{ "docId": "019dd923-622c-750b-8b99-4b92274d3e76", "docSlug": "0a0319cd79cc", "documentTitle": "FIGS, Inc. (FIGS)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-09-07 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 48, "pageCount": 113, "prevPage": 47, "nextPage": 49, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 8, "notes": "Uses red 'X' icons to visually signify departure.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "icon_grid" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/48", "deckHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76#slide-48", "components": [ { "bbox": { "h": 0.08, "w": 0.85, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "FIGS likes to speak about its tenured management team, but we believe the reality is quite different. FIGS churned through most VP hires made in 2019, and other tenured VPs departed in 2021.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "177a5935-2971-4176-8314-bce5708403a0", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "FIGS likes to speak about its tenured management team, but we believe the reality is quite different.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6ec-7186-b7df-36a21ee9f366", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.38, "w": 0.94, "x": 0.03, "y": 0.42 }, "kind": "list", "text": "Karsten Loose, Arvind Mishra, Lisa Turner, Jee Jung, Alex Tshering, Christine Liu, Armen Nalbandian, Karen Pornillos", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "41e64c06-1afe-416d-a1a2-a906f245791a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.81, "x": 0.15, "y": 0.83 }, "kind": "quote", "text": "[While I was there] we started building out this VP level of the organization below Trina and Heather. A CFO. A VP of Customer Experience from Fashion Nova. A VP of Product, All of them totally normal and capable people. None of them lasted a year.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "57674036-eae6-4f22-8e26-acbb7bf3f84f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.11, "y": 0.28 }, "kind": "quote", "text": "Our accomplishments are also a result of building a management team over the past 10 years...we are a team that delivers extraordinary results year after year.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8678c0ea-cc08-4eae-a30f-3f5af216e25a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Our accomplishments are also a result of building a management team over the past 10 years...we are a team that delivers extraordinary results year after year.\" — Hasson on FIGS Q4 2021 earnings call; \"[While I was there] we started building out this VP level of the organization below Trina and Heather. A CFO. A VP of Customer Experience from Fashion Nova. A VP of Product, All of them totally normal and capable people. None of them lasted a year. I don't know how they're scaling this organization. You have these normal people come in with ideas and experience and just wanting to execute on their ideas. But they are threatening to Trina and Heather. I really don't understand it, but there is something weird there.\" — Former Executive Interviewed by Spruce Point", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6ec-7186-b7df-3bf33f7fbfe1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: LinkedIn profiles for Jee Jung, Christine Liu, Karsten Loose, Arvind Mishra, Alex Tshering, Lisa Turner, Karen Pornillos, FIGS Q4 2021 earnings call, Spruce Point research", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "48c84db0-7e23-4e2f-9396-1220d6ac78f1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "FIGS Has Experienced Numerous Executive Turnovers Below Its Co-Founders", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ce3b1d1d-8489-4e57-ab11-e0a60d976e53", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "d32824c0-6b03-460d-bd1a-a4f7c9ba74b1", "evidence": "Contrasts CEO quote with list of executive departures", "confidence": 1 } ], "arcBeats": [], "loops": [ { "to": 54, "from": 44, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "2397581e-e50d-483b-b601-6eba0af6ccae", "evidence": "Employee commentary and Glassdoor reviews", "position": 1, "objective": "To expose an unhealthy company culture and high turnover", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }