Matthews International Corp (MATW) News & EventsMATWMatthews International Corp

Matthews Board Members Not Seeking Re-Election

Matthews announced that Katherine Dietze and Morgan O'Brien, each a member of the company's Board of Directors, have informed the Board that they will not stand for re-election at the company's 2027 Annual Meeting of Shareholders. Their decision reflects their support for the company's strategic direction, the appointment of Michael Whitehead as the new President & CEO of the company, and the board's ongoing governance initiative to reduce its size from ten to eight directors.

Matthews International Appoints Michael J. Whitehead as New CEO

Matthews International (MATW) announced that its Board of Directors has appointed Michael J. Whitehead as President and CEO, succeeding Joseph C. Bartolacci, who recently announced his intention to retire following more than two decades of leadership of the Company. Following its review, the Board unanimously selected Whitehead, a proven industrial technology executive with a distinguished record of driving innovation, operational excellence, and profitable growth across global manufacturing businesses. Whitehead joins Matthews from Lincoln Electric Holdings (LECO), a global leader in advanced manufacturing, automation, and industrial technology solutions. He most recently served as Executive Vice President and President, Americas Welding, leading Lincoln Electric's largest and most profitable business, representing more than $2.5B in annual revenue. Whitehead throughout his professional career. An electrical engineer and patent attorney, Mr. Whitehead joined Lincoln Electric in 2005 as Chief Counsel, Intellectual Property, and quickly ascended within the organization, holding a series of increasingly significant strategic and operational leadership positions. Most notably, he served as President, Global Automation, Cutting & Additive Solutions from 2019 through 2025, where he more than doubled the business to over $1B in revenue, helping establish Lincoln Electric as a global leader in automation and advanced manufacturing technologies.

Company Q3 Revenue Falls to $246.02M, Adjusted EBITDA Guidance Cut to $158M-$162M

Reports Q3 revenue $246.02M vs. $349.38M last year. "The fiscal 2026 third quarter was a challenging quarter for us across all business segments. We continue to experience delays in the energy storage solutions business which are expected to extend through the balance of the fiscal year. Despite winning a significant new coating & converting order this quarter, the project has not contributed significantly to our financial results as of yet. In response to these challenges, we have taken difficult but necessary action to reduce the cost base of this business by $10 million annually. Additionally, our flagship Memorialization businesses continue to experience headwinds in terms of lower volumes combined with input costs escalating beyond inflationary price increases. Lastly, while the anticipated synergy benefits at The Propelis Group ("Propelis") are now beginning to scale, our expectations of the timing to realize those synergies has not been achieved, resulting in an estimated $5 million shortfall to our full year forecast. Due to these combination of factors, we are reducing our previous earnings guidance for adjusted EBITDA to be in the range of $158 million to $162 million (which includes our estimated 40% share of Propelis adjusted EBITDA) for fiscal 2026."