{
  "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": 324,
  "pageCount": 336,
  "prevPage": 323,
  "nextPage": 325,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "Uses a combination of data-driven argument and direct quotes to undermine the CEO's self-proclaimed success.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "paragraph",
    "bullet_list",
    "headshot",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/324",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-324",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "callout",
      "text": "Not a single one of the 143 companies of similar size and industry as Alcoa defaulted or filed for bankruptcy protection during the global financial crisis",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a482d72-2774-4b39-8aa8-ac2574ac26bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.94,
        "w": 0.22,
        "x": 0.48,
        "y": 0.22
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53294706-57ea-40b8-a1a5-4e0202e2a371",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.42,
        "x": 0.04,
        "y": 0.4
      },
      "kind": "list",
      "text": "In fact, Elliott identified all companies with a market capitalization in excess of $300 million at the end of 2007... and between 2008 and 2013, of such companies operating in aerospace/defense, metals, mining and chemicals, not one company defaulted.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7cc2b90-c6fc-46c2-854d-4609a7166f01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.42,
        "x": 0.04,
        "y": 0.72
      },
      "kind": "list",
      "text": "The fact is that most companies – almost a decade after the financial crisis – do not still boast about surviving it, because they can point to numerous other achievements that have followed since.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2382e39-fa91-4e1b-a567-21655e9289de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.42,
        "x": 0.04,
        "y": 0.59
      },
      "kind": "list",
      "text": "Viewed in this light, Alcoa’s survival is unremarkable. Many similarly situated companies can lay claim to the same achievement, and the overwhelming majority of these companies have provided shareholders with vastly superior returns.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e8a04ba8-5441-439a-92ac-c4618459a3fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.42,
        "x": 0.04,
        "y": 0.26
      },
      "kind": "paragraph",
      "text": "Shareholders are fully aware of the challenges faced by Alcoa during the financial crisis. However, such challenges were not unique, and Alcoa was not the only metals and mining concern to survive.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45406da6-cb7c-4df2-beb3-f2fdbd5d5b0b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.26,
        "x": 0.71,
        "y": 0.23
      },
      "kind": "quote",
      "text": "The makings of today’s Arconic began when Klaus Kleinfeld was appointed CEO of Alcoa Inc... [the management team's] actions saved the company and set the stage for the successful execution of a multi-year transformation.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47a6a931-7ddb-4d76-90ea-65a7eefb0d44",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.26,
        "x": 0.71,
        "y": 0.57
      },
      "kind": "quote",
      "text": "We've created Arconic, we've created Alcoa Corporation. In the crisis in 2009 the company had an almost near-death experience. We saved it from this.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e61b4e95-5112-41a2-9518-4f12011df4f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The makings of today's Arconic began when Klaus Kleinfeld was appointed CEO of Alcoa Inc... [the management team's] actions saved the company and set the stage for the successful execution of a multi-year transformation.\" — Board Letter to Shareholders, February 6, 2017; \"We've created Arconic, we've created Alcoa Corporation. In the crisis in 2009 the company had an almost near-death experience. We saved it from this.\" — Dr. Klaus Kleinfeld, February 1, 2017",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a0a4-c203ea31c65f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "1) S&P Capital IQ; U.S. headquartered companies; standard industry classifications; market capitalization as of 12/31/2007",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce8afc11-3587-4123-986c-bd9433d6e70c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Dr. Kleinfeld “Saved” Alcoa (cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a573fbe-2861-4f85-8029-421e5c6db696",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "842fe816-0b8c-4e0b-ab9b-3f9614b03b83",
      "evidence": "Contrasting the CEO's claim of 'saving' the company with data showing no peers defaulted.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}