Glenbrook questions Tejon Ranch CFO departure amid transparency concerns

Glenbrook Capital Management, a shareholder of Tejon Ranch Co. (NYSE: TRC), issued a statement questioning the circumstances surrounding Chief Financial Officer Brett Brown's departure from the company.

According to a Form 8-K filing on July 11, 2025, Brown "separated from employment" as CFO and Treasurer, but no additional details were provided regarding the reasons for his exit. Glenbrook, which holds more than 300,000 shares of Tejon Ranch, expressed concern about the lack of disclosure surrounding the departure of what it described as the company's second most senior executive.

Grover Wickersham, Chairman of Glenbrook, stated that Brown was Tejon's sole senior executive with SEC compliance background and had contributed to the company through securing favorable Farm Credit financing and improving financial disclosure practices.

The shareholder questioned whether Brown's departure was related to disagreements over company policies, operations, or accounting practices, specifically referencing the Centennial project. Glenbrook suggested that if such disagreements were the cause, SEC disclosure requirements would mandate full and prompt disclosure.

The investment firm renewed its call for Tejon's board to implement a shareholder proposal from PFS Trust that would allow shareholders owning 10% of outstanding shares to call special meetings. This proposal received 49.3% of the vote during a recent proxy contest.

Glenbrook urged the company's independent directors to provide transparent disclosure about Brown's departure and to implement the PFS Trust proposal, which the firm said was supported by leading proxy advisory firms and public shareholders.

The statement was based on information provided in Glenbrook's press release.

You May Also Be Interested In

• Coinbase expands board to ten with appointment of Anthony Armstrong
• Cloudflare adds Cursor Cloud Agents support to its Sandboxes
• Costco August net sales rise 9.9% to $23.70 billion