{
  "docId": "019dd923-622b-71dc-a6dc-b84a0572e500",
  "docSlug": "e8b986ed5b81",
  "documentTitle": "Norfolk Southern Corporation (NSC)",
  "authorId": "21_Ancora",
  "authorName": "Move NSC Forward",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-15 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 79,
  "pageCount": 193,
  "prevPage": 78,
  "nextPage": 80,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Includes a snippet of the actual 8-K filing as evidence.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-b84a0572e500/79",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-b84a0572e500",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-b84a0572e500.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-b84a0572e500#slide-79",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.94,
        "x": 0.03,
        "y": 0.83
      },
      "kind": "callout",
      "text": "Rather than putting the best people in place to drive shareholder value, the Board seems to be making costly deals and poor decisions at the expense of shareholders in order to insulate Mr. Shaw and incumbent directors.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3325b2c3-8960-406d-9a26-d8b5f865adc6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.5,
        "x": 0.46,
        "y": 0.22
      },
      "kind": "image",
      "text": "Item 5.02. Departure of Directors or Certain Officers...",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "124713fd-579a-4890-878a-9da9353315b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "list",
      "text": "In addition to paying CPKC $25 million, the Board also offered Mr. Orr a generous pay package, which includes: $750,000 base salary. $825,000 cash hiring bonus. $2.7 million target value for an equity grant. $6 million long-term equity grant.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "642a0ed5-ccee-4789-ba22-71d901387be9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.04,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Despite his lack of experience leading operations for an Eastern U.S. Class I railroad, Mr. Orr did not come at a bargain.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "07dac578-fc60-4d99-8cce-f22408b25e26",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.04,
        "y": 0.58
      },
      "kind": "paragraph",
      "text": "It is confounding that the Board would be willing to pay such a high price for Mr. Orr - who we believe is a less qualified COO candidate - when it refused to even engage with our proposed COO...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9705882-374e-43d5-b021-95fdfb0edab9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "It is confounding that the Board would be willing to pay such a high price for Mr. Orr - who we believe is a less qualified COO candidate - when it refused to even engage with our proposed COO, a candidate who produced best-in-class operating metrics and network efficiencies at CSX.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f3-714d-84c0-dc3cbfa8bd20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Company 8-K (Mar. 20, 2024).",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2009583e-6ffe-4e81-ad14-5e721f01b14f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "The Board's Defensive COO Hire Comes at a Significant Cost",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7a56ff7-d7e2-4a70-b0c1-718ad9687a39",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "c5805daf-d4c4-443f-b7dd-fefb5076bddd",
      "evidence": "Contrasts the board's stated goals with the financial reality of the hire.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 150,
      "from": 44,
      "beatId": "9deb13e8-82af-47c5-8624-e2410b646ef8",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document presents a proposed solution, including a change in leadership and strategy.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}