{
  "docId": "019dd923-622b-71dc-a6dc-52ab24c53815",
  "docSlug": "1dca9cf84925",
  "documentTitle": "Union Pacific Corporation (UNP)",
  "authorId": "15_Soroban",
  "authorName": "Eric Mandelblatt",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-02-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 32,
  "pageCount": 43,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "precedent_table",
  "function": "cite_precedent",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a 'before-after' logic applied to three distinct case studies to build a precedent for the current activist campaign.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-52ab24c53815/32",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-52ab24c53815",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-52ab24c53815.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-52ab24c53815#slide-32",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "As has been historically demonstrated, installing experienced operational leadership across the railroad industry has consistently and dramatically improved outcomes – it will be no different at UNP",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3b-7248-a18f-afcda7cfb314",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.87
      },
      "kind": "paragraph",
      "text": "After replacing existing management with experienced operational leadership, CP, CSX, and CNI have all been widely regarded as best in class among the North American Class I railroads",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6fe80fe-8310-4633-9d34-4d907998bec1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "note: peers include all public Class I railroads. (1) Includes dividends; calculation uses day before public rumors of shareholder engagement as starting date; CN shareholder outcome as of 2/22/2022. - 32 -",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81070e2b-67b3-4a3f-b612-af49ab3077bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.02,
        "y": 0.2
      },
      "kind": "table",
      "text": "Table comparing CP (2012), CSX (2017), and CNI (2021) activist campaigns.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "306409d2-fd3f-4502-80a4-49d4a01bb3e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "title",
      "text": "As has been historically demonstrated, installing experienced operational leadership across the railroad industry has consistently and dramatically improved outcomes – it will be no different at UNP",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab29553a-1631-4b07-94e5-497a663e2073",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.02,
        "y": 0.02
      },
      "kind": "title",
      "text": "Railroad industry has a long history of experienced operational leadership improving outcomes",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b25ea334-ab1a-4246-9c1c-85726faa8d19",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "precedent-table",
      "slug": null,
      "matchId": "d47c97cb-f3e2-4f5d-bee2-17cb11522aaa",
      "evidence": "The slide uses a structured table to compare historical activist campaigns to support a current thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 32,
      "from": 32,
      "name": "Funnel Analysis",
      "slug": "32-funnel-analysis",
      "bestFor": "Sales optimization, customer journey, process efficiency",
      "matchId": "40cfeab8-5ba3-4073-9927-a24962c0b5c0",
      "evidence": "Slide 32 presents a precedent table highlighting the importance of experienced operational leadership",
      "position": 1,
      "objective": "Show the need for operational improvement",
      "structure": "Top of Funnel -> Stage 1 Conversion -> Stage 2 Conversion -> Bottom of Funnel -> The Leak",
      "confidence": 0.6,
      "description": "Show progressive filtering through stages to identify where drop-off occurs"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}