, Dec. 10, 2024 /PRNewswire/ -- Barington Capital Group, L.P. ("Barington Capital") and certain of its affiliates (collectively "Barington" or "we"), a fundamental, value-oriented activist investor that beneficially owns approximately 2% of the outstanding common stock of Matthews International Corporation (NASDAQ:MATW) ("Matthews" or the "Company"), today sent a letter to the Chairman of Matthews' Board of Directors (the "Board"), Alvaro Garcia-Tunon, highlighting Barington's belief regarding the immediate need for new leadership at the Company and the steps the Company must take to improve long-term value for shareholders.
