Barington Capital Group’s Jim Mitarotonda has called on Matthews International to refresh its board, review its operating performance, consider a strategic review, and put more capital toward buybacks.

Speaking at the Bloomberg Activism Forum, Mitarotonda said the company had spent more than $1.3 billion on M&A without creating shareholder value and had underperformed during the current CEO’s tenure, which dates back to 2006. He also cited a history of operating charges.

The activist believes that the stock could reach between $28.84 and $56.65, a maximum upside of 83%. The stock currently trades at $30.12.

Matthews operates in a variety of industries, including funeral care and packaging. Barington would like to separate packaging business SGK, Mitarotonda said.

Barington also hopes to participate in refreshing the board. “There should only be one insider on the board and that’s the CEO,” Mitarotonda said. “Here they have three.”

A report from Insightia’s Vulnerability module in July argued that “an activist could argue for at least one division to be spun off,” as well as noting the need for a board refresh and cost-cutting review.