Core Viewpoint - Glenbrook Capital Management criticizes Tejon Ranch's Board of Directors for a lack of transparency regarding the abrupt departure of CFO Brett A. Brown, urging for full disclosure and adherence to shareholder proposals [1][2][3]. Group 1: CFO Departure - Brett A. Brown, the CFO of Tejon Ranch, separated from employment on July 11, 2025, with minimal explanation provided in a Form 8-K filing, raising concerns among shareholders [1][2]. - Brown was the only senior executive with SEC compliance experience, and his contributions included securing a favorable Farm Credit loan and improving financial disclosures [2]. - The lack of clarity surrounding Brown's departure has led shareholders to speculate about potential underlying issues related to company policies or financial practices [2][3]. Group 2: Shareholder Trust and Transparency - Tejon Ranch's ongoing lack of transparency is eroding shareholder trust, particularly following recent calls for increased disclosure during a proxy contest [3]. - Glenbrook urges independent directors to seek independent counsel to improve governance and transparency, emphasizing that public shareholders control the majority of outstanding shares [3][4]. - Implementing the PFS Trust shareholder proposal, which allows shareholders owning 10% of shares to call a special meeting, is seen as crucial for restoring trust and accountability [4][5].