Glenbrook Seeks Answers in Tejon CFO’s Sudden Exit

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Glenbrook Capital Questions Tejon Ranch’s Transparency Following CFO’s Exit

Hedge Fund Urges Full Disclosure on Brett Brown’s Departure; Cites Concerns Over Corporate Governance

Glenbrook Calls on Independent Directors to Reconsider Shareholder Proposal Backed by Nearly 50% of Voters

PALO ALTO, Calif., July 16, 2025 – Glenbrook Capital Management, a long-time shareholder of Tejon Ranch Co. (NYSE: TRC) holding more than 300,000 shares, is publicly questioning the circumstances surrounding the sudden departure of CFO Brett A. Brown on July 11, 2025. Glenbrook’s Chairman, Grover Wickersham, issued a statement expressing concerns over what they perceive as a lack of transparency from the Tejon Ranch board, led by Barry Tisch.

“The bare-bones disclosure in last Friday’s Form 8-K stating Mr. Brown ‘separated from employment’ is simply insufficient,” Wickersham stated. “It raises red flags and suggests a continued disregard for the interests of public shareholders. Providing zero context for the exit of the company’s second most senior executive is, frankly, unacceptable.”

Glenbrook highlights Brown’s contributions, emphasizing his SEC compliance background, the successful Farm Credit loan he secured for Tejon, his engagement at investor conferences, and improvements he made to the company’s financial disclosures, specifically in illuminating G&A expenses. Wickersham argues, “Shareholders deserve a complete explanation for Mr. Brown’s ‘separation from employment.'”

Glenbrook’s statement raises the specter of potential underlying issues. “Shareholders are left to speculate whether there’s a deeper problem,” Wickersham continues. “If Mr. Brown’s departure stemmed from disagreements over Tejon’s policies, operational decisions, or even accounting practices – perhaps related to the ongoing issues with the Centennial project – then that information is material and needs to be promptly disclosed. SEC disclosure rules exist for a reason.”

According to Glenbrook, this lack of transparency further erodes shareholder trust, already strained after the recent proxy fight. The fund is again urging Tejon’s independent directors to seek counsel and shift course towards greater openness. “Public shareholders control a majority of Tejon’s outstanding shares. Transparency isn’t just good governance; it’s essential to building the trust necessary for long-term value creation, especially after the recent debates concerning increased disclosure.”

Glenbrook reiterates its support for implementing PFS Trust’s shareholder proposal, which, if adopted, would allow shareholders owning a combined 10% of outstanding shares to call a special meeting. “This proposal, coupled with a candid explanation of Mr. Brown’s departure, would be a significant step towards restoring faith in the company,” Wickersham notes. “It’s about empowering shareholders to hold the board and management accountable.”

“We are once again calling on the independent directors to enact the PFS Trust shareholder proposal, which resonated strongly with Tejon’s public shareholders, and to immediately provide a transparent account of Mr. Brown’s departure. Shareholders need clarity on the plan to ensure his vital role is effectively managed moving forward.”

Grover Wickersham
Chairman, Glenbrook Capital Management
415-601-1111

Disclaimer and Cautionary Statement Regarding Forward-Looking Statements
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to any person.

The information herein contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “potential,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if Glenbrook underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Glenbrook that the future plans, estimates or expectations contemplated will ever be achieved.

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