TRC - TRC: Annual Meeting Next Month; Stockholder Issues Letter to Others | Benzinga
Shareholder letter regarding next month's annual meeting
Tejon Ranch Company (NYSE: TRC) is scheduled to hold its annual shareholder meeting next month on May 14, 2024. In advance of the meeting, a large shareholder, Nitor Capital Management, has issued a letter to Tejon Ranch stockholders announcing its intention to withhold support for four directors at the upcoming 2024 Annual Meeting. According to the letter, Nitor Capital plans to withhold support for:
? Compensation Committee Chair Steven A. Betts
? Chairman of the Board Norman J. Metcalfe
? Real Estate Committee Chair Geoffrey L. Stack, and
? Nominating Committee Chair Michael H. Winer
The investment management firm also intends to vote against approval of executive officer compensation on May 14, 2024. Nitor Capital has indicated that it holds 1.75% of TRC shares.
Reflecting the underperformance of TRC shares, Nitor Capital highlights its view that the current management team and the board have not created lasting shareholder value. The letter notes that Mr. Metcalfe and Mr. Stack have each served on the board since 1998, during which time the shares have essentially round tripped from the $16-$20 range to $45-$50 range and back again. Nominating Committee Chair Michael H. Winer and Steven Betts have served on the board since 2001 and 2014, respectively.
Moreover, the investment management firm believes the company's existing management compensation structure should be overhauled, as it "Has Enriched Management While Stockholders Suffer" according to the investment management firm. Nitor Capital would like to see a compensation structure implemented that provides "incentives for management ...