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  "docSlug": "d022b5102472",
  "documentTitle": "Deckers Outdoor Corporation (DECK)",
  "authorId": "07_Marcato",
  "authorName": "Richard T. McGuire III",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-11-01 00:00:00",
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  "pageNumber": 7,
  "pageCount": 59,
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      "kind": "callout",
      "text": "Shareholders cannot trust Deckers' Board and management to deliver on short-term and long-term financial goals",
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      "text": "Marcato has the right nominees with right experience to improve Deckers. Highly qualified nominees have fashion, apparel, retail, marketing & finance experience needed in board room. Independent of Marcato (8 of 9); Independent of management (9 of 9).",
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      "text": "Shareholders cannot trust Deckers' Board and management to deliver on short-term and long-term financial goals. Track record of failing to meet targets. New targets are incoherent.",
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      "kind": "list",
      "text": "Incumbent Board not qualified due to continued poor oversight and governance behavior. Executive pay not consistent with performance. Inadequate capital allocation plan. Board repeatedly rejected shareholder input. Entrenchment tactics necessitating lawsuit in Delaware.",
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      "kind": "list",
      "text": "Deckers value creation opportunity: 1. Focus on profitable growth of the core UGG Brand; 2. Sell or spin off non-core brands; 3. Target more aggressive closure of physical retail stores; 4. Reduce excessive SG&A; 5. Recapitalize the balance sheet; and 6. Align management compensation with margins, profitable growth, and total stockholder return.",
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      "kind": "title",
      "text": "WHY IS CHANGE NEEDED AT DECKERS?",
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      "arcName": "Overcoming the Monster",
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