{
  "docId": "019f6b8f-3408-76ba-99db-827091d2379c",
  "docSlug": "jarvis-macellum-spartan-nash-presentation-may-2022",
  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
  "authorId": "macellum-spartan-nash-presentation-may-2022",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-05-01 00:00:00",
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  "pageNumber": 13,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The 5-year TSR data is highlighted with a red dashed box to emphasize the long-term underperformance.",
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  "slideHref": "/slides/019f6b8f-3408-76ba-99db-827091d2379c/13",
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      "kind": "callout",
      "text": "Red dashed box highlighting 5-year underperformance",
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      "kind": "legend",
      "text": "SPTN, Retail Peers, Food Distribution Peers, Proxy Peers, ISS Peers, S&P 500",
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      "kind": "list",
      "text": "SpartanNash's TSR has underperformed all relevant peers over the last five years\nThe one-year TSR is materially helped by COVID-induced tailwinds and mirrors the performance of the Company's retail peers\nThe three-year TSR benefits meaningfully from a low starting point brought on after three years of poor performance, but still trails retail, proxy and ISS peers",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Macellum Estimates. Data as of 03/17/2022. See Slide 5 for List of Peers. Note: TSR is based on a fixed dividend reinvestment rate of 0. 3793%.",
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      "kind": "title",
      "text": "THE BOARD HAS OVERSEEN SUBSTANTIAL LONG-TERM UNDERPERFORMANCE",
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problems by highlighting poor governance, failed M&A, and misaligned executive compensation",
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  "loops": [
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      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The document highlights the long-term underperformance of SpartanNash and the potential value destruction if no action is taken",
      "position": 0,
      "objective": "What is the cost of inaction for SpartanNash shareholders?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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