{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-3d2acf913fc7", "slug": "2be7441742cf", "title": "LivePerson, Inc. (LPSN)", "subtitle": "Peter Feld · 2023-05", "author": "Peter Feld", "date": "2023-05-05 00:00:00", "pageCount": 5, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "LivePerson, Inc.", "targetTicker": "LPSN", "document": { "id": "019dd923-622b-71dc-a6da-3d2acf913fc7", "slug": "2be7441742cf", "title": "LivePerson, Inc. (LPSN)", "rawTitle": "Starboard Value LP Letter to LPSN Stockholders 05.05.2023", "authorId": "03_Starboard_Value", "authorName": "Peter Feld", "authorDisplay": "Peter Feld", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2023-05-Starboard_Value_LP_Letter_to_LPSN_Stockholders_05.05.2023.pdf", "sourceUrl": "https://www.starboardvalue.com/wp-content/uploads/Starboard_Value_LP_Letter_to_LPSN_Stockholders_05.05.2023.pdf", "sourceDate": "2023-05-05 00:00:00", "presentationDate": "2023-05-05 00:00:00", "ingestedAt": "2026-04-22 15:37:52+00", "status": "ready", "pageCount": 5, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "LivePerson, Inc.", "targetTicker": "LPSN", "metadata": { "local_root": "/tmp/legacy-images/2be7441742cf", "activist_firm": "Starboard Value LP", "origin_corpus": "contrarian", "extraction_seconds": 78.65105700492859 } }, "coverage": { "pageCount": 5, "pagesIndexed": 5, "pagesWithImages": 5, "pagesWithMetadata": 5, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 28, "chartCount": 1, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 4, "frameworkMatches": 3, "arcMatches": 1, "beatMatches": 2, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "2b0d7010-d70f-4a0c-bc57-9d5677c5241f", "evidence": "The document frames the company's poor performance as a problem to be overcome", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:54:20.370696+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 4, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 3, "name": "Critique of LivePerson's leadership", "beatId": "4ae56e07-6f5d-4307-b727-cf41527473ce", "matchId": "2b0d7010-d70f-4a0c-bc57-9d5677c5241f", "beatType": null, "evidence": "The document presents a critical view of LivePerson's leadership", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 2, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 2, "name": "Exposure of contradictions in LivePerson's performance", "beatId": "84759ab3-8d65-4648-9f79-dbf404f2ec95", "matchId": "2b0d7010-d70f-4a0c-bc57-9d5677c5241f", "beatType": null, "evidence": "The document highlights the company's poor financial and stock price performance", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "d17de4b7-6561-411e-85e3-6d6eda2afcbe", "evidence": "The document implies that not changing the company's approach will lead to continued poor performance", "position": 0, "objective": "to highlight the consequences of not changing the company's operational discipline", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:20.492627+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "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": "6d855967-77f9-4f3f-bfac-83f44828e3c2", "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**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "4ba8e851-4ed3-4070-a65f-2ad800559670", "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": "eabe6a2d-1305-44d5-a13b-e9708f0b50e7", "evidence": "Robert LoCascio (Founder, Chair & CEO); William Wesemann (Chair of Nominating & Governance Committee)", "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": "d71d1ec7-d9a7-40aa-a926-2e486ec54239", "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 } ], "frameworks": [ { "matchId": "638f1755-9535-4db5-8715-3990a38ca07a", "evidence": "Contrasts Board's previous optimism with subsequent poor financial results and stock performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:11:54.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "expose_contradiction" }, { "matchId": "2bd42bca-9199-49a7-8a32-967ebf4ad7d4", "evidence": "The text explicitly identifies Mr. LoCascio as the source of the company's problems.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:11:56.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "antagonist-introduction" }, { "matchId": "75c77a42-ca52-4c08-8e51-aa359e5a170a", "evidence": "The slide explicitly names Mr. LoCascio and details specific allegations to frame him as the cause of corporate failure.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:11:58.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "antagonist-introduction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Five-page stockholder letter signed by Peter Feld of Starboard, announcing a 2023 proxy slate at LivePerson after a 2022 settlement that added three directors failed to produce change. Tone is unusually sharp for Starboard, citing LoCascio's appearance in Jeffrey Epstein's 'Black Book' and an alleged harassment suit (Cash v. LivePerson, 2006) settled with an NDA. Key visuals: page 2 relative TSR table vs. IGV and page 4 executive-turnover swimlane chart. Only formal 'chart' artifacts are these two; the document is otherwise plain prose on a Starboard letterhead. No stake percentage disclosed in this letter (references prior 13D from Feb 2022). Campaign phase is proxy_fight because the letter explicitly announces a nominated slate for the 2023 Annual Meeting, though the ask is framed as willing to settle short of another contested election.", "kpisCited": [ { "detail": "LPSN -73.6% vs. Software ETF -1.5%, 72.1% underperformance", "metric": "Relative TSR since 2022 settlement" }, { "detail": "LPSN -74.5% vs. Software