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  "docSlug": "jarvis-macellum-spartan-nash-presentation-may-2022",
  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "documentKindSlug": "activist-deck",
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  "presentationDate": "2022-05-01 00:00:00",
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  "pageNumber": 17,
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  "notes": "The chart uses a $100 investment baseline to compare total return performance.",
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      "kind": "callout",
      "text": "SPARTANNASH HAS UNDERPERFORMED ITS CLOSEST GROCERY PEERS, WITH INGLES UP +164% AND ALBERTSON'S UP +140%¹",
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      "text": "Stock performance comparison of SpartanNash, Albertsons, and Ingles",
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      "text": "Source: Bloomberg LP., Data as of 03/17/2022. Notes: 1 Based on performance from 09/14/2020 through 03/17/2022. Macellum Advisors GP, LLC",
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      "kind": "title",
      "text": "THE BOARD HAS OVERSEEN SHORT-TERM UNDERPERFORMANCE COMPARED TO RELEVANT GROCERY PEERS",
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      "beatName": "Agitate (Make it worse)",
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      "evidence": "The document agitates the problems by highlighting poor governance, failed M&A, and misaligned executive compensation",
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      "name": "Cost Of Inaction",
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