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  "documentTitle": "FirstGroup plc (FGP)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2014-01-15 00:00:00",
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  "notes": "Uses a stock performance chart to illustrate the 'cost' of poor management accountability.",
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      "text": "National Express vs. FirstGroup stock performance since Mr Finch became National Express CEO in February 2010:",
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      "text": "Stock performance chart comparing FGP LN and NEX LN from 2010 to 2014",
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      "text": "In a complex business where management is essential, we believe there has been significant employee turnover due to poor accountability and weak incentives following the Laidlaw acquisition. Dean Finch, who we believe has a reputation of being a strong operator, left in 2010 and has successfully turned around National Express. National Express vs. FirstGroup stock performance since Mr Finch became National Express CEO in February 2010:",
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      "text": "The proposed FirstGroup US and New FirstGroup will have independent boards and improved transparency that allows for better accountability and better alignment of incentives. Despite the Company’s multiple setbacks since 2007, there has been little public accountability at the senior management level. Currently, we believe there is a misalignment of incentives as Management owns very little stock, at less than 0.15%. Restructuring the Company in this manner will improve transparency and allow shareholders to hold Management directly accountable.",
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      "text": "stock performance: -62%",
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      "text": "Source: Bloomberg. (1) Bloomberg data.",
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      "text": "Operational benefits: accountability & transparency",
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