ETF +66.2%, 140.6% underperformance", "metric": "Relative TSR 5-year" }, { "detail": "LPSN -67.3% vs. Software ETF +327.4%, 394.7% underperformance", "metric": "Relative TSR 10-year" }, { "detail": "Negative in each of the last five years; expected to burn cash again in 2023", "metric": "Free cash flow" }, { "detail": "Down nearly 60% the day after Q1 2023 results following another cut to forward outlook", "metric": "Q1 2023 stock reaction" }, { "detail": "Potential 35%+ dilution (maximum $120mm earnout vs. market cap)", "metric": "WildHealth earnout dilution" }, { "detail": "Delayed 10-K filing in two of the last three years due to internal control issues", "metric": "10-K filing delays" }, { "detail": "CFO, Head of Technology, Head of Sales, and Chief People Officer roles churned repeatedly from 2017-2023", "metric": "Executive turnover" } ], "closingAsk": "Support Starboard's push for additional independent directors and an expeditious CEO transition — avoiding another contested election only if the Board genuinely engages on leadership change.", "extraction": { "at": "2026-04-22 15:37:52+00", "model": "unknown-legacy", "runId": null, "seconds": 78.651054, "promptVersion": null }, "scqaReward": "Closing a performance gap of roughly 140% over five years versus the software sector ETF; eliminating value leakage from pet projects, the 35%+ WildHealth dilution risk, and ongoing cash burn.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround", "sale_of_company" ], "top3Reasons": [ "LPSN underperformed the software ETF by 140.6% over 5 years and 394.7% over 10 years", "Founder-CEO LoCascio chased non-core pet projects (bank, clothing, crypto, WildHealth) while core business deteriorated", "Governance breakdown: toxic culture, Epstein Black Book ties, harassment lawsuit, NDA settlement, chronic executive turnover" ], "scqaSituation": "LivePerson is a conversational-commerce software company that Starboard first invested in during December 2021, believing its early-mover position in a growing sector could be unlocked by fixing self-inflicted issues.", "thesisSummary": "Starboard, a stockholder since December 2021, argues that LivePerson's Founder, Chair and CEO Robert LoCascio has presided over catastrophic underperformance — LPSN has trailed the iShares Software ETF by 72% since the 2022 settlement and by 395% over ten years, with no positive free cash flow in five years and a ~60% one-day drop after Q1 2023. After a 2022 settlement that added three new directors but kept LoCascio, results deteriorated further while he pursued non-core ventures (an in-house bank, a clothing line, blockchain assets, and the dilutive WildHealth acquisition). Starboard cites a toxic culture, severe executive churn, late 10-K filings, Epstein-linked scandals, and a harassment lawsuit reportedly mishandled by director William Wesemann. It has nominated a 2023 slate demanding a CEO transition or a full sale process.", "primaryDemands": [ "Replace Founder/Chair/CEO Robert LoCascio with a new independent CEO", "Add additional independent, qualified directors to the Board via the 2023 Annual Meeting slate", "Alternatively, commit to a robust sale process to maximize stockholder value", "Hold incumbent directors (notably William Wesemann) accountable for governance failures" ], "scqaResolution": "Elect Starboard's 2023 director slate to gain an independent Board majority, replace LoCascio with a new CEO via an expeditious transition, or alternatively run a robust sale process to maximize value.", "thesisOneLiner": "LivePerson's Founder-CEO LoCascio has destroyed value and ignored governance; Starboard is launching a 2023 proxy fight to force a CEO change or sale of the company.", "precedentsCited": [], "scqaComplication": "Founder-CEO Robert LoCascio has destroyed value for years — chronic missed guidance, five straight years of negative free cash flow, a 60% one-day drop after Q1 2023, non-core pet projects, a toxic culture, and the Board refuses to act.", "narrativeInterest": 4, "notableSlidePages": [ 1, 2, 4, 5 ], "peerCompaniesCited": [ "iShares Expanded Tech Software Sector ETF (IGV)" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is the first page of a shareholder letter.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/ssH8hfR4u8L9aPbt-L2m-8LGTLwYUJMuhFvhXQxAe8w/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yYmU3NDQxNzQyY2YvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 4, "textChars": 422, "nDataPoints": 0, "notes": "This is the first page of a shareholder letter.", "elementsJson": [ "logo_grid", "headline_text", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:11:52.016+00", "seconds": 2.263, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-3d2acf913fc7/1", "deck": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "No objective, open-minded, and rational director could possibly conclude that the status quo is acceptable, and yet, no change has been made.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea7-cdc778270883", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.35, "y": 0.05 }, "kind": "image", "text": "Starboard Value logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:52.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60e37eda-90ec-483c-bb99-fc6a78967cd1", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.8, "x": 0.1, "y": 0.25 }, "kind": "paragraph", "text": "Dear Fellow Stockholders: Starboard Value LP... has been a stockholder of LivePerson, Inc. since December 2021. We have a long and successful track record of working collaboratively with our portfolio companies...", "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 21:11:52.