{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9d-2310ae33859a", "slug": "088de79b26ea", "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-2310ae33859a", "slug": "088de79b26ea", "title": "LivePerson, Inc. (LPSN)", "rawTitle": "ex1todfan14a06297320 050922", "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": "2022-05-ex1todfan14a06297320_050922.pdf", "sourceUrl": null, "sourceDate": "2022-05-09 00:00:00", "presentationDate": "2022-05-09 00:00:00", "ingestedAt": "2026-04-23 08:08:00+00", "status": "ready", "pageCount": 6, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "LivePerson, Inc.", "targetTicker": "LPSN", "metadata": { "local_root": "/tmp/legacy-images/088de79b26ea", "activist_firm": "Starboard Value LP", "origin_corpus": "contrarian", "extraction_seconds": 277.30861806869507 } }, "coverage": { "pageCount": 6, "pagesIndexed": 6, "pagesWithImages": 6, "pagesWithMetadata": 6, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 47, "chartCount": 1, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 2, "frameworkMatches": 2, "arcMatches": 1, "beatMatches": 3, "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": "452079f3-0302-4c8a-b404-3fd92361d4f0", "evidence": "The document presents a clear villain (the current management) and critiques their performance.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:03:52.701465+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "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": "The Monster", "beatId": "21018366-3c50-4fca-bf50-9481d21f15cc", "matchId": "452079f3-0302-4c8a-b404-3fd92361d4f0", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The villain critique of LivePerson's management", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "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": "The Struggle", "beatId": "9e2904b9-8462-4944-9782-003b32f2cdb3", "matchId": "452079f3-0302-4c8a-b404-3fd92361d4f0", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The presentation of executive officer turnover and lack of female representation on the board", "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. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 6, "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": 6, "name": "The Victory", "beatId": "30cfe887-9ab6-48f8-b337-a5b8cacbefe6", "matchId": "452079f3-0302-4c8a-b404-3fd92361d4f0", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The closing ask to shareholders", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 2, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "ce56f6a9-2c8b-4672-b97e-592835c18030", "evidence": "The presentation of several issues with the current management", "position": 0, "objective": "Reveal the issues with the current management", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:03:52.845337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "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": "3063d492-655c-4f65-bef6-114ae8ee0a3e", "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": "4d61dc53-e378-4599-9b7f-8d20d0e1503c", "evidence": "Robert (Rob) LoCascio, founder/CEO/Board Chair; board member William Wesemann also named in connection with 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 }, { "tool": { "name": "Anadiplosis", "slug": "anadiplosis", "status": "active", "bestFor": null, "canonId": "019dd956-a0a5-75f9-a98c-7b7d8ee377a1", "version": 1, "bodyDocId": null, "description": "Ending one clause with a word that begins the next", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "85898a06-9cb8-4f7b-a109-9fa653e49631", "evidence": "The use of repeated structures and phrases, such as 'Advice to Management' followed by similar quotes, creates an anadiplosis effect.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:48.788759+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "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": "slide", "agents": null, "matchId": "40104ee4-76a6-4f03-8c3e-a023c1daddab", "evidence": "The slide presents a critical view of LivePerson's CEO, Robert LoCascio, with quotes from employees and metrics highlighting low approval ratings.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:18:48.754351+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "2d4a019f-b8c5-4acf-a8ff-2fbe4c6f0642", "evidence": "The slide explicitly frames the CEO as the source of corporate failure through negative testimonials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:52:47.788+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "antagonist-introduction" }, { "matchId": "8118f9ea-2383-467c-8847-4d4c338c447e", "evidence": "Contrasts quantitative board diversity data with qualitative employee testimonials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:52:44.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "expose_contradiction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Six-page stockholder letter filed as DFAN14A exhibit during Starboard's proxy fight at LivePerson's 2022 Annual Meeting. Unusual for an activist letter in that the central argument is corporate culture and governance rather than financial/operational mispricing — heavily sourced from anonymous Glassdoor reviews (multiple long verbatim excerpts, 'plane crash in slow motion', 'wet noodles' board) and a 2006 gender-discrimination lawsuit (Cash v. LivePerson). Page 3 has an Executive Officer Turnover grid with photos of 3 CFOs, 3 CTOs, 3 sales heads. Page 4 has paired peer-gap bar charts on board diversity (14% vs 30%). Word-style body with institutional-quality embedded charts. Signed by Peter Feld, Managing Member. No valuation/price target in this letter; follow-up materials promised.", "kpisCited": [ { "detail": "Approximately 9.7% of LivePerson's outstanding shares", "metric": "Starboard ownership stake" }, { "detail": "Rob LoCascio 14% below Proxy Peer group average; lowest in peer group", "metric": "CEO Glassdoor approval rating" }, { "detail": "LivePerson ranks dead last among Proxy Peers", "metric": "Employee 'recommend to a friend' rating" }, { "detail": "14% vs. 30% Proxy Peer average (~2x below peers)", "metric": "Female representation on Board" }, { "detail": "14% vs. 30% Proxy Peer average (~2x below peers)", "metric": "Underrepresented communities on Board" }, { "detail": "13 years", "metric": "Average Board tenure" }, { "detail": "Three CFOs in the past five years", "metric": "CFO turnover" }, { "detail": "Three heads of technology in the past five years", "metric": "Head of Technology turnover" }, { "detail": "Switched head of sales four times in the past five years", "metric": "Head of Sales turnover" }, { "detail": "Directors and officers sold nearly $40 million of stock", "metric": "Insider stock sales 2020-2021" }, { "detail": "Zero open-market buys by any officer or director", "metric": "Insider open-market purchases past 3 years" }, { "detail": "Down 26% the day after Q4 2021 earnings (Feb 24, 2022); over 70% from peak", "metric": "Share price decline" } ], "closingAsk": "Support Starboard's slate of independent director nominees at LivePerson's 2022 Annual Meeting to reconstitute the Board.", "extraction": { "at": "2026-04-23 08:08:00+00", "model": "unknown-legacy", "runId": null, "seconds": 277.30862, "promptVersion": null }, "scqaReward": "The letter offers no explicit price target; Starboard argues reconstituting the Board is the critical first step toward unlocking long-term value after a ~70%-from-peak share-price decline.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Founder-CEO LoCascio has the lowest Glassdoor approval in the peer group; culture rewards loyalty over performance", "Three CFOs, three tech heads, and four sales-leader changes in the past five years", "Directors and officers sold ~$40M of stock in 2020-2021 as shares fell 70% from peak" ], "scqaSituation": "LivePerson is a publicly-traded conversational AI/chatbot company with strong underlying technology and a world-class customer base, led by founder and combined CEO/Board Chair Robert LoCascio.", "thesisSummary": "Starboard Value owns approximately 9.7% of LivePerson, a conversational AI/chatbot company it believes has strong technology and customers but has chronically missed commitments under founder-CEO Rob LoCascio. The letter catalogs systemic corporate-culture failures evidenced by Glassdoor reviews calling the company 'a plane crash in slow motion,' the lowest CEO approval rating in the proxy peer group (14% below peer average), three CFOs and three heads of technology in five years, and a 2006 gender-discrimination lawsuit implicating current board member William Wesemann. Starboard also highlights ~$40 million of insider selling during 2020-2021 while management promised accelerating growth, a board with no lead independent director, 13-year average director tenure, and 14% female/underrepresented board representation versus a 30% peer average. Starboard filed preliminary proxy materials on April 20, 2022, nominating a director slate for the 2022 Annual Meeting to reconstitute the board and instill accountability.", "primaryDemands": [ "Reconstitute the Board with new, independent, highly qualified directors", "Elect Starboard's nominated director slate at the 2022 Annual Meeting", "Separate the combined CEO and Board Chair roles held by founder Rob LoCascio", "Appoint a lead independent director", "Increase Board diversity (gender and underrepresented communities)", "Improve accountability, governance practices, and refocus on core chatbot business" ], "scqaResolution": "Starboard filed preliminary proxy materials nominating a slate of qualified independent directors for the 2022 Annual Meeting to reconstitute the Board, separate the Chair role, and restore accountability.", "thesisOneLiner": "Starboard owns 9.7% of LivePerson and is running a proxy fight to reconstitute the board and unseat founder-CEO Rob LoCascio, arguing toxic culture and weak governance have driven chronic underperformance.", "precedentsCited": [], "scqaComplication": "Chronic strategy shifts, missed commitments, severe stock-price collapse, heavy executive turnover, a 2006 gender-discrimination lawsuit, and a toxic founder-first culture reveal entrenched governance failures on a board with no lead independent director.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 4 ], "peerCompaniesCited": [ "BlackLine", "Box", "DataDog", "Five9", "HubSpot", "PROS Holdings", "SVMK", "Twilio", "Varonis Systems", "Zuora" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is the first page of a shareholder letter; the text cuts off at the bottom.", "function": "frame_problem", "imagePath": "https://imgproxy.kitesheet.com/ChTzhlWIWgNrwE4WAUUkUPsy5ejHRzng6B8vkP8lv7o/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wODhkZTc5YjI2ZWEvcDAwMS5wbmc", "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": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 9, "textChars": 1116, "nDataPoints": 1, "notes": "This is the first page of a shareholder letter; the text cuts off at the bottom.", "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:52:44.949+00", "seconds": 4.272, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-2310ae33859a/1", "deck": "/decks/019dd923-622c-750b-8b9d-2310ae33859a", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-2310ae33859a#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9d-2310ae33859a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe this repeated behavior is the outcome of broader and more systemic problems, including a poor corporate culture that appears to reward loyalty to the founder over performance.", "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 22:45:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7bf-8c267a01a492", "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 19:52:44.