Investment firm Barington Capital Group this week announced its intention to nominate two independent directors to the Eastern Company's board of directors at its 2015 Annual Meeting of Shareholders.
"Barington has been deeply disappointed by the performance of the company, which has significantly underperformed its peers and the market as a whole over the past two, three, five, and ten-year periods," Barrington said. "After seeing no significant new initiatives being introduced at the company that Barington believes are likely to meaningfully improve long-term shareholder value, it is Barington's belief that it is time for decisive action and change at Eastern."
To this end, Barington said it "strongly believes" that new, independent directors need to be promptly added to the Eastern Board, "which astonishingly has not added a new director since 1993 and has an average director tenure of approximately 27 years." If elected, Barington's nominees will work together with other members of the Eastern Board to seek to improve the company's long-term financial and share price performance.
Barington's first nominee is James Mitarotonda, who is chairman, president and chief executive officer of Barington Capital Group. Mitarotonda is an experienced public company director who has helped numerous public companies improve their financial and share price performance, corporate governance and executive compensation practices.
Barrington's second nominee is Michael McManus, who has served as president and CEO of medical device maker Misonix since 1998. Prior to that, he was president and CEO of New York Bancorp and Home Federal Savings Bank, the principal subsidiary of New York Bancorp. McManus has also held senior positions at Jamcor Pharmaceuticals, Pfizer, MacAndrews & Forbes, and Revlon, and served as an Assistant to President Ronald Reagan. He also serves as an advisor to Barington Capital Group.