Proxy advisory firm Glass Lewis recommended that Americold Realty Trust (NYSE: COLD) shareholders vote against Chairman Mark Patterson at the company's May 18, 2026 annual meeting, joining Egan-Jones Proxy Services in opposing his reelection.

Glass Lewis identified Patterson as "the clearest focal point for shareholder concern" in its report, citing his role as chair, long tenure leading the nominating and corporate governance committee, and recurring high levels of shareholder opposition. The firm noted Americold has "significantly underperformed its broader peers" during Patterson's seven-plus year tenure as chairman.

The proxy advisor raised questions about Director Andy Power's independence, noting Patterson sits on a board committee at Digital Realty that influences Power's compensation as CEO there. Glass Lewis stated this creates governance concerns about whether shareholders can expect independent oversight when "one director has influence over another director's compensation and executive standing at a different public company."

The firm also questioned the board's succession planning and leadership selection capabilities, pointing to "the broader pattern of leadership turnover" and limited disclosure about the process that led to current CEO George Chambers' elevation.

Sieve Capital LLC, an Americold shareholder that announced the Glass Lewis recommendation, holds shares in the cold storage real estate investment trust. Managing Member Gavin Richey said the report "validates many of the concerns shareholders have regarding Americold's prolonged underperformance, weak oversight and mounting governance failures under Chairman Patterson."

The recommendation comes as Americold faces governance scrutiny across multiple public companies where Patterson serves as a director, according to the press release.