Barnes Group Inc. Announces Major Board Changes and Cooperation Agreement

Summary

On March 5, 2024, Barnes Group Inc. announced significant changes to its Board of Directors. The company entered into a Cooperation Agreement with Irenic Capital Management, resulting in the appointment of Adam J. Katz, the Chief Investment Officer of Irenic, to the Board. The Cooperation Agreement also outlines plans to nominate Mr. Katz for election at the 2024 annual meeting of stockholders. Concurrently, the company announced the planned retirements of Chairman Thomas O. Barnes and Lead Independent Director Mylle H. Mangum, effective at the 2024 Annual Meeting. The Board also selected Richard J. Hipple as Chair Elect. Barnes further announced that it will work with Irenic to identify an additional independent director to appoint to the Board.