{ "docId": "019dd923-622c-750b-8b99-8a089025bb07", "docSlug": "75aa3b2bd0fb", "documentTitle": "Floor & Decor Holdings, Inc. (FND)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-07-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 118, "pageCount": 125, "prevPage": 117, "nextPage": 119, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 0, "notes": "Uses a quote from the subject to highlight the brevity of his actual auditing experience.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-8a089025bb07/118", "deckHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07#slide-118", "components": [ { "bbox": { "h": 0.1, "w": 0.98, "x": 0.01, "y": 0.175 }, "kind": "callout", "text": "We believe that Richard “Dick” Sullivan (67) has been entrenched on FND’s audit committee as the longest running member since at least 2017. While we applaud that Mr. Sullivan has a B.S. in accounting and had a brief 2-year stint as an internal auditor out of college in the 1980s, his career has since primarily focused on marketing roles with the Falcons, Home Depot and the PGA Tour Superstore. We believe the audit committee deserves a fresh set of eyes and perspectives.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4e8540c9-5c06-46f2-b1af-7c6da4d57c1f", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "We believe that Richard “Dick” Sullivan (67) has been entrenched on FND’s audit committee as the longest running member since at least 2017.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0f1e-7015-901b-4fcf42ed805e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.48, "x": 0.02, "y": 0.51 }, "kind": "paragraph", "text": "Richard L. Sullivan has served as a member of our Board since April 2017. Mr. Sullivan has been the President and CEO of the parent entity of PGA TOUR Superstore, a nationwide specialty golf retailer, since 2009 and the Chairman of the National Golf Foundation, a non-profit golf market research provider, since 2019.Previously, Mr. Sullivan was the Chief Marketing Officer for Home Depot Inc. (“Home Depot”) from 1992 to 2002.From 2002 to 2008, Mr. Sullivan served as the Executive Vice President and Chief Marketing Officer overseeing sales, marketing and other business-related functions for the Atlanta Falcons and team owner Arthur Blank. Mr. Sullivan was elected Vice Chairman of the board of directors of the National Golf Foundation in January 2016 and serves as a member of its compensation committee. He received his B.S. in Accounting from Roger Williams University. Mr. Sullivan's business experience, including in home improvement and specialty retailers, led to the conclusion that he should serve as a member of our Board.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fc08ff18-6095-4525-bd8b-f790e43582b8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.48, "x": 0.51, "y": 0.4 }, "kind": "quote", "text": "I took a job as an auditor with T.J. Maxx right out of school and stayed in that role with the company for two years. I was a hard worker, always the first to arrive and the last to leave and the chief marketing officer of the company asked if I would switch over to the marketing side of the company. He really took me under his wing and taught me that side of the business. I was with T..J. Maxx for a total of 10 years, working my way up the company to run the marketing side of the business.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3fe36e5e-7938-4f26-b789-3518d526ce4e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I took a job as an auditor with T.J. Maxx right out of school and stayed in that role with the company for two years. I was a hard worker, always the first to arrive and the last to leave and the chief marketing officer of the company asked if I would switch over to the marketing side of the company. He really took me under his wing and taught me that side of the business. I was with T..J. Maxx for a total of 10 years, working my way up the company to run the marketing side of the business. — Dick Sullivan Interview", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0f1e-7015-901b-521598936235", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: FND website, Dick Sullivan interview, Atlanta Business Chronicle", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5475fd02-ad3a-4e18-9193-21ec0dfd4b43", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.025 }, "kind": "title", "text": "Is It Time For Mr. Sullivan To Leave The Audit Committee?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e5265f78-4a04-42d5-bf5c-e4ec1e6378c9", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "fde3ecc3-ab73-4a5e-bad6-2e3271a2fd14", "evidence": "Uses the subject's own quote to undermine his qualification for the audit committee.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }