Investment firm Sieve Capital announced a campaign targeting Americold Realty Trust's board leadership, calling for Chairman Mark Patterson to be stripped of his role and excluded from re-election at the company's 2026 annual meeting.

Sieve, an Americold shareholder, cited concerns about Patterson's boardroom history at other companies, including Paramount Group and Digital Realty Trust (NYSE: DLR), where Patterson also serves as a director. The firm referenced allegations that Patterson received less than a majority shareholder vote at Paramount Group's annual meeting before being re-added to that board.

According to Sieve's statement, the Securities and Exchange Commission is investigating financial dealings between Patterson and former Paramount Group CEO Albert Behler. Sieve noted that Americold's total shareholder returns declined approximately 50% during Patterson's chairmanship.

The investment firm also urged Americold's board to announce a comprehensive review of strategic alternatives, including a potential full sale of the company. This call follows recent media reports suggesting private equity interest in acquiring Americold or its international operations.

Sieve argued that the board should move beyond considering asset sales and joint ventures to explore all strategic options. The firm suggested that recent acquisition interest creates an opportunity for shareholders to receive a premium above current trading prices.

Americold's board includes Patterson alongside 10 other directors, including Digital Realty CEO Andrew Power. The company has not publicly responded to Sieve's private letter or campaign announcement.

The information is based on Sieve Capital's press release statement.