COLD News & Events

Sieve Capital, a shareholder of Americold Realty Trust (COLD), issued a presentation explaining why shareholders should vote "AGAINST" the re-election of Mark Patterson and Andrew Power to the Company's Board of Directors at Americold's upcoming Annual Meeting of Shareholders. The firm said, "Mr. Power is subject to what we view as an irreconcilable conflict of interest because his compensation as CEO of Digital Realty Trust (DLR) is controlled, in part, by Mr. Patterson, a member of Digital Realty's Compensation Committee. Additionally, Mr. Patterson's de minimis ownership of COLD shares and excessive annual compensation as Chairman, at a ~50% premium to peers, arguably creates a financial incentive for him to obstruct a sale of Americold. Shareholders should vote "AGAINST" Messrs. Patterson and Power, as their removal, in our opinion, would strengthen Americold's Board." Gavin Richey, Managing Member of Sieve Capital, commented: "Our presentation lays out a clear and compelling case for voting against Chairman Mark Patterson and Director Andy Power, who are multi-decade associates that have exhibited a shared tolerance for poor corporate governance practices, harmful capital allocation policies, persistent underperformance and catastrophic value destruction at Americold. We contend that their eight-year tenure on Americold's Board is defined by ineffective decisions and self-interested actions that have only perpetuated losses. For example, it seems that Mr. Patterson's brazen choice to serve as Chairman of the Board and Chair of the Nominating & Governance Committee has enabled him to protect his seat on the Board and handpick the CEO without a normal search process. When you factor in Mr. Patterson's well-documented issues at Paramount Group and Digital Realty, where his corrosive behavior was identified as another director's reason for resigning, it is confounding that the rest of Americold's directors chose to put forward these two individuals for re-election. We strongly believe that Americold shareholders deserve better than crony capitalism and the threat of even more value destruction."

Sieve Capital, a shareholder of Americold Realty Trust, issued an open letter urging shareholders to vote "AGAINST" the reelection of Mark Patterson and Andrew Power to the Company's Board of Directors at Americold's upcoming Annual Meeting of Shareholders. The firm said, in part, "Sieve believes it is in the best interest of the Company and all of its shareholders to vote "AGAINST" the reelection of Chairman Mark Patterson and Director Andrew Power at the Annual Meeting scheduled to be held on May 18, 2026. Since these long-time associates and colleagues joined the Board in 2018, they have presided over ineffective capital allocation, poor governance and significant value destruction. Put simply, their decisions and oversight have clearly had a punishing impact on the Company's relative performance and total shareholder returns...In Americold's recently filed proxy statement, the Company claims that its Nominating & Corporate Governance Committee - which is chaired by Mr. Patterson - evaluated the aforementioned issues before it "reconfirmed its decision that Mr. Patterson is the right leader for the Board".6 We find this decision particularly troubling. Shareholders should question the integrity of every member of the Board that voted to renominate Mr. Patterson and reaffirm his position as Chairman of the Board. Shareholders are also being asked to believe that Mr. Patterson's experience as a director and in real estate represents a benefit, despite the fact that his purported experience has delivered nothing of value for shareholders over the past eight years. The proxy statement also suggests that the Board unanimously supports Mr. Patterson's re-election, leaving us in disbelief. Given what we deem to be questionable and sparse disclosures in the proxy statement, we believe shareholders should find the Board's level of candor and transparency completely insufficient. At bottom, we contend there is no reason for shareholders to continue supporting the Patterson-Power domination of the Board. Americold's sustained value destruction under their watch speaks for itself. By voting "AGAINST" the re-election of Messrs. Patterson and Power, we believe shareholders will rid the Board of negative influences and send the rest of the Company's leadership a clear message about the importance of focusing on viable paths to value creation."