Matthews International(MATW) Prnewswire·2025-01-21 21:01Company Overview - Barington Capital Group, L P, a value-oriented activist investor, owns approximately 1 9% of Matthews International Corporation's outstanding shares [1] - Matthews International Corporation is a publicly traded company on NASDAQ under the ticker MATW [1] Board and Governance Issues - The current Matthews Board is described as radically entrenched, long-tenured, and incapable of holding management accountable for 18 years of value erosion [1][2] - The Board has retained Joseph Bartolacci as CEO despite significant value destruction during his 18-year tenure [2] - Barington questions the Board's independence from management due to its composition and tenure [2] Proposed Changes - Barington proposes electing three new directors: Ana Amicarella, Chan Galbato, and James Mitarotonda [1] - The nominees bring substantial CEO experience, relevant sector expertise, and a commitment to shareholder value creation [1][3] - The new directors aim to enhance corporate governance, improve cash flow, focus businesses, and restore share price performance [3] Shareholder Action - Barington urges shareholders to vote using the GOLD Proxy Card to elect all three nominees [1] - The company has filed a definitive proxy statement with the SEC for the upcoming annual meeting [5][6] Investment Thesis - Barington believes the company is undervalued and can appreciate significantly with improvements in operations, corporate strategy, capital allocation, and governance [4] - The investment firm aims to unlock the value embedded within Matthews that originally attracted their investment in 2022 [4]