{
  "docId": "019dd923-622b-71dc-a6da-0960d3a52cec",
  "docSlug": "798b531685a0",
  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-04-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 53,
  "pageCount": 131,
  "prevPage": 52,
  "nextPage": 54,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses bolding and underlining for emphasis on key negative findings.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-0960d3a52cec/53",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-0960d3a52cec",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-0960d3a52cec.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-0960d3a52cec#slide-53",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 1,
        "x": 0,
        "y": 0.85
      },
      "kind": "callout",
      "text": "It seems clear to us that the current Board is laden with significant interconnections among directors that have created an insular boardroom environment that lacks true independence.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0fc0d4e5-043e-423d-908a-8b8ff475c651",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.73
      },
      "kind": "list",
      "text": "In total, of the ten GCP Board nominees, FOUR have little, if any, industry relevance and FIVE have direct interconnects and personal relationships with their fellow directors.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34c9d911-4ff3-4c0e-bea1-95754678ac17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.55
      },
      "kind": "list",
      "text": "We believe the newly selected Board Nominees also have potential conflicts and lack relevance. John McPherson has direct business ties to a competitor. Armand Lauzon has no relevant public board experience.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fd8d264-ea5c-4cae-a4d5-a6afdcb24afe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.92,
        "x": 0.04,
        "y": 0.27
      },
      "kind": "list",
      "text": "We believe the GCP Board lacks independence and relevant experience. There are numerous interlocking relationships and a concentration of power. Three Board members control ALL leadership positions. Two other sets of directors served together previously.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb0b822d-d0a3-4c07-80f1-bd6e5db1ea8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "We believe there are multiple director interlocks and connections that suggest personal relationships, potential conflicts of interest, and a lack of true independence among board members.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3608e66e-5c84-4920-b858-320de896b0b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.01,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: GCP's public filings, Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0697ea34-c2ec-44f8-890f-646c72330031",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "The Current Board Has Significant Interlocks and Lacks Relevant Industry Experience",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b7b0b17-8fc5-4e6d-841b-c71b1793eddb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "38162166-8203-4d84-8ed6-fd6209a599bb",
      "evidence": "Critique of board independence and interlocks",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 120,
      "from": 41,
      "beatId": "cffa6cb1-8361-4f02-8c97-3df4d753bb2c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The deck presents Starboard's plan for value creation, including operational improvements and a new board.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 41,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "a42df05a-55ad-487d-bbc0-95888c8f4f55",
      "evidence": "The deck presents a detailed analysis of GCP's business and identifies areas for improvement.",
      "position": 1,
      "objective": "Break down the problem into manageable parts",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}