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "054af944-ad73-4740-b0ff-8c9fad36e6ee", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.64 }, "kind": "paragraph", "text": "As highlighted in our preliminary proxy statement and letter to the Board dated April 7, 2022, LivePerson has been challenged with deteriorating growth and profitability resulting in a recent and severe collapse in its share price.", "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 19:52:44.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bd40405-767c-4b9a-b75a-bcdee3d42157", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.78, "y": 0.13 }, "kind": "paragraph", "text": "May 9, 2022", "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 19:52:44.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "121b9ff9-7f02-490f-8284-5567ea755492", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.26 }, "kind": "paragraph", "text": "Starboard Value LP (together with its affiliates, “Starboard”) currently owns approximately 9.7% of the outstanding shares of LivePerson, Inc.", "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 19:52:44.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d5a84c0-e083-4ceb-8a50-8be7e0aaa8ea", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.38 }, "kind": "paragraph", "text": "As we have communicated previously, we invested in LivePerson because we believe the Company has strong products, terrific underlying technology, and a world-class customer base.", "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 19:52:44.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b4738fd-37d9-4d13-bf34-111d41d3f6fb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.12, "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 19:52:44.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b52d4ec-8a93-4df6-b899-3d8595939b6a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.51 }, "kind": "paragraph", "text": "On April 20, 2022, we filed preliminary proxy materials with the Securities and Exchange Commission in connection with our nomination of a slate of highly qualified director candidates.", "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 19:52:44.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c236716a-63ec-4a71-a710-6ae110aa9094", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.85 }, "kind": "paragraph", "text": "The Company’s widespread corporate culture problems are further exemplified by poor ratings and commentary posted on Glassdoor.", "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 19:52:44.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3ddaddd-42fa-4b53-95f4-2f7f1f244b22", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/7A4ddD2DWCP2lhDmLe67KfycgulLkxSV4l8krHhNSNA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wODhkZTc5YjI2ZWEvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/l_ZEja6PW-lWTZAjCsYgIOmK-oSIj1Miq4FX781GGDw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wODhkZTc5YjI2ZWEvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/r9M83yCxwZ0f3HnbxzP3wONpklQ5NOyLL_FWWVJp1_Q/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wODhkZTc5YjI2ZWEvcDAwMS5qcGc" }, { "page": 2, "type": "tension", "title": "The slide uses negative testimonials to frame the CEO as incompetent and distracted.", "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": "overcrowded", "densityScore": 79, "componentCount": 8, "textChars": 2444, "nDataPoints": 1, "notes": "The slide uses negative testimonials to frame the CEO as incompetent and distracted.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:52:47.788+00", "seconds": 7.057, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-2310ae33859a/2", "deck": "/decks/019dd923-622c-750b-8b9d-2310ae33859a", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-2310ae33859a#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9d-2310ae33859a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Beyond these survey results, we believe a sampling of the Glassdoor reviews from anonymous employees of LivePerson provides ample evidence of the severe issues with corporate culture.", "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 22:45:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7c0-1e908c3c26cb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "employee approval rating: 14%", "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 22:45:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7c0-2551acca5fcd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "LivePerson, Robert LoCascio, has among the lowest approval ratings in the entire Proxy Peer group with an approval rating that is 14% below the average of the Proxy Peer group. Furthermore, LivePerson even ranks dead last among Proxy Peers on whether employees would recommend the Company to a friend.", "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 19:52:47.788+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51b3f680-be8c-449e-86a2-8e539fede94e", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.23 }, "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... Advice to Management: Get it together, work on what you know and stop trying to do random crap that doesn't apply to our core business model.", "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 19:52:47.788+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1905a75f-a098-4496-8241-26da7e97b1d4", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "quote", "text": "Sometimes I have to just tell friends about how this company is run and the incredibly bizarre things that happen here to make sure I'm not going crazy... 