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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "The chart uses a waterfall-style bar distribution to show the performance gap.",
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      "kind": "callout",
      "text": "465 of the current S&P 500 companies have been public since May 1, 2008. Out of those 465 companies, Alcoa ranked 456th",
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      "kind": "callout",
      "text": "ALL OF THE COMPANIES WITH A PERFORMANCE AS BAD AS ALCOA'S HAVE REPLACED THEIR CEO DURING THIS PERIOD",
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      "text": "S&P 500 Returns from May 1, 2008 Through October 31, 2016",
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      "text": "Source: Bloomberg. Note: 465 of the current S&P 500 companies have been public since May 1, 2008. Out of those 465 companies, Alcoa's TSR ranks 456th. Each of the companies that had a worse or slightly better performance than Alcoa has changed CEOs during this period; no other CEO demonstrating comparably poor performance, as measured by TSR, has survived. Conclusion excludes Freeport-McMoRan due to Office of the Chairman structure.",
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      "text": "ALL OF THE COMPANIES WITH A PERFORMANCE AS BAD AS ALCOA'S HAVE REPLACED THEIR CEO DURING THIS PERIOD",
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      "text": "TSR: 456th",
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      "kind": "quote",
      "text": "Elliott has a good case.... Investor returns under Chief Executive [Dr.] Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor.",
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      "kind": "quote",
      "text": "\"Elliott has a good case.... Investor returns under Chief Executive [Dr.] Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor.\" — Robert Cyran, Reuters Breakingviews, February 1, 2017",
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      "kind": "title",
      "text": "Alcoa vs. S&P 500 Index During CEO Tenure",
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