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  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
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  "authorName": "Starboard Value",
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      "text": "Although it is difficult to quantify the direct impact of change in board composition on stock price performance, in our experience it has had a material positive impact. According to 13D Monitor, a leading independent research provider on shareholder activism: \"Starboard's average return on a 13D filing is 22.3% (versus an average of 2.9% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 31.6% versus 1.5% for the S&P500.\"",
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      "text": "Starboard has been making active investments in public companies for over ten years.",
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      "text": "Over the past ten years, Starboard has added or replaced approximately 85 corporate directors on approximately 32 corporate boards.",
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      "text": "Starboard Value LP is a deep value oriented investment firm that specializes in investing in underperforming companies and analyzing alternative strategies to unlock value for the benefit of all shareholders.",
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      "text": "(1) Includes investments that Starboard's investment team managed while at Starboard's predecessor, Ramius Value and Opportunity Master Fund, Ltd (2) Published in the \"Activist Spotlight\" section of Barron's on April 28, 2012.",
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      "text": "Overview of Starboard Value LP",
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