{
  "docId": "019dd923-622c-750b-8b98-c3e7825e1948",
  "docSlug": "8b6a62f49fba",
  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 15,
  "pageCount": 92,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "comparison_table",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a contrast-pairs framework to frame the current CEO as inferior to the predecessor.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-c3e7825e1948/15",
  "deckHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Since Matt Farrell has assumed the helm at Church & Dwight, the Company’s future growth has become increasingly dependent on management’s ability to successfully acquire high growth brands and present its financials in the most attractive light.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac2-71b6-bf51-7c97ff35a9f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Since Matt Farrell has assumed the helm at Church & Dwight, the Company's future growth has become increasingly dependent on management's ability to successfully acquire high growth brands and present its financials in the most attractive light.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f7391e7-a28e-4a00-bed2-e7191c06e829",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.94,
        "x": 0.03,
        "y": 0.35
      },
      "kind": "table",
      "text": "Comparison table of Jim Craigie vs Matt Farrell across background, objectives, and strategy.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04795582-9227-49e3-8b46-755f4872215a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe The Shift From Jim Craigie To Matt Farrell Has Materially Increased The Risks To Investors",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "864decc8-def3-4a80-a174-eed275599310",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "contrast-pairs",
      "slug": null,
      "matchId": "b178e31d-9e08-442a-9b31-53942088cf4d",
      "evidence": "The slide explicitly contrasts two CEO regimes to highlight a negative shift in strategy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 6,
      "beatId": "dc0cfcc3-81fd-40c2-a4f5-79587852e3d7",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document extensively details the problems with CHD, including rising debt, low-quality EBITDA, worrisome strategy shifts, and concerning CEO history.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 92,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "d8d41695-ad33-43d2-9478-d227476d9e68",
      "evidence": "The overall thesis implies that failing to act on Spruce Point's analysis could lead to significant financial losses for investors holding onto CHD stock.",
      "position": 2,
      "objective": "The cost of not selling CHD",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}