Barington Capital Sends Letter To OMNOVA Solutions' Chairman & CEO - Quick Facts

(RTTNews) - Barington Capital Group, L.P. has sent a letter to the Chairman and Chief Executive of OMNOVA Solutions Inc. (OMN), Kevin McMullen. In the letter, Barington stated that the company's shares have dramatically underperformed its peers and the market over the past one, three, five and ten-year periods, as well as during McMullen's 14-year tenure as CEO.

Barington believes that OMNOVA's poor share price performance reflects the market's dissatisfaction with the firm's lack of strategic focus, disappointing organic growth and return on invested capital, frequent earnings shortfalls and poor executive compensation and corporate governance practices.

Also, Barington added that it is convinced that there is a clear path available to substantially enhance shareholder value at OMNOVA. Hence, Barington would like to discuss with McMullen measures that Barington is confident would enhance the company's profitability and share price performance. Further, Barington prefers to share with McMullen the names of several highly-qualified individuals that Barington urges be added to the OMNOVA board who can assist the firm in improving long-term shareholder value.