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  "docSlug": "798b531685a0",
  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-04-30 00:00:00",
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  "pageNumber": 82,
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  "slideType": "peer_benchmark",
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  "nDataPoints": 2,
  "notes": "Uses a bar chart to compare the ratio of line-level employees to managers between GCP and best-in-class peers.",
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      "kind": "callout",
      "text": "We believe GCP has an opportunity to reorganize the Company's corporate headcount.",
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      "kind": "callout",
      "text": "We believe there is an opportunity to reduce costs while preserving productivity by replacing managerial layers with more line-level employees.",
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      "text": "Ratio of Line-Level Employees to Managers",
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      "text": "We believe there is an opportunity to reduce costs while preserving productivity by replacing managerial layers with more line-level employees.",
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      "kind": "list",
      "text": "Our diligence suggests that the Company's ratio of line-level employees to managers in key support functions may be significantly lower than best-in-class peers. Aside from creating an elevated cost structure, a bloated managerial organization also leads to inefficient decision making due to overlapping spheres of control.",
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      "kind": "metric",
      "text": "ratio of line-level employees to managers: 4-5",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "We believe the Company may have too many managerial staff within key support functions.",
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      "kind": "source-note",
      "text": "Source: GCP's public filings, Starboard estimates and analysis from leading consulting firm engaged in the evaluation of GCP's operations and performance. (1) Best-in-class metrics based on guidance provided by leading consulting firm analyzing a broad group of industrial and chemical companies.",
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      "kind": "title",
      "text": "There are Opportunities to Reorganize Corporate Headcount",
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      "evidence": "Compares internal metrics against best-in-class peers to identify a performance gap.",
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      "evidence": "The deck presents Starboard's plan for value creation, including operational improvements and a new board.",
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      "evidence": "The deck prioritizes the most important areas for improvement and presents a plan to address them.",
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      "structure": "The Full Distribution -> The Vital Few (20%) -> The Trivial Many (80%) -> Focus Recommendation",
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