Nitor Capital Management Commends Tejon Ranch Stockholders for Withholding Support for Certain Directors and Voting Against Executive Compensation at Upcoming Annual Meeting
May 09 2024 - 3:25PM
Nitor Capital Management LLC (together with its affiliates, “Nitor
Capital Management” or “we”), a significant stockholder of Tejon
Ranch Company (NYSE: TRC) (“Tejon Ranch” or the “Company”) which
beneficially owns approximately 1.8% of Tejon Ranch’s outstanding
shares, today commented on the Company’s upcoming annual meeting of
stockholders scheduled to be held on May 14, 2024.
“We wanted to commend our fellow stockholders,
California State Teachers' Retirement System (CalSTRS) and Calvert
Research and Management for joining us in taking an important first
step to hold the Board accountable for the Company’s over 20 year
history of abysmal performance, lack of tangible stockholder value
creation and questionable compensation practices by WITHHOLDING
their votes for the election of certain of the Company’s directors
and voting AGAINST the approval of executive compensation at the
Company’s 2024 annual meeting of stockholders.¹
Nitor Capital Management was also pleased by
leading independent proxy advisory firms ISS and Glass Lewis
recommending stockholders to WITHHOLD votes for the election of
Nominating Committee Chair Michael H. Winer, and Glass
Lewis’ further recommendation to vote AGAINST the Company’s
say-on-pay proposal at the upcoming annual meeting. We
believe these recommendations provide further validation for our
views on the need for accountability in the boardroom and our
concerns regarding the poor compensation practices at Tejon
Ranch.
We continue to urge our fellow stockholders to
join Nitor Capital Management in sending a clear message to the
Board that the status quo will no longer be tolerated
by WITHHOLDING support for the election of
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, and voting AGAINST
approval of executive compensation.”
About Nitor Capital Management
LLCNitor Capital Management LLC is an investment
management firm based in Englewood Cliffs, New Jersey that manages
capital on behalf of institutional and high-net worth investors.
The firm manages Nitor Capital LLC, an investment fund that makes
long-term, concentrated investments in companies that own unique,
high-caliber, businesses and assets.
THIS IS NOT A SOLICITATION OF AUTHORITY
TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. NITOR CAPITAL
MANAGEMENT LLC IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT
ACCEPT PROXY CARDS IF SENT. NITOR CAPITAL MANAGEMENT LLC IS NOT
ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE
SUCH AN EVENT.
ContactDavid J. SpierNitor
Capital Management LLCdspier@nitorcapital.com
_________________________¹ Per Bloomberg, (i)
CalSTRS withheld support for all incumbent directors and voted
against approval of executive compensation, and (ii) Calvert
Research and Management withheld support for Steven A. Betts,
Norman J. Metcalfe, Daniel R. Tisch and Michael H. Winer and voted
against approval of executive compensation.
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