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  "documentTitle": "BMC Software (BMC)",
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  "authorName": "Elliott Management",
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  "presentationDate": "2012-05-31 00:00:00",
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  "notes": "Uses a chronological list of quotes to highlight management's failure to deliver on stated strategic goals.",
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      "text": "BMC management repeats the same old story year after year, with no demonstrable progress, whether it's extolling the benefits of separating ESM and MSM, or repeating the benefits of investing in its sales force",
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      "text": "Then, four years of management \"focus\" on strengthening ESM sales force, which clearly remains a major issue",
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      "text": "First, it was \"separate ESM and MSM\"",
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      "text": "FY 2007-2012 quotes from Bob Beauchamp",
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      "text": "BMC management repeats the same old story year after year, with no demonstrable progress, whether it's extolling the benefits of separating ESM and MSM, or repeating the benefits of investing in its sales force",
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      "text": "\"The separation of our two business units—ESM and MSM—at the beginning of 2007 provides sharper focus and greater accountability. And the operating and financial discipline we've instilled across our company makes us a faster, more agile, and more productive enterprise\" — Bob Beauchamp (2007 Annual Report); \"The organizational separation of our MSM business from our ESM business two years ago continues to pay dividends. Our offerings today are superior to the competition's and our people are energized and focused\" — Bob Beauchamp (2008 Annual Report); \"So over the course of Fiscal 2009, we significantly strengthened our sales force. We invested in the most complete and powerful sales training in our history. We brought in new management and sales professionals to upgrade an already strong and talented team\" — Bob Beauchamp (2009 Annual Report); \"We substantially upgraded our Enterprise Service Management (ESM) sales force and expect that we'll increase the average number of productive sales reps in fiscal 2011 by 20% over last year's levels\" — Bob Beauchamp (2010 Annual Report); \"We also strengthened our ESM sales team, achieving a 20% increase in the average productive sales headcount compared to the prior year, while significantly slowing attrition\" — Bob Beauchamp (2011 Annual Report); \"We made further progress to improve sales execution, including numerous steps taken to address sales attrition, and our tenured and overall ESM sales force capacity, excluding Numara, is up, finishing the year with 20% more total sales capacity than at the beginning of fiscal 2012.... The progress here is evidence of our efforts to address our well-documented fiscal 2012 challenges to improve sales force capacity and productivity, and it puts us in a much-improved position as we enter fiscal 2013\" — Bob Beauchamp (Q4 and FY2012 Earnings Call on May 9, 2012)",
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      "text": "Management Has Failed to Execute",
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