{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-0cc6d3df051f", "slug": "9bd661444d43", "title": "GCP Applied Technologies (GCP)", "subtitle": "Starboard Value · 2020-05", "author": "Starboard Value", "date": "2020-05-11 00:00:00", "pageCount": 29, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "GCP Applied Technologies", "targetTicker": "GCP", "document": { "id": "019dd923-622b-71dc-a6da-0cc6d3df051f", "slug": "9bd661444d43", "title": "GCP Applied Technologies (GCP)", "rawTitle": "ex1todfan14a06297245 051120", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "authorDisplay": "Starboard Value", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2020-05-ex1todfan14a06297245_051120.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001517137&type=DFAN14A", "sourceDate": "2020-05-15 00:00:00", "presentationDate": "2020-05-11 00:00:00", "ingestedAt": "2026-04-22 15:28:55+00", "status": "ready", "pageCount": 29, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "GCP Applied Technologies", "targetTicker": "GCP", "metadata": { "local_root": "/tmp/legacy-images/9bd661444d43", "activist_firm": "Starboard Value", "origin_corpus": "contrarian", "extraction_seconds": 143.7930212020874 } }, "coverage": { "pageCount": 29, "pagesIndexed": 29, "pagesWithImages": 29, "pagesWithMetadata": 29, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 197, "chartCount": 22, "metricSlides": 0, "toolMatches": 5, "documentToolMatches": 4, "frameworkMatches": 22, "arcMatches": 1, "beatMatches": 4, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "0add4c8b-4d5a-4a3f-a030-fb38ece1b7fb", "evidence": "The document follows a problem-agitate-solution arc, highlighting GCP's problems, agitating them, and presenting Starboard's solution.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:54:18.319001+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Problem (Identify pain)", "beatId": "5bbc4655-be73-4c0f-90f9-10e6aadd990d", "matchId": "0add4c8b-4d5a-4a3f-a030-fb38ece1b7fb", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The document identifies GCP's poor stock price performance as a key issue.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 12, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 6, "name": "Agitate (Make it worse)", "beatId": "880f30b2-f797-4a21-a819-cdd68a9fa9f6", "matchId": "0add4c8b-4d5a-4a3f-a030-fb38ece1b7fb", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The document highlights various issues with GCP's performance, including poor operating expense discipline and lack of free cash flow.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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Required in 19/20 arcs. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f3aa1fd6-2dce-4265-b970-c3fba05fe35d", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "a6f1d579-b41d-4f49-9d7c-98a4abe7ebae", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "95e85a97-b997-4fbc-8027-05f2ae0a3400", "evidence": "GCP Board — Chairman Elizabeth Mora, Audit Chair Janice Henry, Comp Chair Gerald Colella; also CEO Randy Dearth and Executive Chairman Greg Poling", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "848c00f1-c7e5-4e80-8068-5d3590403969", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e85db64a-98bc-43be-819a-91b6bf4794a4", "evidence": "The slide is labeled as an 'Executive Summary' and provides a clear overview of Starboard's plan for GCP's future.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:48:53.642182+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "35460435-ea81-4685-a204-ab96d03931d8", "evidence": "Slide explicitly titled Executive Summary and provides a high-level overview of the activist's position.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:13:01.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "executive-summary" }, { "matchId": "d9ac6459-1cf1-4be0-9a5e-ee9e8074ebbc", "evidence": "Contrasts management's claim of value creation with negative stock performance data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:13:01.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "112f5d9e-21a8-4cc3-a990-1ede14a623e7", "evidence": "Frames the Board's choice as a deliberate, disingenuous act to hide underperformance.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:12:58.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "antagonist-introduction" }, { "matchId": "22885904-701a-4c14-9b10-fca93b6631cb", "evidence": "The slide explicitly frames the revenue decline as evidence of poor management and board oversight, using M&A data to expose a contradiction in performance.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 21:13:04.975+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" }, { "matchId": "90777315-5279-43e5-86f6-9a58d449c9b9", "evidence": "Contrasts company's 'rosy' claims with actual declining financial data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:12:58.903+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "e47f26b2-b9c9-4607-9901-415b238b3b7d", "evidence": "Uses a table to compare GCP's business against a peer set to highlight discrepancies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:12:58.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison-frame" }, { "matchId": "e7efa2aa-754f-438e-892b-60ad83ffb5c1", "evidence": "Contrasts 2016 CEO quote with 2019 performance data", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:12:58.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "9274f01d-83b6-49c3-8ff5-4ec18b61d1ae", "evidence": "Contrasting management claims with actual data to expose misleading reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:12:59.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" }, { "matchId": "b70202d5-ce3c-4d05-8309-841ac5f2fa5b", "evidence": "Contrasting historical non-GAAP claims with current GAAP usage", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:12:59.819+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "4bd537c4-db24-470a-82b3-ed62c8c07ec0", "evidence": "Exposing misleading data points in corporate disclosures", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:12:58.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "d1ee3fcf-8610-4fae-a59d-fcd7fcfd3255", "evidence": "Contrasts company claims of restructuring success with declining financial performance data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:13:08.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "706aa047-29c6-42da-8c5b-721dfdc697fe", "evidence": "Contrasts 'Actual' vs 'Adjusted' metrics to highlight management manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:12:59.583+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "expose_contradiction" }, { "matchId": "be5bf21c-56e4-4dd4-acd4-efcf08d3f74f", "evidence": "The slide explicitly contrasts the Board's claim with the reality of the offer to expose a contradiction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:12:59.465+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "900dd5dd-4fdc-4301-b47e-b481f43550ac", "evidence": "Frames GCP as the antagonist creating an insular board.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:12:59.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "antagonist-introduction" }, { "matchId": "f671cd86-0bfa-4fe5-aead-d763ecbd3ad5", "evidence": "Identifies three specific directors as the 'antagonists' monopolizing board power.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:12:59.571+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "antagonist-introduction" }, { "matchId": "04faed8d-926f-4204-b650-4ef346f6f532", "evidence": "Presenting board nominees as qualified candidates for shareholder support.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:13:02.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "audience-persona" }, { "matchId": "03b00388-4855-40be-b43f-e679450f8f9e", "evidence": "The slide explicitly instructs shareholders to vote using the white proxy card.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:12:59.115+00", "model": 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Filed as DFAN14A proxy material. Strong rebuttal specimen: opens by systematically dismantling GCP's benchmarking choices (S&P 600 index, peer group, GAAP vs. non-GAAP), then pivots to governance using an MKS Instruments / Draper Labs director-interlock diagram (slide 20) as the rhetorical centerpiece. Page 11 executes a textbook CEO-quote-contradiction: Greg Poling's May 2016 boast of '23-26% margins' paired with the chart showing SBM at 19.8% by 2019. No target price or SOP valuation in this supplemental — thesis_summary reflects this. Settled June 2020 with Starboard securing board seats; campaign_outcome left unknown per extraction guidance.", "kpisCited": [ { "detail": "GCP -60% vs. direct peers, -42% vs. proxy peers, -50% vs. Russell 3000", "metric": "Total shareholder return since spin-off" }, { "detail": "Declined 2.4% ($1,038M to $1,014M) despite $90M of acquired revenue; ~11% decline ex-M&A", "metric": "Revenue change 2015-2019" }, { "detail": "Contracted ~30% from $150M to $102M despite $78M spent on restructuring", "metric": "Adjusted EBIT 2016-2019" }, { "detail": "720bps decline from 27.0% in 2016 to 19.8% in 2019, vs. CEO target of 23-26%", "metric": "SBM Adjusted EBIT margin" }, { "detail": "$18M decline from $226M (2016) to $208M (2019)", "metric": "SCC Adjusted Gross Profit" }, { "detail": "$13M decline from $70M (2016) to $57M (2019)", "metric": "SCC Adjusted Operating Income" }, { "detail": "230bps implied increase from 24.5% (2016) to 26.8% (2020E); absolute expense up $32M", "metric": "Adjusted SG&A ratio" }, { "detail": "Actual FCF negative at ($9M); 'Adjusted' FCF of $107M includes $75M of restructuring add-backs", "metric": "Cumulative Free Cash Flow 2017-2019" }, { "detail": "75% of new independent directors / nominees since spin-off have ties to existing board members", "metric": "Board interlock rate" } ], "closingAsk": "Vote on Starboard's WHITE proxy card today to elect a superior slate of directors and drive meaningful change at