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  "docSlug": "97e66c73c118",
  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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  "pageNumber": 71,
  "pageCount": 80,
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "Uses a timeline-based process flow to demonstrate executive turnover.",
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      "kind": "callout",
      "text": "Spruce Point is alarmed by the fact that long-tenured senior executives of acquired businesses consistently leave Hill-Rom soon after being acquired.",
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      "kind": "diagram",
      "text": "Four rows of timelines showing executive tenure, acquisition date, and departure date.",
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      "text": "Spruce Point is alarmed by the fact that long-tenured senior executives of acquired businesses consistently leave Hill-Rom soon after being acquired. We would interpret low post-acquisition turnover as a sign that the acquired business would continue to be overseen by those who know it best, and as a vote of confidence by these experienced executives in Hill-Rom's ability to manage the business going forward. Conversely, we see these quick managerial exits as a sign that these executives are turned off by Hill-Rom's plans for their respective businesses, or as a sign that these executives are skeptical of their business' ability to succeed under Hill-Rom management. We are not surprised to observe these rapid executive departures given Hill-Rom's poor record of integrating and growing acquired businesses.",
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      "kind": "title",
      "text": "Long-Tenured Senior Executives Of Acquired Businesses Are Quick To Jump Ship",
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      "evidence": "Links acquisition events to executive departures to imply management failure.",
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