Sieve Capital urges Americold shareholders to vote against two directors

Sieve Capital LLC, a shareholder of Americold Realty Trust Inc. (NYSE: COLD), issued a presentation urging shareholders to vote against the reelection of Chairman Mark Patterson and Director Andrew Power at the company's upcoming annual meeting.

Sieve cited conflicts of interest as the primary concern regarding both directors. The investment firm stated that Power faces a conflict because his compensation as CEO of Digital Realty Trust is partly controlled by Patterson, who serves on Digital Realty's Compensation Committee.

The firm also raised concerns about Patterson's shareholding in Americold and his compensation level. Sieve claimed Patterson receives annual compensation as Chairman at approximately 50% above peer companies while maintaining minimal ownership of Americold shares.

Gavin Richey, Managing Member of Sieve Capital, stated in the presentation that the two directors have been associates for multiple decades and have exhibited what he characterized as poor corporate governance practices during their eight-year tenure on Americold's board.

"We contend that their eight-year tenure on Americold's Board is defined by ineffective decisions and self-interested actions that have only perpetuated losses," Richey said in the statement.

The presentation also referenced Patterson's previous roles at Paramount Group and Digital Realty, suggesting issues with his performance at those companies.

Sieve Capital described itself as a private investment firm that pursues opportunities across public and private markets through fundamental research. The firm clarified that it is not soliciting proxy votes and will not accept proxy cards if sent.

You May Also Be Interested In

• Canada invests CAD $195M in Xanadu for quantum manufacturing
• AiRWA receives Nasdaq deficiency notice over late 10-K filing
• Boeing secures $3B revolving credit facility, amends existing agreements