GCP.", "extraction": { "at": "2026-04-22 15:28:55+00", "model": "unknown-legacy", "runId": null, "seconds": 143.79301, "promptVersion": null }, "scqaReward": "Starboard's nominees, with direct chemicals, turnaround, and C-level operating experience, would restore accountability, oversight, and margin discipline — unlocking shareholder value the current board has failed to deliver. No explicit target price is disclosed in this deck.", "thesisTypes": [ "operational_turnaround", "governance_board", "management_change" ], "top3Reasons": [ "GCP stock lagged peers and Russell 3000 after every board-claimed milestone since 2016 spin", "Revenue down 2.4% and EBIT down ~30% despite $200M of bolt-on M&A and $78M of restructuring", "Three interlocked directors (Mora/Henry/Colella) monopolize all board leadership seats" ], "scqaSituation": "GCP Applied Technologies spun off from W.R. Grace in February 2016 as a specialty construction chemicals and building materials company with leading positions in concrete admixtures (SCC) and high-margin waterproofing envelopes (SBM).", "thesisSummary": "Starboard Value is waging a proxy fight at GCP Applied Technologies, and this supplemental deck rebuts GCP's May 2020 defensive presentation. Starboard argues GCP stock has underperformed direct peers, proxy peers, and the Russell 3000 following every value creation milestone the board claims credit for since the 2016 W.R. Grace spin-off. Operating results contradict management's narrative: revenue has declined 2.4% since spin-off despite $200M in bolt-on M&A, adjusted EBIT has contracted ~30% to $102M, SBM EBIT margins have fallen 720bps from 27.0% to 19.8%, and cumulative actual free cash flow from 2017-2019 was negative. Starboard also exposes interlocking board relationships — three directors (Mora, Henry, Colella) hold all leadership positions and share prior ties via MKS Instruments and Draper Labs — and urges shareholders to vote the WHITE proxy card to elect its six experienced industry nominees.", "primaryDemands": [ "Elect Starboard's slate of six new independent directors via the WHITE proxy card", "Replace monopolized board leadership held by interconnected directors (Mora, Henry, Colella)", "Hold SBM segment to management's own historical margin targets (23-26%)", "End misleading selective use of GAAP vs. non-GAAP benchmarking", "Provide real operational oversight after four years of declining revenue and EBIT" ], "scqaResolution": "Vote the WHITE proxy card to elect Starboard's six new industry nominees — Brown, Giesselman, Feld, Ross, Welty, Yanker — replacing the interlocking incumbent directors who monopolize board leadership committees.", "thesisOneLiner": "Starboard rebuts GCP: stock has lagged peers on every milestone since the 2016 spin-off, and Starboard's superior director slate can finally drive the turnaround management hasn't delivered.", "precedentsCited": [ "Starboard's prior history of operational, financial, and strategic turnarounds", "Clay Kiefaber's turnaround of Colfax's $2B ESAB business", "Kevin Brown leading LyondellBasell out of bankruptcy", "Linda Welty's profitability turnaround at H.B. 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0.9, "x": 0.05, "y": 0.2 }, "kind": "list", "text": "The Company has consistently touted its restructuring efforts, but fails to acknowledge or meaningfully address our clearly stated concerns around the lack of actual improvement in operating results despite spending $78 million to date.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:08.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98da0290-6e45-4e94-a178-53a482685e36", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adjusted EBIT: ~30%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:26:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6a1-cebad9cfd89d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Despite spending $78 million on restructuring and repositioning activities, operating income has declined.", "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 21:13:08.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5425a544-7fe5-4e67-9b64-70c1abe2c0e2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "GCP has not provided an adequate explanation for how or why extensive restructuring efforts seem to have been 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"at": "2026-05-02 21:12:59.583+00", "seconds": 3.843, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-0cc6d3df051f/16", "deck": "/decks/019dd923-622b-71dc-a6da-0cc6d3df051f", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-0cc6d3df051f#slide-16", "deckJson": "/decks/019dd923-622b-71dc-a6da-0cc6d3df051f.