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  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "notes": "Uses the Borden Dairy bankruptcy as a negative precedent for current executive hires.",
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      "text": "After making three CEO changes in as many years, the Board chose to hire executives from outside of the industry with questionable track records and experience",
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      "text": "Many elements that led to Borden’s bankruptcy filing in January 2020 have direct applicability to the dynamics in the grocery and food distribution industry today: Quickly shifting prices, No traditional competitors, Consolidating industry",
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      "text": "Source: Company SEC Filings; SPTN Proxy Statements, Bloomberg LP, SpartanNash Corporate Governance Webpage.",
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      "text": "Tony Sarsam, Adrienne Chance, Jason Monaco profiles",
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      "text": "ISSUE #5: THE BOARD HAS FAILED TO OVERSEE EFFECTIVE SUCCESSION PLANNING",
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