{
  "docId": "019dd923-622c-750b-8b9c-571191cc7adb",
  "docSlug": "48a8cbf2f1d7",
  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 312,
  "pageCount": 336,
  "prevPage": 311,
  "nextPage": 313,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a series of quotes to build a narrative of management inertia.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/312",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-312",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.52,
        "y": 0.05
      },
      "kind": "callout",
      "text": "Analysts and investors pushed for a split throughout 2015 and 2014, yet Dr. Kleinfeld dragged his feet",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ae17ede-5394-46bb-977c-39101090d3bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Dr. Kleinfeld has been resisting this for a long time",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ef16255-ae1c-4cd6-884b-6e68db25b2c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.92,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Chronological sequence of analyst quotes from 2014-2015 and a transcript excerpt from June 2014.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff7a4679-0d04-4ca6-9bb0-2af6241bb0c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“We see the most efficient means to maximizing shareholder value as spinning off the Engineered, Products & Solutions (Downstream) segment to capture the peak valuations of the aerospace cycle.” — Sterne Agee, March 13, 2014; “However, through a sum-of-the-parts analysis we believe significant investor value can be unlocked through re-rating segments.” — Sterne Agee, April 1, 2014; “Does it stick with its current integrated strategy? Or does it finally start listening to those who think the company should spin off its \"downstream\" Engineered Products & Solutions segment? [Dr.] Kleinfeld has never given much hope to those who think the company should break itself up.” — Gordon Haskett, April 9, 2014; “Investors were very focused on ways to separate the upstream and downstream businesses to create more value. AA’s management was vocal that it is ready to implement any strategic action to further enhance stakeholders’ value and has ran various iterations of possible scenarios, but to this point, has not identified a suitable solution which would generate more value.” — Goldman Sachs, May 28, 2014; “At this point in time, we feel that the structure is the one that adds the most value.” — Dr. Klaus Kleinfeld, Firth Rixson M&A Call, June 26, 2014; “At the risk of beating a dead horse, we'll mention [Dr.] Kleinfeld has typically answered this question by saying there are no sacred cows in the portfolio but AA's integrated model is synergistic and there are no plans to break things apart.” — Gordon Haskett, June 8, 2015; “...company announced split-up of company (finally).” — Mario Gabelli, September 28, 2015",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a0a3-fc773695789d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "“Dr. Kleinfeld Deserves Credit for the Split” (cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0d09106-a01b-4898-a8cf-2cbb376fbf14",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "4e6fde1d-978e-4260-b3d8-8604a2122939",
      "evidence": "Contrasts management's public statements against analyst pressure and eventual outcome.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}