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "callout", "text": "GCP has spent $75 million on restructuring and repositioning-related items, yet shareholders do not seem to have reaped any benefits from either improved operating performance or improved share price performance", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": 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"confidence": null, "extraction": { "at": "2026-05-02 21:12:59.583+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a739bc5-58d8-48b4-9ac3-39fe42d87fe5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "list", "text": "The Company focused investors on \"Adjusted Free Cash Flow,\" which we believe is an attempt to mask the lack of actual free cash flow generation over the past several years.\nThe Company has portrayed itself as highly cash flow generative, but in reality, significant cash has been squandered on seemingly never-ending restructuring and repositioning initiatives that have yielded little in tangible value for shareholders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:59.583+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6fd8f19-3c8d-4810-88b2-351897857798", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Free Cash Flow: $107", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, 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null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:06.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d3dac4f-1659-4fa3-8f33-c04dba7acb5a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe the Board's decision to appoint Mr. Poling Executive Chairman demonstrates the Board's inability to act with the best interests of stockholders as the primary objective.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": 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Dearth and Poling had overlapped at GCP for almost one year, providing adequate time to transition by the time Mr. Dearth was appointed CEO. In light of this, together with the dismal performance that occurred under Mr. Poling’s leadership as CEO, we find it incomprehensible that the Board appointed Mr. Poling to the newly created role of Executive Chairman and effectively committed to paying two chief executives while also providing Mr. Poling with additional time for his 2019 equity awards to vest.", "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 21:13:06.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd7c1680-3c2f-49d7-991c-13435b5dca67", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "For Messrs. Poling[’s]... award the grant date was February 21, 2019. — 2020 Proxy Filing", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:26:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6a3-f00a3974a88c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.03, "y": 0.94 }, "kind": "source-note", "text": "Source: GCP's public filings. Note: The agreements cited in this slide are the Form of GCP Applied Technologies Inc. Performance-Based Stock Unit Award Agreement and Form of GCP Applied Technologies Inc. Restricted Stock Unit Award Agreement, which were filed as exhibits to the 10-Q filed with the SEC on May 9, 2017, and which terms we believe apply to 2019 equity awards granted to Mr. Poling on February 21, 2019.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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0.87 }, "kind": "callout", "text": "The divergence in experiences between GCP and its closest peers is difficult to understand.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:00.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bbc39ee-741e-459b-8379-54d6a7d17be2", "parentComponentId": null }, { "bbox": { "h": 0.63, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "framework", "text": "Comparison of peer quotes vs GCP quotes", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:00.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cd7178b-79c1-4e41-9386-8df8c4c4280a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "As an example, over the last two years, GCP’s closest peers for the SBM segment have enthusiastically discussed the growth they’ve been able to achieve – indicating both a healthy macro environment and share capture – while GCP has struggled.", "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 21:13:00.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c7c88c8-86d1-493c-8497-6b360f280e04", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We’re in the very lucky situation that in our seven target market we have everywhere opportunity to grow…from concrete to roofing to waterproofing, great opportunities.\" — Sika (May 2018); \"So we have a market growth rate that is a little – still growing but a little softer than this year. So if we see a stronger construction market, that clearly would be a positive.\" — GCP (November 2018); \"SBM's revenue was down 11% year-over-year. Our project-based Building Envelope business was down 12% as growth in EMEA was more than offset by declines in North America and Asia Pacific.\" — GCP (November 2019)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:26:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6a3-afb28604f098", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "Source: GCP, CSL, RPM and Sika public filings and transcripts. 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