Barington Chief Wins Board Seat After Proxy Fight

Apr 1 2011 | 12:26pm ET

After a bitter proxy battle, hedge fund Barington Capital Group claimed a partial victory over industrials company Ameron International Corp.

Barington said that its chief, James Mitarotonda, was elected to the board on Wednesday at its annual meeting in Pasadena, Calif. But Barington target James Marlen, Ameron's chairman and CEO, was re-elected.

Barington has been withering in its criticism of Marlen, accusing him of improperly disclosing giving jobs to his sons, while pushing Ameron to reduce expenses and cut executive pay, among other stock-price-friendly measures.

Mitarotonda's election came at the expense of David Davenport, chairman of the company’s compensation committee.

Mitarotonda's election was backed by two major proxy services.

Despite the nastiness of the campaign—including questions about Mitarotonda's own ethics—Barington promises its top man will play nice.

"Mitarotonda is an experienced director who has extensive experience helping undervalued companies improve shareholder value," Barington said prior to the vote. "If elected to the Ameron board, he is committed to working constructively with his fellow directors to help improve the company's operations, profitability and corporate governance."


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note