{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9d-1f650ebd03b8", "slug": "3cfa75d1bb5b", "title": "LivePerson, Inc. (LPSN)", "subtitle": "Peter Feld · 2022-05", "author": "Peter Feld", "date": "2022-05-09 00:00:00", "pageCount": 6, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "LivePerson, Inc.", "targetTicker": "LPSN", "document": { "id": "019dd923-622c-750b-8b9d-1f650ebd03b8", "slug": "3cfa75d1bb5b", "title": "LivePerson, Inc. 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The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "c45709de-be7e-4f6f-a48d-515b307e4816", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "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": "fcf5881d-9801-400e-b195-b1c67a90085f", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+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": "8917e72b-a12d-4eb6-8345-d98d6466d8a1", "evidence": "Robert (Rob) LoCascio, founder, CEO and Board Chair of LivePerson; also names Board member William Wesemann in connection with a 2006 discrimination lawsuit", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+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 } ], "frameworks": [ { "matchId": "295c2ab0-d122-45a1-86f8-915271646c4a", "evidence": "The letter frames the current Board and founder as the primary obstacle to value creation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:52:46.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" }, { "matchId": "4981073e-c4b0-4a16-a1ad-775abe8dc277", "evidence": "The slide explicitly frames the CEO as the primary cause of company failure through negative testimonials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:52:45.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "antagonist-introduction" }, { "matchId": "8a51d5ab-d317-442f-8297-79e3849d9a5a", "evidence": "Highlighting excessive turnover and poor culture to expose management failure.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:52:46.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "fraud-exposure" }, { "matchId": "f13a60e5-2ca9-4645-8bd8-4bf7c6cde601", "evidence": "Comparison of board diversity metrics against proxy peers", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:52:49.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "peer-gap" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Formal proxy-fight stockholder letter (not a deck) from Peter Feld, Managing Member of Starboard, during an active proxy contest after Starboard filed preliminary proxy materials on April 20, 2022. Unusual rhetorical device: the letter leans heavily on extended verbatim Glassdoor employee quotes (rather than management quotes) to indict corporate culture and the founder-CEO's focus on 'random' ventures (health app, bank, crypto). Two embedded visuals: an Executive Officer Turnover grid with headshots (page 3, the clearest before/after framing) and twin peer-gap bar charts on female and underrepresented-community board representation (page 4). Also cites a 2006 gender-discrimination lawsuit (Cash v. LivePerson). Tone is sharply adversarial despite the letter format. Letter promises more detailed materials in coming weeks ahead of the Annual Meeting, suggesting this is a governance/culture-focused opener in a broader campaign. No sum-of-parts or valuation framework — thesis is governance/culture, not financial modeling.", "kpisCited": [ { "detail": "LoCascio 14% below Proxy Peer average; ranks last on 'recommend to a friend'", "metric": "CEO Glassdoor approval rating gap" }, { "detail": "3 CFOs, 3 heads of technology, 4 switches among 3 heads of sales in the last five years", "metric": "Executive turnover (5 years)" }, { "detail": "Average director tenure of 13 years", "metric": "Board tenure" }, { "detail": "14% at LivePerson vs. 30% proxy peer average (~2x below)", "metric": "Female board representation" }, { "detail": "14% at LivePerson vs. 30% proxy peer average (~2x below)", "metric": "Underrepresented community board representation" }, { "detail": "Directors and officers collectively sold ~$40 million of stock while promising accelerating growth", "metric": "Insider selling (2020-2021)" }, { "detail": "Zero open-market purchases by any officer or director", "metric": "Insider buying (past 3 years)" }, { "detail": "Down 26% day after Q4 2021 earnings (Feb 24, 2022) and >70% from peak", "metric": "Stock price decline" }, { "detail": "~9.7% of outstanding LivePerson shares", "metric": "Starboard ownership stake" } ], "closingAsk": "Support Starboard's slate of director nominees at the 2022 LivePerson Annual Meeting to reconstitute the Board.", "extraction": { "at": "2026-04-23 08:07:06+00", "model": "unknown-legacy", "runId": null, "seconds": 241.75685, "promptVersion": null }, "scqaReward": "A refreshed Board can unlock the Company's 'tremendous unmet potential,' restore execution and reverse the share-price collapse for the benefit of all stockholders; no explicit price target is disclosed in this letter.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Founder-CEO Rob LoCascio's unchecked power has produced repeated missed commitments and a 70% stock decline from peak", "Toxic corporate culture: CEO approval 14% below proxy peer average and dead last on 'recommend to a friend'", "Excessive turnover: 3 CFOs, 3 heads of technology, and 4 sales leaders rotated in just the last five years" ], "scqaSituation": "LivePerson is a conversational-AI/chatbot software company with strong products, underlying technology and a world-class customer base, led by founder Rob LoCascio as combined CEO and Board Chair.", "thesisSummary": "Starboard owns ~9.7% of LivePerson and argues the conversational-AI/chatbot company has squandered strong products and a world-class customer base under founder-CEO Rob LoCascio, whose unchecked power as combined CEO and Board Chair has produced serial strategy shifts into unrelated ventures (a COVID health app, a bank, crypto), three CFOs, three heads of technology and four sales leaders in five years, and a stock that has fallen over 70% from its peak. Corporate culture is corroborated by Glassdoor reviews ranking LoCascio dead last among proxy peers and a 2006 gender-discrimination lawsuit involving a current Board member. Directors and officers sold ~$40 million of stock in 2020-2021 while promising accelerating growth. Starboard filed