{
  "docId": "019dd923-622c-750b-8b9b-6ef5b0d488b8",
  "docSlug": "b900606b2182",
  "documentTitle": "J.C. Penney Company, Inc. (JCP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 45,
  "pageCount": 64,
  "prevPage": 44,
  "nextPage": 46,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 7,
  "notes": "The slide uses a 'problem-solution' structure, identifying specific cost and cultural inefficiencies followed by illustrative initiatives to address them.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-6ef5b0d488b8/45",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-6ef5b0d488b8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-6ef5b0d488b8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-6ef5b0d488b8#slide-45",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Historic dysfunction at JCP’s home office in Plano is symptomatic of an organization which was not focused on cost control",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8d7-297fa5017511",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.42,
        "x": 0.08,
        "y": 0.33
      },
      "kind": "list",
      "text": "Cost Structure Issues: Out of ~5,900 home office employees (pre-layoffs), ~700 were assistants; JCP spends 2x benchmarks on IT; Merchandise, Planning & Allocation teams were staffed ~35% above competition; The average 'manager' had only 4 direct reports",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56feccf8-eb93-452a-811a-b797a2976512",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.52,
        "y": 0.33
      },
      "kind": "list",
      "text": "Work or Play? – Cultural Issues: Netflix, consumed 20% of corporate internet bandwidth during work hours; The average employee made 1,000 clicks on youtube per month",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5547814-c389-4702-b2da-4fa22bf02e8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.84,
        "x": 0.08,
        "y": 0.7
      },
      "kind": "list",
      "text": "Illustrative Initiatives: Executing planned layoffs on-schedule; Within six weeks, the new vice president of IT was able to reduce her run-rate budget (ex-special projects) by 25% for 2012",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef4175f3-5af0-4728-a46f-a64d455e6acb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "cost savings: $200+mm",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b7-709e-b8d7-2eb630b6b5c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.84,
        "x": 0.08,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "Historic dysfunction at JCP's home office in Plano is symptomatic of an organization which was not focused on cost control",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72a8575f-eb4e-4fc2-b52f-d42b7198bf75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.07,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Company data",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39f9bb90-0406-482d-9c2d-b0be2ff9ccd0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Home Office (management target = $200+mm)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e9b01d1b-2bf2-48ba-b73e-6a13dedf1528",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "diagnostic-test",
      "slug": null,
      "matchId": "22222b3f-498e-4a48-849e-ca975f199da2",
      "evidence": "The slide identifies symptoms of organizational dysfunction and proposes corrective initiatives.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 50,
      "from": 28,
      "beatId": "41118055-ffae-4372-95b9-fe0ceb260b9c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document presents a detailed plan for J.C. Penney's turnaround",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}