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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-07-01 00:00:00",
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      "kind": "callout",
      "text": "He was CFO and CAO",
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      "text": "We are troubled by this given our observations that: 1) FND's leasing strategy is out of line with the rest of the retail space, 2) FND made recent disclosure changes to its loyalty program accounting and 3) Disclosure changes made to supply chain finance programs.",
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      "text": "William Giles",
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      "text": "William Giles has served as a member of our board of directors since April 2021. Mr. Giles served as Chief Financial Officer and Executive Vice President-Finance, Information Technology and Store Development, Customer Satisfaction for AutoZone, Inc.",
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      "text": "Spruce Point expresses concerns with FND's Audit Chairman William Giles. While CFO at AutoZone, he was also in charge of customer satisfaction during a period it settled allegations it made changes to its loyalty rewards program that harmed consumers.",
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      "text": "AutoZone agreed to pay almost $50 million to settle a class action over changes the company made to its loyalty program.",
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      "text": "On February 7, 2005, the Office of the Chief Accountant of the SEC issued a clarification regarding lease accounting... the Company has corrected the way it accounts for its leases and landlord allowances.",
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      "text": "Source: California Settlement, Loyalty Reward Settlement, Linens N' Things, 10-Q/A",
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      "text": "We Have Concerns With Audit Chairman Giles",
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