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b30ccbef-95bc-46f5-bc43-b211d23a91a7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.2, "y": 0.15 }, "kind": "title", "text": "A LETTER TO THE STOCKHOLDERS OF LIVEPERSON, INC.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:52.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47d36449-619a-4928-acfb-abb234e4da74", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/Bao2iOgVqQg8j1BA4XZLkViSfFJNeiWRP_VXRKkya8Q/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yYmU3NDQxNzQyY2YvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/C2QdT7JoDo2yfPTFE8K2-Wr93h0pwlZp8U-XAv9IPBk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yYmU3NDQxNzQyY2YvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/5aXqNUYbJoUtVYue3vmcg7U9A7qYQOqzbq-jfb-wcdg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yYmU3NDQxNzQyY2YvcDAwMS5qcGc" }, { "page": 2, "type": "tension", "title": "This is a page from an activist investor letter (Starboard Value) criticizing LivePerson's board and management.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 7, "textChars": 1244, "nDataPoints": 15, "notes": "This is a page from an activist investor letter (Starboard Value) criticizing LivePerson's board and management.", "elementsJson": [ "paragraph", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:11:54.108+00", "seconds": 4.24, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-3d2acf913fc7/2", "deck": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As a result of this atrocious financial performance and investors’ complete lack of faith in management, LivePerson has been among the worst performing publicly-traded software companies over almost any time period.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beaa-9f2154f56ab1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Shareholder Return: (394.7%)", "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 22:54:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-beaa-a18a326f53c7", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.095 }, "kind": "paragraph", "text": "that LivePerson needed a change of CEO, the Board insisted that it was committed to Mr. LoCascio, as it felt that LivePerson was finally well positioned for success after years of challenges.", "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 21:11:54.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30a3f1f3-9cf9-4797-b9b3-beb2c7e07dc7", "parentComponentId": null }, { "bbox": { "h": 0.041, "w": 0.764, "x": 0.118, "y": 0.261 }, "kind": "paragraph", "text": "Regrettably, just two weeks after the announcement of our settlement and the Board’s assertion that performance would improve, LivePerson reported results for Q2 2022 and materially lowered its outlook for the full year.", "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 21:11:54.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "945af953-e3a8-444d-8e7a-f816bee11ac3", "parentComponentId": null }, { "bbox": { "h": 0.041, "w": 0.764, "x": 0.118, "y": 0.762 }, "kind": "paragraph", "text": "The only conclusion we can draw from the Board’s lack of action despite these results is that more change is needed in order to ensure that a majority of the Board is made up of non-conflicted, independent, and qualified directors.", "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 21:11:54.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7916bd1-953f-408a-8699-e050290fc5d2", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.867 }, "kind": "source-note", "text": "Source: Public company filings and Bloomberg. Free cash flow calculated as Net cash provided by (used in) operating activities less Purchases of property and equipment, including capitalized software. Market data as of May 3, 2023.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:54.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02aefa4c-ff5a-487b-8db3-12472475bb0c", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.704, "x": 0.148, "y": 0.528 }, "kind": "table", "text": "Relative Total Shareholder Returns table showing LivePerson vs Software Sector ETF underperformance across 5 time periods.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:54.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6441151-3f8a-4349-81cf-0e4d20821a1a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "638f1755-9535-4db5-8715-3990a38ca07a", "evidence": "Contrasts Board's previous optimism with subsequent poor financial results and stock performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:11:54.108+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 2, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 2, "name": "Exposure of contradictions in LivePerson's performance", "beatId": "84759ab3-8d65-4648-9f79-dbf404f2ec95", "matchId": "2b0d7010-d70f-4a0c-bc57-9d5677c5241f", "beatType": null, "evidence": "The document highlights the company's poor financial and stock price performance", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "tension", "title": "This is a page from a shareholder letter, likely part of a proxy contest or activist campaign.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 6, "textChars": 1093, "nDataPoints": 1, "notes": "This is a page from a shareholder letter, likely part of a proxy contest or activist campaign.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:11:56.763+00", "seconds": 6.876, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-3d2acf913fc7/3", "deck": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe all of these issues are directly traceable to Mr. LoCascio.