preliminary proxy materials on April 20, 2022 nominating a slate of independent directors and urges stockholders to support reconstituting the Board at the 2022 Annual Meeting.", "primaryDemands": [ "Reconstitute the Board with new, independent directors via Starboard's nominee slate at the 2022 Annual Meeting", "Separate Chair and CEO roles; remove founder Rob LoCascio's unchecked power", "Appoint a lead independent director and install directors with public-company and enterprise software experience", "Refocus the company on its core chatbot/conversational AI business and halt adjacent distractions (health app, bank, crypto)", "Instill true Board accountability and improve corporate culture and diversity" ], "scqaResolution": "Elect Starboard's slate of highly qualified independent directors at the 2022 Annual Meeting to reconstitute the Board, install real accountability, separate the Chair/CEO roles and refocus management on the core chatbot business.", "thesisOneLiner": "LivePerson's founder-CEO and entrenched Board have destroyed value through strategy drift and toxic culture; Starboard's proxy slate will reconstitute the Board and refocus the company.", "precedentsCited": [], "scqaComplication": "Under LoCascio's unchecked leadership the company has drifted into unrelated ventures, churned through executives, suffered a ~70% share-price collapse, and developed a toxic, non-diverse culture enabled by an entrenched Board lacking a lead independent director.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 4, 5 ], "peerCompaniesCited": [ "BlackLine", "Box", "DataDog", "Five9", "HubSpot", "PROS Holdings", "SVMK", "Twilio", "Varonis Systems", "Zuora" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is the first page of a shareholder letter. 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However, the Company has struggled to execute on a consistent strategy, deliver on its commitments, and produce acceptable financial results.", "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 19:52:46.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2849c033-7eed-44ed-96a4-cffa1c78d86f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "Dear Fellow LivePerson 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 19:52:46.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38553ad4-eb1b-4d26-907e-a51f03fdf73b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.78, "y": 0.12 }, "kind": "paragraph", "text": "May 9, 2022", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": 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Here's his deal...he is a very good salesman. Could sell bottled saltwater to native Hawaiians. 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Advice to Management: For the love of all things, focus on the core business.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:45.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e036d1a8-5f36-45ba-8501-9bf146fe5832", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Being a part of LivePerson right now is like watching a plane crash in slow motion. The CEO is investing in the most random stuff like a health app to test for COVID despite no need for it anymore and a whole BANK? It's a chatbot company, we have no business being in those fields. We have a Chief Coaching Executive for some reason who just gives random \"motivational\" speeches while the company has layoffs of genuinely enjoyable employees and budget cuts out the wazoo. .... 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During 2020 and 2021, while promising accelerating growth, profit, and value creation for stockholders, the directors and officers collectively sold almost $40 million of the Company's stock. 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Despite our sincere desire to reach a mutual resolution with the Company, to date, the Board appears unwilling to accept any settlement that would include the level of change we believe is absolutely necessary to put LivePerson on a path to long-term success.", "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 19:52:47.33+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89854d7b-eea0-4225-9d88-63fefc449950", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "In 2006, a lawsuit was brought against the Company for gender discrimination, retaliation, wrongful termination, and fraudulent inducement/misrepresentation. In this lawsuit, the plaintiff (a former female employee) raised concerns of discrimination and unfair treatment by Mr. LoCascio, among others, to current Board member William Wesemann. The lawsuit alleges that although Mr. Wesemann was under the obligation to report and investigate these claims without prejudice or fear of retaliation, instead he ultimately deferred the handling of the matter to Mr. LoCascio who promptly terminated the plaintiff shortly after the concerns were raised. We are deeply troubled not only by the plaintiff's serious allegations of misconduct, but also the manner in which they were allegedly dealt with by the Board. We believe this incident illustrates both the Company's cultural issues as well as the Board's failure to instill accountability and provide effective oversight of the Company. 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We believe the Board's ineffectiveness may be in part due to the unchecked power of the founder, Rob LoCascio, who serves as CEO and Board Chair. Despite extremely poor results, Mr. LoCascio retains these combined roles, which is out of touch with best-in-class governance practices. To make matters worse, the Board does not even have a lead independent director, which we find entirely inexcusable. 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LivePerson, Inc., et al., Index No. 106522/06 (N.Y. Sup. Ct. May 11, 2006). 4 Source: Public company filings. Represents the aggregate value of stock sold on the open market by the Company's Board of Directors, John Collins, and Monica Greenberg. Includes transactions made pursuant to Rule 10b5-1 trading plans as well as stock sold to cover personal tax liabilities incurred in connection with the vesting of stock grants. 5 Officers and Directors defined as the current Board of Directors, John Collins, and Monica Greenberg.", "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. 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