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 19:52:47.788+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b2fff08-e10a-4483-80cf-75be502c7906", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "quote", "text": "And then there is the CEO. Oh...man. Here's his deal...he is a very good salesman. Could sell bottled saltwater to native Hawaiians. Except the problem is, HE would have been the one who came up with the idea to actually bottle saltwater, which is a TERRIBLE business idea!", "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 19:52:47.788+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2a5a220-3611-46c7-9f6a-aa22b9939aa9", "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.\" — Anonymous Glassdoor Review (April 14, 2022); \"Sometimes I have to just tell friends about how this company is run and the incredibly bizarre things that happen here to make sure I'm not going crazy.\" — Anonymous Glassdoor Review (August 11, 2021); \"And then there is the CEO. Oh...man. Here's his deal...he is a very good salesman. Could sell bottled saltwater to native Hawaiians. Except the problem is, HE would have been the one who came up with the idea to actually bottle saltwater, which is a TERRIBLE business idea!\" — Anonymous Glassdoor Review (September 27, 2021)", "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 22:45:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7c0-204c4fbc1541", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.87 }, "kind": "source-note", "text": "1 Proxy Peers defined as the Company's peers as published on page 26 of the Company's 2021 proxy statement. Reflects the approval ratings of LivePerson and its Proxy Peers on Glassdoor as of May 4, 2022. 2 Reflects the rankings of LivePerson and its Proxy Peers on Glassdoor as of May 4, 2022.", "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 19:52:47.788+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77247970-04e8-4279-b541-1ea1e8340d43", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Anadiplosis", "slug": "anadiplosis", "status": "active", "bestFor": null, "canonId": "019dd956-a0a5-75f9-a98c-7b7d8ee377a1", "version": 1, "bodyDocId": null, "description": "Ending one clause with a word that begins the next", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "85898a06-9cb8-4f7b-a109-9fa653e49631", "evidence": "The use of repeated structures and phrases, such as 'Advice to Management' followed by similar quotes, creates an anadiplosis effect.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:18:48.788759+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "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": "slide", "agents": null, "matchId": "40104ee4-76a6-4f03-8c3e-a023c1daddab", "evidence": "The slide presents a critical view of LivePerson's CEO, Robert LoCascio, with quotes from employees and metrics highlighting low approval ratings.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.9, "extraction": { "at": "2026-07-16 23:18:48.754351+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "2d4a019f-b8c5-4acf-a8ff-2fbe4c6f0642", "evidence": "The slide explicitly frames the CEO as the source of corporate failure through negative testimonials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:52:47.788+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "antagonist-introduction" } ], "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": "The Monster", "beatId": "21018366-3c50-4fca-bf50-9481d21f15cc", "matchId": "452079f3-0302-4c8a-b404-3fd92361d4f0", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The villain critique of LivePerson's management", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 2, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "ce56f6a9-2c8b-4672-b97e-592835c18030", "evidence": "The presentation of several issues with the current management", "position": 0, "objective": "Reveal the issues with the current management", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:03:52.845337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "tension", "title": "The slide uses a grid of headshots to visualize the high churn rate of CFOs, Heads of Technology, and Heads of Sales.", "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": "overcrowded", "densityScore": 88, "componentCount": 11, "textChars": 1774, "nDataPoints": 3, "notes": "The slide uses a grid of headshots to visualize the high churn rate of CFOs, Heads of Technology, and Heads of Sales.", "elementsJson": [ "paragraph", "headshot", "data_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:52:44.931+00", "seconds": 4.167, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-2310ae33859a/3", "deck": "/decks/019dd923-622c-750b-8b9d-2310ae33859a", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-2310ae33859a#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9d-2310ae33859a.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.18, "x": 0.615, "y": 0.555 }, "kind": "callout", "text": "Switched head of sales four times over within the past five years", "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 19:52:44.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fc84411-1c76-437f-a59c-ecbc9e63bf5b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.18, "x": 0.235, "y": 0.555 }, "kind": "callout", "text": "Three CFOs within the past five years", "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 19:52:44.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acde2b4a-b89c-4bf2-9a3f-d7c4de93eb75", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.18, "x": 0.425, "y": 0.555 }, "kind": "callout", "text": "Three heads of technology within the past five years", "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 19:52:44.