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  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 25,
  "pageCount": 136,
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  "density": "dense",
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  "notes": "The slide uses the 'villain' narrative by linking CEO compensation to 'aggressive tactics' and 'misallocation of capital'.",
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      "kind": "callout",
      "text": "CEO Olivier Filliol took the helm on Jan 2008. It's precisely this time we observe more aggressive tactics to inflate earnings through accounting changes and misallocation of capital to buybacks.",
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      "kind": "metric",
      "text": "CEO Stock Sales: $237,242,299",
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      "kind": "paragraph",
      "text": "CEO Olivier Filliol took the helm on Jan 2008. It's precisely this time we observe more aggressive tactics to inflate earnings through accounting changes and misallocation of capital to buybacks. It's made him a wealthy man implementing aggressive buybacks and poor financial practices. We estimate he has extracted $257m and controls another $268m of stock.",
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      "kind": "source-note",
      "text": "1) Includes direct and indirect stock, which are shares subject to options that can be exercised in 60 days. Source: Proxy statements and Bloomberg stock sales. Note: CEO's pay and bonus changes due to recalculation from Swiss Francs every year in the proxy",
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      "kind": "table",
      "text": "Table showing Year, Base Pay, Cash Bonus, Other Comp, Stock Sales, Shares Controlled, Stock Price, and CEO Stock Value from 2008-2019.",
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      "kind": "title",
      "text": "CEO Is Highly Incentivized",
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