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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "pageNumber": 18,
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  "notes": "Uses a table-like structure to contrast FND's official statements with the reality of executive compensation and whistleblower testimony.",
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      "text": "Despite FND getting ensnared in an industry-wide scandal that alleged products sold were falsely labeled as compliant with formaldehyde emissions standards and settling a lawsuit for $16 million, management was rewarded with merit-based salary increases and the CEO received a discretionary bonus for \"exceptional\" performance.",
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      "text": "Despite FND getting ensnared in an industry-wide scandal that alleged products sold were falsely labeled as compliant with formaldehyde emissions standards and settling a lawsuit for $16 million, management was rewarded with merit-based salary increases and the CEO received a discretionary bonus for “exceptional” performance. Board Chairman Axelrod was the Chairman of the Compensation Committee at the time of this scandal. A whistleblower publicly claimed FND was deceptive.",
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      "kind": "quote",
      "text": "\"At best, this was deceptive to the public,\" said former Floor and Décor employee Scott England. \"This seemed to be very deceptive behavior.\" and \"They simply needed to get this done as quickly as possible,\" said England. — Scott England, former Floor and Décor employee",
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      "kind": "source-note",
      "text": "Source: FND Prospectus, “Whistleblower Claims Floor & Décor Deceived Customers”, CBS News, Feb 22, 2017",
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      "text": "FND Statement, CEO Discretionary Bonus, Management Pay Raises, FND Whistleblower",
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      "kind": "title",
      "text": "Management & Board Concerns: Rewarded During A Scandal Which Put Consumers At Risk",
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      "arcName": "Overcoming the Monster",
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