- Glenbrook Capital Management raises questions about the sudden departure of Tejon Ranch (TRC, Financial) CFO Brett A. Brown.
- The departure was disclosed via a Form 8-K with no explanation, raising governance concerns.
- Glenbrook urges Tejon's independent directors to implement a shareholder proposal allowing special meetings.
Glenbrook Capital Management, a significant shareholder of Tejon Ranch (TRC) with over 300,000 shares, has expressed serious concerns over the abrupt and unexplained departure of CFO Brett A. Brown on July 11, 2025. The announcement was made through a Form 8-K filing, which merely stated that Brown "separated from employment" without further context or details, raising corporate governance issues.
Grover Wickersham, Chairman of Glenbrook, emphasized Brown's substantial contributions to the company, including securing a favorable Farm Credit loan and enhancing financial disclosures. Glenbrook is pressing for transparency regarding Brown's exit and is urging Tejon's independent directors to adopt PFS Trust's shareholder proposal, which received 49.3% support. This proposal would empower shareholders with a combined 10% ownership to call special meetings, a standard practice in corporate governance.
The timing and lack of detail in the Form 8-K filing has prompted significant concern around board transparency and oversight, particularly in light of a recent proxy fight. Investors expect clear communication from public companies, especially during significant changes in senior leadership such as the CFO's role. Glenbrook insists that more disclosure is essential to maintain shareholder trust and calls for the independent directors to take definitive action in this regard.
