Matthews International to shrink board from 10 to 8 directors

Matthews International Corporation (NASDAQ: MATW) announced that two long-serving board members, Katherine E. Dietze and Morgan K. O'Brien, will not stand for re-election at the company's 2027 Annual Meeting of Shareholders.

Their departures are part of a board governance initiative to reduce the number of directors from ten to eight. The Pittsburgh-based company said the move is intended to create a more streamlined board structure.

Board Chairman J. Michael Nauman said in a statement: "Katherine and Morgan have, for many years, been trusted advisors whose experience, judgment, and commitment have helped shape Matthews' success."

The announcement follows several other governance and strategic changes at Matthews. Since 2023, the company has appointed five new directors to its board. In 2026, Matthews adopted board declassification, majority voting standards in uncontested director elections, and removed supermajority vote requirements for amending its Articles of Incorporation.

On the operational side, the company completed a series of divestitures beginning in 2024, including the transfer of SGK Brand Solutions into the Propelis joint venture in May 2025, and the sales of its European packaging and warehouse automation businesses in December 2025. Matthews also acquired The Dodge Company, Inc., an embalming fluid company, in May 2025.

In fiscal year 2026, the company initiated a restructuring of its European engineering operations, projecting annual cost savings of approximately $10 million beginning in fiscal year 2027.

Michael J. Whitehead was appointed President and Chief Executive Officer effective August 31, 2026, succeeding Joseph C. Bartolacci. Nauman was appointed Chairman at the company's 2026 annual shareholders meeting.

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