{
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  "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",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-05-01 00:00:00",
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  "pageNumber": 16,
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  "slideType": "peer_benchmark",
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a red dashed box to highlight the underperformance of SPTN relative to UNFI.",
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      "kind": "chart",
      "text": "SPTN TSR vs. UNFI TSR",
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      "text": "SPTN; UNFI",
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      "kind": "list",
      "text": "The attempt by the Board to focus shareholders' attention on TSR since two historically low points is misguided. SpartanNash's performance since August of 2019, although positive, is significantly below its closest peer, UNFI. The Company's relative TSR is (151%) below UNFI since August of 2019 and (51%) below UNFI since September of 2020.",
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      "kind": "source-note",
      "text": "Source: Bloomberg LP. Data as of 03/17/2022. TSR is based on a fixed dividend reinvestment rate of 0. 3793%. Macellum Advisors GP, LLC",
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      "kind": "title",
      "text": "THE BOARD HAS PRESIDED OVER SHORT-TERM UNDERPERFORMANCE VS. MOST RELEVANT FOOD DISTRIBUTION PEER",
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      "evidence": "Compares SPTN performance against UNFI peer to highlight 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",
      "matchId": "a37f0c7b-b3e7-48da-84d5-9bcfa29d3269",
      "evidence": "The document highlights the long-term underperformance of SpartanNash and the potential value destruction if no action is taken",
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      "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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