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d78db3ee-ffbd-45df-bd26-505bb4ccb3b1", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Three CFOs within the past five years; Three heads of technology within the past five years; Switched head of sales four times over within the past five years.", "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 22:45:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7bf-b04d02ccf72d", "parentComponentId": null }, { "bbox": { "h": 0.265, "w": 0.766, "x": 0.117, "y": 0.315 }, "kind": "image", "text": "Grid of executive headshots", "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": "Headshot", "slug": "headshot", "status": "active", "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf", "version": 1, "description": null }, "framework": null }, "subkind": "headshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:44.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55b765cc-ef9c-4b59-a418-4ee6969594f3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "executive turnover: 4", "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 22:45:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7bf-b606c6f491ae", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.766, "x": 0.117, "y": 0.665 }, "kind": "paragraph", "text": "In addition, the Company’s corporate culture appears to be one that does not embrace, encourage, or champion fresh perspectives, diverse views, and experiences. We believe this problem stems from the top as the Board has an average tenure of 13 years and currently has only one female member and one member of another underrepresented community – a level of diverse representation that is significantly below generally acceptable levels and well below that of the Company’s Proxy Peer group.", "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 19:52:44.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57ad661f-2dcc-44e3-b0c9-c22afb9e773f", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.203 }, "kind": "paragraph", "text": "We believe these issues have contributed to the excessive executive turnover at LivePerson. As we noted in our preliminary proxy statement, the Company has alternated four times between three heads of sales and has had three Chief Financial Officers and three heads of technology in just the last five years.", "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 19:52:44.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a21a38d0-bbaa-43d6-ace8-1a23eaceac1f", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.766, "x": 0.117, "y": 0.093 }, "kind": "paragraph", "text": "Interestingly, since our involvement in LivePerson became public, we have received unsolicited inbound calls and emails from current employees of the Company. Their concerns closely echo many of the issues highlighted in the quotes above and center around poor corporate culture, a lack of focus on the core business, and challenges with leadership and board oversight.", "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 19:52:44.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd856668-e39c-454a-b700-4cfc799d109b", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.766, "x": 0.117, "y": 0.605 }, "kind": "source-note", "text": "Source: Public company filings, transcripts, presentations, and LinkedIn. (1) Joined LivePerson in 2019, but named Chief Financial Officer in 2020. (2) Based specifically Mr. Carrelli’s LinkedIn profile as of 4/19/2022.", "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 19:52:44.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2de63b16-e31b-4885-b198-52fd0cc8a3c0", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.766, "x": 0.117, "y": 0.267 }, "kind": "title", "text": "Executive Officer Turnover", "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 19:52:44.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80eeec7e-2df1-404d-bb0f-a7d29ce90929", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "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": "The Struggle", "beatId": "9e2904b9-8462-4944-9782-003b32f2cdb3", "matchId": "452079f3-0302-4c8a-b404-3fd92361d4f0", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The presentation of executive officer turnover and lack of female representation on the board", "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. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 2, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "ce56f6a9-2c8b-4672-b97e-592835c18030", "evidence": "The presentation of several issues with the current management", "position": 0, "objective": "Reveal the issues with the current management", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:03:52.845337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "tension", "title": "Uses Glassdoor reviews to contrast company claims with employee sentiment.", "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": "overcrowded", "densityScore": 89, "componentCount": 10, "textChars": 2187, "nDataPoints": 4, "notes": "Uses Glassdoor reviews to contrast company claims with employee sentiment.", "elementsJson": [ "bar_chart_vertical", "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:52:44.137+00", "seconds": 3.235, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-2310ae33859a/4", "deck": "/decks/019dd923-622c-750b-8b9d-2310ae33859a", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-2310ae33859a#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b9d-2310ae33859a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Informed by the online reviews from anonymous current and former employees on Glassdoor, we believe the Board’s lack of diversity has permeated throughout the Company, resulting in broader issues which exacerbate the Company’s cultural problems.", "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 22:45:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7bf-eb28c6927818", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "chart", "text": "Comparison of board diversity metrics (Female and Underrepresented Communities) between Proxy Peer Average and LivePerson.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:44.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24544d7b-7c9c-42c0-a260-2d808d6dd15c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Board Diversity: 14%", "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 22:45:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7bf-f08cb1c8cc00", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.39 }, "kind": "paragraph", "text": "Informed by the online reviews from anonymous current and former employees on Glassdoor, we believe the Board's lack of diversity has permeated throughout the Company, resulting in broader issues which exacerbate the Company's cultural problems.", "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 19:52:44.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b35a1b3b-584b-4672-a018-8ff721bfa7c4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.79 }, "kind": "paragraph", "text": "Upon further investigation, we have found that these issues do not seem to be new. In addition to the employees that have recently reached out to us to voice their concerns about the current corporate culture at LivePerson, we have also found evidence that these are long-standing issues.", "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 19:52:44.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2dab7fb-8f78-4f08-a9f0-eccc5df1358d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.66 }, "kind": "quote", "text": "Employees are treated poorly... Lastly there is a lot about equality being advertised at the company level, but the reality is very different. Women are not treated as well (promotion, hire ) which is a real discussion in between the employees globally.", "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 19:52:44.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13576f23-e189-491e-9662-5a4ef2153d3b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.46 }, "kind": "quote", "text": "Fun place, poor leadership, male dominated... There's a mold- white men and young women. Lacks diversity in tight and leadership. Unsupportive over the pandemic in various ways... Advice to Management: Rob and the leadership team lack empathy and diversity", "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 19:52:44.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68a0ef2b-e3e3-4527-a9de-36b497d22bb4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.59 }, "kind": "quote", "text": "Poor Culture... Toxic culture that started with the senior leadership. Lack of diversity in leadership roles. Unrealistic expectations about work/life balance.", "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 19:52:44.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec83c831-a821-45b0-a179-da3f09a761c2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Fun place, poor leadership, male dominated... There’s a mold- white men and young women. Lacks diversity in tight and leadership. Unsupportive over the pandemic in various ways... Advice to Management: Rob and the leadership team lack empathy and diversity - which is oh so needed especially during a pandemic. Get on board mentality or else. — Glassdoor (January 14, 2022)", "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 22:45:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7bf-edbe19c6adda", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.34 }, "kind": "source-note", "text": "Source: Public company filings. (1) Per latest proxy statement as of 05/08/2022. (2) Represents non-gender diversity. Proxy peer average only includes peers which explicitly disclose specific non-gender diversity statistics...", "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 19:52:44.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4191950c-7179-4c61-8cee-c23ffe60d0f1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8118f9ea-2383-467c-8847-4d4c338c447e", "evidence": "Contrasts quantitative board diversity data with qualitative employee testimonials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:52:44.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "expose_contradiction" } ], "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": "The Struggle", "beatId": "9e2904b9-8462-4944-9782-003b32f2cdb3", "matchId": "452079f3-0302-4c8a-b404-3fd92361d4f0", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The presentation of executive officer turnover and lack of female representation on the board", "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. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 2, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "ce56f6a9-2c8b-4672-b97e-592835c18030", "evidence": "The presentation of several issues with the current management", "position": 0, "objective": "Reveal the issues with the current management", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:03:52.845337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "tension", "title": "This is a text-heavy page from a shareholder letter, likely an activist investor campaign document.", "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": 68, "componentCount": 6, "textChars": 4021, "nDataPoints": 3, "notes": "This is a text-heavy page from a shareholder letter, likely an activist investor campaign document.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:52:45.798+00", "seconds": 4.559, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-2310ae33859a/5", "deck": "/decks/019dd923-622c-750b-8b9d-2310ae33859a", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-2310ae33859a#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9d-2310ae33859a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "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.", "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 22:45:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7c0-0ba7a08cc994", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.78 }, "kind": "paragraph", "text": "Collectively, we believe these issues can be fixed, however, a critical first step is reconstituting the Board with new, highly qualified and independent directors who have relevant experience and who are committed to providing effective oversight and instilling accountability in the boardroom. 