{
  "docId": "019dd923-622c-750b-8b9b-f01208f020ff",
  "docSlug": "02ebfca8ede5",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-02-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 46,
  "pageCount": 62,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-f01208f020ff/46",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff#slide-46",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.16,
        "y": 0.183
      },
      "kind": "callout",
      "text": "Under new leadership, HHC is executing a business transformation to focus the company on the vast long-term value creation opportunity within its core master planned communities (MPCs)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c963ade-ab69-4027-84d5-a8cb096e22e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.14,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "image",
      "text": "Howard Hughes logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f71fe584-ec8e-47c9-9a11-b441d176daad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.16,
        "y": 0.4
      },
      "kind": "list",
      "text": "In June 2019, HHC's Board of Directors announced a detailed review process to evaluate all potential strategic alternatives",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08f07f3e-a6b3-46e4-b352-a80abd91434c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.16,
        "y": 0.485
      },
      "kind": "list",
      "text": "In October 2019, the Board concluded that the best interests of shareholders were served by HHC executing a transformation plan under new leadership",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09e59160-23f1-4e7e-a192-89cb9c7974e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.16,
        "y": 0.725
      },
      "kind": "list",
      "text": "Three-pillar transformation plan will create a lean, decentralized organization built around the company's core MPC business",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40260d77-3da8-4178-a951-427bca98a382",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.2,
        "y": 0.56
      },
      "kind": "list",
      "text": "Appointed Paul Layne as new CEO; Corporate headquarters moved from Dallas to The Woodlands",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46bc0bfd-715d-429a-aad1-fb1f9ccc2527",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.2,
        "y": 0.8
      },
      "kind": "list",
      "text": "Streamlined organizational structure; Sale of non-core assets; Accelerated growth in core MPC business",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f709e485-3a4b-490d-a489-c35cb71051bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Howard Hughes Corporation (\"HHC\")",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "915f376c-42a6-44d2-aac5-953867c28f2f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.16,
        "y": 0.335
      },
      "kind": "title",
      "text": "2019 was a year of significant organizational change",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "170144a3-a2dc-43cd-b18f-e4752863655e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.16,
        "y": 0.675
      },
      "kind": "title",
      "text": "Transformation plan to drive value creation through focus",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22a03dc2-8a40-4604-8305-2d99a9c0436a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 60,
      "from": 36,
      "beatId": "fee6afa2-b432-4fee-84ea-3a5ba4491f22",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Action",
      "beatSlug": "aida-action",
      "evidence": "The document concludes with a portfolio update, new investments, and exits, encouraging action from investors.",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}