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea8-32251823858c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.44 }, "kind": "paragraph", "text": "Mr. LoCascio's lack of focus and discipline is perhaps best illustrated by his repeated fascination with non-core ventures... most recently, Mr. LoCascio has been preoccupied with WildHealth...", "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 21:11:56.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22cc1008-7f47-4420-aa03-653d97cf883b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "We believe LivePerson's poor financial and stock price performance are attributable to the Company's lack of operational discipline and a pattern of constant strategy shifts, as well as significant executive turnover... We believe all of these issues are directly traceable to Mr. LoCascio.", "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 21:11:56.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "555f441f-d313-42d5-b166-0e9a7dc96b6f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.68 }, "kind": "paragraph", "text": "The Company's woes are further exacerbated by cultural issues that we believe stem from the top of the organization... anonymous employee reviews on Glassdoor reveal a troubling, yet clear, picture: LivePerson has a toxic work environment...", "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 21:11:56.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b72788e3-d9c6-4d64-be94-2bb941d58833", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“intimidation, lying, harassment, [and] nepotism” — Glassdoor anonymous review dated November 6, 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 22:54:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea8-3711b7a87807", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "2 Potential dilution represents maximum earnout ($120 million) as a percentage of the Company's market capitalization as of May 3, 2023. 3 Source: Glassdoor anonymous review dated November 6, 2019.", "attrs": { "numbered": true }, "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:56.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fee713a-ca11-4035-81ed-e52ae247bfc6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2bd42bca-9199-49a7-8a32-967ebf4ad7d4", "evidence": "The text explicitly identifies Mr. LoCascio as the source of the company's problems.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:11:56.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 4, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 3, "name": "Critique of LivePerson's leadership", "beatId": "4ae56e07-6f5d-4307-b727-cf41527473ce", "matchId": "2b0d7010-d70f-4a0c-bc57-9d5677c5241f", "beatType": null, "evidence": "The document presents a critical view of LivePerson's leadership", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "d17de4b7-6561-411e-85e3-6d6eda2afcbe", "evidence": "The document implies that not changing the company's approach will lead to continued poor performance", "position": 0, "objective": "to highlight the consequences of not changing the company's operational discipline", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:20.492627+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "tension", "title": "The slide uses a timeline visualization to highlight high executive turnover, followed by a narrative detailing allegations of misconduct and governance failure", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 595, "nDataPoints": 0, "notes": "The slide uses a timeline visualization to highlight high executive turnover, followed by a narrative detailing allegations of misconduct and governance failures.", "elementsJson": [ "timeline_visual", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:11:58.801+00", "seconds": 8.838, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-3d2acf913fc7/4", "deck": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This level of executive turnover is yet another clear sign of a broken culture and terrible leadership.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea8-623c8e8bdb2a", "parentComponentId": null }, { "bbox": { "h": 0.265, "w": 0.764, "x": 0.118, "y": 0.125 }, "kind": "chart", "text": "Timeline of executive roles (CFO, Head of Tech, Head of Sales, Chief People Officer) from 2017 to 2023 YTD.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": null, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:58.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe9531e5-b4af-481e-b46a-cd5758fcfaf0", "parentComponentId": null }, { "bbox": { "h": 0.405, "w": 0.764, "x": 0.118, "y": 0.422 }, "kind": "paragraph", "text": "This level of executive turnover is yet another clear sign of a broken culture and terrible leadership. Furthermore, Mr. LoCascio has been embroiled in his own scandals...", "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 21:11:58.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21fef1e4-edd6-4170-a7e7-e1912f34d5ba", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.498, "x": 0.118, "y": 0.39 }, "kind": "source-note", "text": "Based upon public company disclosures and LinkedIn. Represents Starboard Value's best knowledge.", "attrs": { "numbered": true }, "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:58.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e3cbdfd-5fba-4e55-8aad-b20f58742b2c", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.764, "x": 0.118, "y": 0.83 }, "kind": "source-note", "text": "See Cash v. LivePerson, Inc., et al., Index No. 106522/06 (N.Y. Sup. Ct. May 11, 2006).", "attrs": { "numbered": true }, "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:58.