Barington Capital Urges Overhaul at Matthews International (MATW), Slams CEO and Board Over Value Destruction and Poor Capital Allocation

Barington Capital, a 3% shareholder of Matthews International, strongly criticized the company's persistent underperformance under CEO Joseph Bartolacci and the current board. Despite Barington’s past engagement and recommendations, the company’s operational and financial results have deteriorated in 2025, with sales and EBITDA declining across segments. Barington cites poor capital allocation—$1.9 billion in largely unproductive investments—and long-term shareholder returns that significantly trail peers and indices. The firm also highlighted the board’s failure to hold leadership accountable and criticized the lack of progress on promised strategic alternatives, especially in the Industrial Technologies segment. Barington called for immediate board refreshment by appointing its proposed director nominees ahead of the 2026 meeting and warned it may pursue other measures if action is not taken to address Matthews’ chronic value destruction.