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  "docId": "019dd923-622b-71dc-a6dc-95d02b976161",
  "docSlug": "4b852ffa1ce3",
  "documentTitle": "Edgewater Technology, Inc. (EDGW)",
  "authorId": "21_Ancora",
  "authorName": "Jim Chadwick",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-01-24 00:00:00",
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  "pageNumber": 30,
  "pageCount": 35,
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  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "This is a classic activist investor 'conclusion' slide, framing the incumbent board as the villain and the activist as the solution.",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We propose an immediate improvement to the Company by replacing four of the six legacy Board members as a direct result of their failed attempt to create shareholder value over the past 11-years",
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      "kind": "list",
      "text": "Ancora has a better plan and better candidates for the Board. We propose replacing four of the six legacy Board members. Our nominees are highly qualified and have an impressive track record turning companies around.",
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      "text": "We plan to leverage our four candidates' knowledge and expertise to significantly improve Edgewater's financial and operating performance. We are confident we will be able to secure new senior leadership and develop equitable compensation structures.",
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      "kind": "list",
      "text": "Ancora will remain vigilantly engaged in an ongoing review of strategic alternatives. All options will remain on the table including uses of cash for return on capital purposes.",
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      "kind": "list",
      "text": "We believe Edgewater's Board is stale and has failed the Company's shareholders. With an average tenure of approximately 11 years, the Board has failed to add significant value. Since the existing Board has been in place, Edgewater's stock price has significantly underperformed.",
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      "kind": "list",
      "text": "We believe the incumbent Board has destroyed shareholder value through excessive compensation, its failure to develop a real succession plan, and a poorly managed strategic alternatives review. We fear the Board will continue to run Edgewater as a 'lifestyle' company.",
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      "kind": "title",
      "text": "CONCLUSION",
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      "evidence": "Frames the incumbent board as the cause of failure and the 'lifestyle' company problem.",
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      "evidence": "The document proposes solutions, including Ancora's plan and board candidates",
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      "name": "Golden Circle",
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      "evidence": "The document presents Ancora's plan as a solution to Edgewater's problems",
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      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
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