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65abcfca-fc94-489d-b135-9275c4cd13e4", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "LivePerson Leadership Over Time", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:58.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37b1f60c-1720-45b7-97ae-2ca776a740f5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "75c77a42-ca52-4c08-8e51-aa359e5a170a", "evidence": "The slide explicitly names Mr. LoCascio and details specific allegations to frame him as the cause of corporate failure.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:11:58.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 4, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 3, "name": "Critique of LivePerson's leadership", "beatId": "4ae56e07-6f5d-4307-b727-cf41527473ce", "matchId": "2b0d7010-d70f-4a0c-bc57-9d5677c5241f", "beatType": null, "evidence": "The document presents a critical view of LivePerson's leadership", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "d17de4b7-6561-411e-85e3-6d6eda2afcbe", "evidence": "The document implies that not changing the company's approach will lead to continued poor performance", "position": 0, "objective": "to highlight the consequences of not changing the company's operational discipline", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:20.492627+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "setup", "title": "This is the final page of a shareholder letter, signed by Peter Feld.", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 5, "textChars": 1467, "nDataPoints": 0, "notes": "This is the final page of a shareholder letter, signed by Peter Feld.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:11:56.024+00", "seconds": 5.842, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-3d2acf913fc7/5", "deck": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6da-3d2acf913fc7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe the overwhelming preponderance of evidence would lead any reasonable and rational group of fiduciaries to conclude that the Company needs a change in leadership.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d0-745c-bea7-f5b7e9825a93", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.295, "x": 0.588, "y": 0.565 }, "kind": "paragraph", "text": "Sincerely, Peter Feld Managing Member Starboard Value LP", "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 21:11:56.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0228c44d-fd95-4f9f-a172-26e06977158c", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.766, "x": 0.117, "y": 0.094 }, "kind": "paragraph", "text": "It is now unfortunately clear that stockholders must take action to ensure that real change is made in order to safeguard ourselves against further value destruction. It is clear to us that the newly appointed directors need more help, and that the majority incumbency of the Board still inexplicably supports a management team that has consistently failed us.", "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 21:11:56.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28d114b1-b4af-4276-929a-ff658226b692", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.766, "x": 0.117, "y": 0.243 }, "kind": "paragraph", "text": "It is our continuing hope that another election contest will not be necessary. We believe the overwhelming preponderance of evidence would lead any reasonable and rational group of fiduciaries to conclude that the Company needs a change in leadership. We are open to engaging constructively to ensure additional highly qualified independent directors are placed on the Board in order to oversee an expeditious leadership transition to a new CEO who can oversee a well-formulated turnaround of the business and explore any and all opportunities to maximize value for stockholders.", "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 21:11:56.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ac3f352-cf63-4f36-a640-58aa25fa9cd7", "parentComponentId": null }, { "bbox": { "h": 0.102, "w": 0.766, "x": 0.117, "y": 0.443 }, "kind": "paragraph", "text": "Over the coming weeks and months, we will be disclosing more details regarding our nomination and our vision for LivePerson. We look forward to engaging with our fellow stockholders moving forward, and we are hopeful we can reach a reasonable resolution without the need for another election contest.", "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 21:11:56.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3df2413-a953-41d8-8790-0a11c2f2d9f0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 5, "from": 3, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "d17de4b7-6561-411e-85e3-6d6eda2afcbe", "evidence": "The document implies that not changing the company's approach will lead to continued poor performance", "position": 0, "objective": "to highlight the consequences of not changing the company's operational discipline", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:20.492627+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 3, "to": 4, "label": "Critique of LivePerson's leadership", "description": "The document presents a critical view of LivePerson's leadership" }, { "from": 2, "to": 2, "label": "Exposure of contradictions in LivePerson's performance", "description": "The document highlights the company's poor financial and stock price performance" } ], "loops": [ { "from": 3, "to": 5, "label": "Cost Of Inaction", "description": "to highlight the consequences of not changing the company's operational discipline" } ] }