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  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "Uses peer comparisons (Sysco, UNFI) to highlight the company's failure to provide long-term plans.",
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      "kind": "callout",
      "text": "THE BOARD HAS NOT DELIVERED A PLAN TO SHAREHOLDERS SINCE THE SPARTAN AND NASH FINCH MERGER IN 2013",
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      "text": "Sysco’s (SYY) new CEO in 2020 took less than 1.3 years to put together a three-year plan that was disclosed to shareholders (with the CFO being at the Company less than six months) 1",
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      "text": "United Natural Foods’ (UNFI) management and board compiled a three-year plan in June 2021 before hiring a new CEO in August 20211",
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      "text": "The Board appears to operate in a vacuum by not sharing goals or the financial impact of its strategic decisions, including the acquisitions of Dan’s in 2015, Caito & BRT in 2017 and Martin’s in 2019, and a commercial agreement with Amazon in 2020",
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      "text": "Most recently, SpartanNash announced the following new partnerships: An extended food distribution footprint with new operations in California, executed with a partnership with Coastal Pacific Food Distributors, Inc. - the Board did not provide the projected financial impact of the transaction. A partnership with Specialty Food Partners to develop an online platform - the Board did not provide the projected financial impact of the transaction",
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      "text": "The Board has not disclosed a detailed strategic plan or long-term operating goals with investors since combining the two predecessor companies in November 2013",
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      "text": "The Company delayed an analyst day in the fall of 2021 and has not rescheduled a date since, despite claiming in private discussions that one might be held in the spring of 2022. Mr. Sarsam has been CEO for over 1.6 years",
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      "kind": "source-note",
      "text": "Source: Bloomberg LP, Company SEC Filings, SpartanNash.com. Notes: 1 CEO Start Dates and Investor Day Information is from Bloomberg LP and Company SEC Filings. Macellum Advisors GP, LLC",
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      "kind": "title",
      "text": "ISSUE #1 (CONT.): THE BOARD HAS A HISTORY OF POOR INVESTOR DISCLOSURE",
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