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  "documentTitle": "Edgewater Technology, Inc. (EDGW)",
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  "authorName": "Jim Chadwick",
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  "presentationDate": "2017-01-24 00:00:00",
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      "text": "We believe change is warranted and necessary as a result of Edgewater's entrenched Board and management team.",
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      "text": "Poor Operating Performance: The Company consistently generates sub-par operating margins, which appear to result from the fact that SG&A expenses as a percentage of revenues are more than 50% greater than that of its consulting peers.",
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      "text": "Board’s Lack of Independence: Six of the eight members on Edgewater’s current Board have served as Edgewater directors for over 10 years",
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      "text": "Excessive Executive Compensation Practices: Despite delivering sub-par returns to the Company’s stockholders, both Ms. Singleton and Mr. Clancey have been handsomely rewarded by the Board",
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      "text": "Company’s Management of Strategic Review Process: We believe the Board mismanaged the formal review of strategic alternatives for the Company by not creating an independent special committee.",
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      "text": "Stock Price Underperformance: Edgewater has underperformed its peers and the broader market since Ms. Singleton was appointed Edgewater’s CEO, as well as over the past one, three and ten year periods",
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      "text": "Ancora has lost faith in the ability of the long-standing legacy independent members of the Board of Directors of Edgewater Technology, Inc. to responsibly evaluate the performance of CEO Shirley Singleton and CTO David Clancey.",
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      "text": "(1) Legacy Independent Board members include Paul Guzzi, Wayne Wilson, Nancy Leaming, Paul Flynn, and Michael Loeb, and refers to Board members seated as directors prior to the Lone Star Value Management LLC settlement in March 2016.",
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