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  "documentTitle": "Dropbox, Inc. (DBX)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-02-06 00:00:00",
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  "notes": "Uses social media sentiment and news headlines to frame the CEO's outside commitment as a negative distraction.",
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      "kind": "callout",
      "text": "In Our View, Best Corporate Governance Practices Don't Involve Appointing Your “Pal” or “Friend” To Your Board",
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      "text": "Retail Investors React Negatively To The News",
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      "text": "Social media comments from StockTwits and Yahoo Finance",
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      "text": "Spruce Point has significant concerns with the recent news that Dropbox's CEO Houston was recently appointed to the Board of Facebook. The media has dubbed the appointment by Facebook as “Zuckerberg’s Pal” and “Zuckerberg’s Friend”. According to Stanford Corporate Governance and Research Initiative, Board duties can be up to 20 hours per month.(1) We believe that CEO Houston, in a critical transformational period for the Company, should be committing all his time towards assuring that Dropbox succeeds. Furthermore, we are concerned that Facebook has a competing collaboration tool called Workplace from Facebook, and question what potential conflicts this presents?",
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      "text": "“Zuckerberg’s Pal” and “Zuckerberg’s Friend” — Media reports regarding Dropbox CEO Drew Houston's appointment to Facebook's board.",
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      "text": "Source: Stanford \"Board of Director: Duties and Liabilities\"",
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      "text": "Is Dropbox's CEO Focused On The Company Or Elsewhere?",
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