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SpartanNash's stock price performance since August 2019 starts from its lowest-ever stock trading price. Recent stock price performance is largely a function of how much grocers have benefited during the COVID-19 pandemic. 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As such, the Company should have been on a run rate of at least $262.8 million.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:17:33.128+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d867239-d41b-4ea5-8aac-5a96a2ac7aec", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.68 }, "kind": "list", "text": "By comparison, similarly sized grocer Ingles grew EBTIDA by 98% and food distribution peer United Natural Foods grew 169% over the same period", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:17:33.128+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5ad793d-153e-4ebd-ba37-9d635419ee09", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.92 }, "kind": "other", "text": "Source: SEC Filings, Bloomberg LP. 1: SpartanNash Investor Presentation from December 12th, 2014 (Cost synergies were projected to be $52 million in total) Macellum Advisors GP, LLC", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:17:33.128+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e24a7b45-3e05-4487-b3c5-746e0dfbec04", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "paragraph", "text": "Yet, seven years later, the Company announced just $214 million in EBITDA for 2021. 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Failure to hold management accountable for persistent underperformance, with excessive executive compensation. Failure to oversee the development of a credible and clearly articulated three-year operating plan. 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Lack of relevant food distribution and grocery sector expertise. 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VOSS ACCOUNTABLE FOR THE BOARD'S EXCESSIVE TENURE, INEFFECTIVE REFRESH AND LACK OF RELEVANT EXPERIENCE TO HELP DELIVER ENDURING VALUE AT SPARTANNASH", "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": "2026-07-16 19:17:36.301+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "652497f8-096a-4f89-af33-a40098c8add1", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Extremely long tenure of 24 years, including his board service at Nash Finch, where he also served as its Chairman. Lack of relevant food distribution and grocery sector expertise. Lack of meaningful ownership in the Company. Has served as Chair of the Nominating and Corporate Governance Committee since 2018 (4 years). It took our nomination of new director candidates to result in three long-tenured directors finally stepping down from the Board - while still leaving three long-tenured directors on the Board and in key leadership positions. 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(STKL) TSR: (74%) and (144%) relative to the S&P 500 over the same period\nThe Pep Boys – Manny, Moe and Jack (PBY) TSR: (42%) and (173%) relative to the S&P 500 over the same period\nAurora Cannabis (ACB) TSR: (96%) and (163%) relative to the S&P 500 over the same period", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:17:36.134+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14f0a8b5-ff67-4d6e-b6e7-21c41727efe0", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 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