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  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2020-04-30 00:00:00",
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  "pageNumber": 48,
  "pageCount": 131,
  "prevPage": 47,
  "nextPage": 49,
  "slideType": "expose_contradiction",
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  "nDataPoints": 15,
  "notes": "Uses a side-by-side bar chart comparison to highlight the gap between board-set targets and actual company performance.",
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      "kind": "callout",
      "text": "The Board has consistently lowered the bar for management.",
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      "subkind": null,
      "toolName": "Visual emphasis",
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      "kind": "chart",
      "text": "Comparison of Board Targets vs Actual Performance across Revenue, EBIT, and FCF",
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      "text": "incentive compensation targets",
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      "kind": "paragraph",
      "text": "The Board has continued to lower operating targets in response to management's poor performance. Management's annual incentive compensation is measured against Board-determined revenue, adjusted EBIT, and adjusted free cash flow targets.",
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      "text": "Source: GCP's public filings. (1) 2020E represents management guidance as of February 26, 2020 during the Q4 2019 earnings call. (2) Company performance represents Adjusted AICP performance result as presented in the Company's definitive proxy statements.",
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      "text": "The Board has consistently lowered the bar for management.",
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      "kind": "title",
      "text": "The Board Has Not Held Management Accountable for Poor Performance",
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