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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "The slide uses a combination of narrative text (company's own disclosures) and a table of specific executive departures to build a case for management instability.",
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      "kind": "callout",
      "text": "Voluntary attrition has more than doubled since 2020 from 4% to 9% and increased at all levels across the organization.",
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      "text": "voluntary attrition rate: 9%",
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      "text": "2020 Voluntary Attrition and Turnover - The Company measures turnover rates of its employees in assessing the Company's overall human capital. The Company's voluntary attrition rate (not including retirements) for 2020 was 0% at the executive and senior management level, 2% at the mid-level manager level, 4% at the professional level, and 4% across all other employees.",
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      "text": "Voluntary Attrition and Turnover - The Company measures turnover rates of its employees in assessing the Company's overall human capital. The Company's voluntary attrition rate (not including retirements) for 2022 was 3% at the executive and senior management level, 9% at the mid-level manager level, 14% at the professional level, and 9% across all other employees. These voluntary attrition rates increased from 2021. We believe issues related to the COVID-19 pandemic, a strong labor market, and the large national increase in employee retirements and attrition impacted us as well as other companies. We are working to develop programs focused on retaining our workforce.",
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      "text": "2021 Voluntary Attrition and Turnover - The Company measures turnover rates of its employees in assessing the Company's overall human capital. The Company's voluntary attrition rate (not including retirements) for 2021 was 2% at the executive and senior management level, 4% at the mid-level manager level, 10% at the professional level, and 6% across all other employees. These voluntary attrition rates increased from 2020. We believe issues related to the COVID-19 pandemic and the large national increase in employee retirements and attrition impacted us as well as other companies. We are working to develop programs focused on retaining our workforce.",
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      "text": "Source: WTRG SEC filings and Spruce Point analysis",
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      "text": "Management Turnover Has Been Increasing",
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