On December 10, 2024, activist investor Barington Capital Group, which beneficially owns approximately 2% of Matthews International's common stock, sent a letter to the Board of Directors. Barington highlighted an immediate need for new leadership at the company, specifically calling for the prompt replacement of CEO Joseph C. Bartolacci.
Barington criticized Mr. Bartolacci's 18-year tenure, citing unacceptable capital allocation, dismal share price performance, poor execution, and excessive spending. The activist investor believes new leadership at both management and board levels is required to unlock the company's value potential.
The letter also recommended that Matthews reduce indebtedness, explore options to divest underperforming businesses, and improve corporate governance. Barington nominated three directors for election to the Board at the company's 2025 Annual Meeting of Shareholders to drive these changes.
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