{ "docId": "019dd923-622c-750b-8b99-7df068ad1ae5", "docSlug": "55f4c152cfe0", "documentTitle": "WSP Global Inc. (WSP)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-04-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 16, "pageCount": 68, "prevPage": 15, "nextPage": 17, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses red underlining to highlight specific criticisms within the quotes.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-7df068ad1ae5/16", "deckHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5#slide-16", "components": [ { "bbox": { "h": 0.03, "w": 0.75, "x": 0.15, "y": 0.66 }, "kind": "list", "text": "Cons: too many acquisitions, poor integration communication and pay for legacy staff", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "01d25de1-8d13-476b-98a1-941351e04cb3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.15, "y": 0.48 }, "kind": "list", "text": "Cons: Classic big corporation that puts profits above employees and clients. WSP has recently acquired more businesses than it can handle. Employees are not given sufficient tools to do their jobs, and clients end up paying more for less. There is no transparency from corporate leaders. Career development planning is a joke. when the only way to get promoted is to get an offer elsewhere, encouraging people to look and ultimately leave the company.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2ca8565c-8b38-4081-ab11-1f29cf85ea33", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.15, "y": 0.43 }, "kind": "list", "text": "Cons: Not a great place since being merged into WSP. Leaving due to high burecracy and low career development.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5925d469-0190-46bf-877e-e7ff0fa1b050", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.15, "y": 0.34 }, "kind": "list", "text": "Cons: A lot of M&A activity so each year or more there is a new firm being integrated. Each time this happens a large number seem to then leave so ethos of the acquired firm not retained and turnover levels can be quite high.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "78f3d6a9-c996-4622-b2ef-706322f429b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.15, "y": 0.61 }, "kind": "list", "text": "Cons: Multiple acquisitions so struggling to integrate different approaches into a coherent offering", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "872b61d9-852f-4be8-af27-63d9f946a784", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.75, "x": 0.15, "y": 0.71 }, "kind": "list", "text": "Cons: Frequently acquiring companies before other company integrations are complete. Results in frequent re-orgs and an org structure that had too many vertical tiers. Hyper-focus on utilization (more than other, similar firms) which creates a lot of internal anxiety. Quick trigger to layoff good people", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9be5c810-6eac-417a-b63a-9593750e0543", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.15, "y": 0.21 }, "kind": "paragraph", "text": "Advice to Management: WSP's growth model is incompatible with employee engagement and retention. The company does not have true vision or inspirational leadership. Reliance on increasingly small pool of quality people to float the giant ship. You don't understand your markets before you swallow companies that do, and the work world is changing.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b06a0a68-cfcb-4c06-b993-dac94ed321c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Glassdoor 1, 2, 3, 4, 5, 6, 7 – redline Spruce Point emphasis", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c23861a4-8645-48d9-9a08-d235c0516682", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.63, "x": 0.34, "y": 0.03 }, "kind": "title", "text": "WSP Is A Roll-Up And Receives Frequent Negative Reviews About Its M&A Practices", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "00e050b3-b965-47be-baca-548c7217da58", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 68, "from": 9, "beatId": "f8978e98-df21-43e6-a756-a65765818a20", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document repeatedly exposes contradictions in WSP's reporting and operations", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }