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  "documentTitle": "Newell Brands Inc. (NWL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-03-05 00:00:00",
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  "notes": "The slide combines a performance chart with a narrative argument regarding corporate governance and board composition.",
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      "text": "it shows a pattern of poor and deteriorating results well below management's long-term target.",
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      "text": "Bar chart showing quarterly adjusted operating margins from Q1'16 to Q1'18E",
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      "text": "Adjusted Operating Margin: 9.1%",
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      "kind": "paragraph",
      "text": "Despite the clear issues afflicting the Company... the Board has instead, we believe, attempted to disenfranchise shareholders with respect to the election of director candidates.",
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      "text": "We believe that management is clearly providing an aspirational outlook for results later in the year... historical results show a pattern of poor and deteriorating results well below management's long-term target.",
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      "kind": "source-note",
      "text": "Source: Company filings; Newell management commentary; Starboard estimates; Wall Street estimates",
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      "kind": "title",
      "text": "Newell Adjusted Operating Margin Since Jarden Acquisition",
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