{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6d9-d0b79dc23ecb", "slug": "ed83c8a73b84", "title": "Newell Brands Inc. (NWL)", "subtitle": "Jeffrey C. Smith · 2018-02", "author": "Jeffrey C. Smith", "date": "2018-02-12 00:00:00", "pageCount": 10, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Newell Brands Inc.", "targetTicker": "NWL", "document": { "id": "019dd923-622b-71dc-a6d9-d0b79dc23ecb", "slug": "ed83c8a73b84", "title": "Newell Brands Inc. (NWL)", "rawTitle": "Starboard Value LP Letter to NWL CEO and Board 02.12.2018", "authorId": "03_Starboard_Value", "authorName": "Jeffrey C. Smith", "authorDisplay": "Jeffrey C. 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No formal valuation/target price — upside is framed qualitatively around recovering $11B+ of lost market cap via a Jarden-style operator playbook.", "kpisCited": [ { "detail": "Newell -42% vs S&P 500 +41%, cumulative 84% underperformance", "metric": "Stock performance since Jarden acquisition" }, { "detail": "Newell -53% vs S&P 500 +18%, ~72% underperformance", "metric": "Stock performance since July 1, 2017" }, { "detail": "more than $11 billion lost", "metric": "Shareholder value destroyed since merger" }, { "detail": "17% below the $3B / 20%-margin target set in Q4 2015", "metric": "2018 EBITDA guidance vs original post-merger target" }, { "detail": "17.7% FY2016, 17.3% FY2017E, 16.6% FY2018E vs 20% management target", "metric": "EBITDA margin trajectory" }, { "detail": "Three cuts within the last six months", "metric": "2017 guidance revisions" }, { "detail": "<10x 2018 EPS — multi-year low and a discount to peers", "metric": "Forward P/E multiple" }, { "detail": "Three directors resigned in January 2018, including 10-year veteran Domenico De Sole", "metric": "Director resignations" } ], "closingAsk": "We firmly believe the time has come for management and the Board to step aside and allow a team of proven operators and directors to put Newell on a path to significant value creation.", "extraction": { "at": "2026-04-22 15:17:11+00", "model": "unknown-legacy", "runId": null, "seconds": 121.17951, "promptVersion": null }, "scqaReward": "A proven operator-led board can redeploy the Jarden playbook that generated over 5,000% returns (50x) across 15 years, recapturing the $11 billion of market capitalization lost since the Newell-Jarden combination.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Newell stock down 42% vs S&P +41% since Jarden merger — $11bn of value destroyed", "Management cut 2017 guidance three times; 2018 EBITDA 17% below post-merger targets", "Three long-tenured directors resigned in January, signaling board dysfunction under CEO Polk" ], "scqaSituation": "Newell Brands is a ~$16 billion-revenue consumer products conglomerate holding iconic franchises like Sharpie, Rubbermaid, Coleman and Yankee Candle, built up through the transformational $18 billion 2016 acquisition of Jarden Corporation.", "thesisSummary": "Starboard, owning roughly 4% of Newell Brands and partnered with Jarden founders Martin Franklin, Ian Ashken and Jim Lillie (Mariposa), argues that CEO Michael Polk has destroyed more than $11 billion of shareholder value since the April 2016 Jarden acquisition. Newell shares are down 42% versus a 41% S&P 500 gain, management has cut 2017 guidance three times, and 2018 EBITDA guidance is running 17% below post-merger targets of $3 billion and 20% margins. Three directors, including ten-year veteran Domenico De Sole, resigned in January, signaling serious board dysfunction. 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[detailed ownership breakdown follows]", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:09.987+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc0e1c5b-c14c-4783-8465-723092805787", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "Page 10 of a shareholder letter/proxy statement.", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 6, "textChars": 2946, "nDataPoints": 14, "notes": "Page 10 of a shareholder letter/proxy statement.