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 19:52:45.798+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "316bacb0-91aa-4713-a365-87831c539950", "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. This lawsuit seems to have been settled quickly and without any disclosure regarding remuneration to the plaintiff or other terms.", "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 19:52:45.798+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80af7a99-8bbd-4e90-a71e-345757358e66", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.62 }, "kind": "paragraph", "text": "While the Company's directors have stood idly by, tacitly endorsing management's stewardship of the Company, they have been actively liquidating their holdings in the Company. 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. Remarkably, there has not been a single officer or director who has demonstrated his or her faith in the Company by purchasing shares on the open market at any time in the past three years, even following the fourth quarter 2021 earnings release on February 24, 2022, when the Company's stock price declined 26% on the following day and over 70% from its peak.", "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 19:52:45.798+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e409ee5-30c6-4f1b-b722-703d057bfcd7", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.78, "x": 0.11, "y": 0.38 }, "kind": "paragraph", "text": "Beyond the serious cultural issues highlighted in this letter and the operational and financial issues we have previously disclosed, we continue to believe there are also significant issues with corporate governance, compensation practices, and overall board function. 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. We believe this may be the result of the Board not knowing what good governance looks like, as not a single member of the Board has ever served on another U.S. public company board or has any meaningful enterprise software experience.", "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 19:52:45.798+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd5a4245-17c6-45f0-945c-8f7330772239", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "3 See Cash v. 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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:52:45.798+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa423821-1e21-4942-b921-af21e9fe15ef", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 5, "from": 2, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "ce56f6a9-2c8b-4672-b97e-592835c18030", "evidence": "The presentation of several issues with the current management", "position": 0, "objective": "Reveal the issues with the current management", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:03:52.845337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "setup", "title": "This is the final page of a shareholder letter, serving as a sign-off.", "function": "state_next_steps", "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": "state_next_steps", "functionCanon": { "name": "State next steps", "slug": "state_next_steps", "status": "active", "canonId": "019de52d-14ca-70ac-b534-971f458cdf29", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 3, "textChars": 498, "nDataPoints": 0, "notes": "This is the final page of a shareholder letter, serving as a sign-off.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:52:43.653+00", "seconds": 2.328, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9d-2310ae33859a/6", "deck": "/decks/019dd923-622c-750b-8b9d-2310ae33859a", "deckAnchor": "/decks/019dd923-622c-750b-8b9d-2310ae33859a#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b9d-2310ae33859a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Over the coming weeks leading up to the Annual Meeting, we will publish detailed materials outlining our views on the opportunities at LivePerson and we look forward to speaking directly with you, our fellow stockholders.", "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 22:45:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ec-7186-b7bf-a25d1c702900", "parentComponentId": null }, { "bbox": { "h": 0.097, "w": 0.143, "x": 0.588, "y": 0.181 }, "kind": "paragraph", "text": "Sincerely,\nPeter Feld\nManaging Member\nStarboard 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 19:52:43.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47b01393-8c14-47e9-a8ac-4e2a50698599", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "Over the coming weeks leading up to the Annual Meeting, we will publish detailed materials outlining our views on the opportunities at LivePerson and we look forward to speaking directly with you, our fellow 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 19:52:43.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d52ed165-88f0-4a62-bc1e-dd454cd6ea91", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "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": 6, "name": "The Victory", "beatId": "30cfe887-9ab6-48f8-b337-a5b8cacbefe6", "matchId": "452079f3-0302-4c8a-b404-3fd92361d4f0", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The closing ask to shareholders", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 2, "to": 2, "label": "The Monster", "description": "The villain critique of LivePerson's management" }, { "from": 3, "to": 4, "label": "The Struggle", "description": "The presentation of executive officer turnover and lack of female representation on the board" }, { "from": 6, "to": 6, "label": "The Victory", "description": "The closing ask to shareholders" } ], "loops": [ { "from": 2, "to": 5, "label": "The Reveal", "description": "Reveal the issues with the current management" } ] }