Nitor Capital thanks fellow stockholders of Tejon Ranch

Nitor Capital Management, a significant stockholder of Tejon Ranch Company which beneficially owns approximately 1.8% of Tejon Ranch’s outstanding shares, expressed its views on the clear message sent by the Company’s stockholders at the 2024 annual meeting of stockholders held on May 14, 2024. Nitor Capital Management is grateful to its fellow stockholders for supporting its efforts to send an unequivocal message to Tejon Ranch’s board of directors that the status quo is unacceptable. The company said, “We hope that the voting results serve as a wake-up call to the incumbent directors, but at a minimum, we are confident that they represent an important first step towards creating meaningful change at the Company. Notably, each of the directors we targeted – Steven Betts, Norman Metcalfe, Geoffrey Stack and Michael Winer – barely received support from more than a majority of the outstanding shares, with each receiving support from only approximately 54% to 58% of the outstanding shares. Additionally, only 49% of the outstanding shares voted in favor of approval of the executive compensation proposal at the Annual Meeting. Clearly this is not a stockholder base satisfied by the current state of affairs at Tejon Ranch.”