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:18.093+00", "seconds": 10.712, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-d0b79dc23ecb/10", "deck": "/decks/019dd923-622b-71dc-a6d9-d0b79dc23ecb", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-d0b79dc23ecb#slide-10", "deckJson": "/decks/019dd923-622b-71dc-a6d9-d0b79dc23ecb.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.02, "x": 0.49, "y": 0.93 }, "kind": "paragraph", "text": "10", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "027722c1-7fc9-4d4c-a54f-b6e2a2d1ea51", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.39 }, "kind": "paragraph", "text": "Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 7,410,000 shares of Common Stock owned by Starboard V&O Fund, (ii) 900,000 shares of Common Stock owned by Starboard S LLC, (iii) 510,000 shares of Common Stock owned by Starboard C LP, (iv) 702,156 shares of Common Stock owned by Starboard Quebec LLC, (v) 2,535,717 shares of Common Stock owned by Starboard Select LP, (vi) 1,714,600 shares of Common Stock owned by Starboard T LP and (vii) 2,642,638 shares of Common Stock held in the Starboard Value LP Accounts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1958e0e8-da04-486b-88f3-fa98ac37c6b8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.7 }, "kind": "paragraph", "text": "As of the date hereof, Mr. Alford beneficially owns 13,400 shares of Common Stock. As of the date hereof, Mr. Ashken beneficially owns 511,374 shares of Common Stock. As of the date hereof, Mr. De Sole beneficially owns 66,464 shares of Common Stock. As of the date hereof, Mr. Franklin beneficially owns 2,047,227 shares of Common Stock. As of the date hereof, Mr. Lillie beneficially owns 97,836 shares of Common Stock. As of the date hereof, Mr. Lopez beneficially owns 2,000 shares of Common Stock. As of the date hereof, Mr. Sonsteby beneficially owns 7,000 shares of Common Stock. As of the date hereof, Mariposa Associates and Ms. Brown do not beneficially own any shares of Common Stock.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69ffad69-2c24-47a9-9cfe-bb9767f79514", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.54 }, "kind": "paragraph", "text": "Each of Messrs. Smith, Mitchell and Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 7,410,000 shares of Common Stock owned by Starboard V&O Fund, (ii) 900,000 shares of Common Stock owned by Starboard S LLC, (iii) 510,000 shares of Common Stock owned by Starboard C LP, (iv) 702,156 shares of Common Stock owned by Starboard Quebec LLC, (v) 2,535,717 shares of Common Stock owned by Starboard Select LP, (vi) 1,714,600 shares of Common Stock owned by Starboard T LP and (vii) 2,642,638 shares of Common Stock held in the Starboard Value LP Accounts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70c959af-a8ca-42e3-b089-08c00d594e29", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "paragraph", "text": "Starboard V&O Fund, (ii) 900,000 shares of Common Stock owned by Starboard S LLC, (iii) 510,000 shares of Common Stock owned by Starboard C LP, (iv) 702,156 shares of Common Stock owned by Starboard Quebec LLC, (v) 2,535,717 shares of Common Stock owned by Starboard Select LP, (vi) 1,714,600 shares of Common Stock owned by Starboard T LP and (vii) 2,642,638 shares of Common Stock held in the Starboard Value LP Accounts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d35ad0fa-e06f-4c5b-b966-dc06ca4e088a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.24 }, "kind": "paragraph", "text": "Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 7,410,000 shares of Common Stock owned by Starboard V&O Fund, (ii) 900,000 shares of Common Stock owned by Starboard S LLC, (iii) 510,000 shares of Common Stock owned by Starboard C LP, (iv) 702,156 shares of Common Stock owned by Starboard Quebec LLC, (v) 2,535,717 shares of Common Stock owned by Starboard Select LP, (vi) 1,714,600 shares of Common Stock owned by Starboard T LP and (vii) 2,642,638 shares of Common Stock held in the Starboard Value LP Accounts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db4a9576-d693-4a2e-960b-937b9836c120", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [], "loops": [] }