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  "documentTitle": "Legion Partners | Activist Presentation Deck | 168 slides",
  "authorId": "legion-partners",
  "authorName": "Legion Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-04-01 00:00:00",
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  "pageNumber": 32,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses two bar charts to contrast company performance against a 'Peer Group Average' to highlight the misalignment between executive pay and shareholder value.",
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      "kind": "callout",
      "text": "Compensation package appears structured to guarantee high payouts despite value destruction",
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      "text": "3-Year Performance Goal: FY15 to FY17 Mean ROIC vs Peers",
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      "kind": "chart",
      "text": "1-Year Performance Goal: FY17 EBIT Margin vs Peers",
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      "kind": "paragraph",
      "text": "Performance share awards were determined by measuring absolute performance versus proxy peers. Bonuses were granted as long as margins remained above the peer group. This allowed for full grants at target despite significant declines in EBIT margin and ROIC. Metrics in long-term package are all based on relative performance versus an undefined peer set. The undefined peer set of 41 peers used by the Company had an average EBIT margin of 5.6% raising questions over “cherry-picking peers”.",
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      "kind": "source-note",
      "text": "Source: SEC Filings, Capital IQ. (1) Company disclosed results of proxy peer group (composition unknown)",
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      "kind": "title",
      "text": "Long-Term Performance Metrics are Problematic",
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