{
  "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",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-05-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 8,
  "pageCount": 64,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses headshots of the new directors to highlight their lack of relevant industry experience (consumer brand, financial services, technology vs. grocery).",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-3408-76ba-99db-827091d2379c/8",
  "deckHref": "/decks/019f6b8f-3408-76ba-99db-827091d2379c",
  "deckJsonHref": "/decks/019f6b8f-3408-76ba-99db-827091d2379c.json",
  "deckAnchorHref": "/decks/019f6b8f-3408-76ba-99db-827091d2379c#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.18,
        "w": 0.12,
        "x": 0.73,
        "y": 0.63
      },
      "kind": "image",
      "text": "Jaymin Patel",
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c335f9c1-79f7-4d2a-b4eb-0eba2f92e386",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.12,
        "x": 0.82,
        "y": 0.28
      },
      "kind": "image",
      "text": "Pamela Puryear, Ph.D.",
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cea3ffc0-2635-4550-9568-07ec37834ac1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.12,
        "x": 0.65,
        "y": 0.28
      },
      "kind": "image",
      "text": "Julien Mininberg",
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d61f1496-a840-4718-bb33-a3bd07835fb4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.55,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "list",
      "text": "The Board chose not to engage with us, solicit our input in its self-refresh or even interview our nominees prior to its self-refresh",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e30ac87-a965-4746-babc-8afbd1e655eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.55,
        "x": 0.05,
        "y": 0.58
      },
      "kind": "list",
      "text": "Despite the Board's refresh, three extremely long-tenured directors remain on the Board and in positions of power - with Ms. Atkins serving as Chair of the Audit Committee, Mr. Hacker serving as Chairman of the Board and Mr. Voss serving as Chair of the Nominating and Corporate Governance Committee",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "392844d0-ad43-4f2d-9d6a-86f83a86dfeb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.55,
        "x": 0.05,
        "y": 0.26
      },
      "kind": "list",
      "text": "Following Macellum's engagement and private nomination of directors in December 2021, the SpartanNash Board initiated a defensive and reactionary refresh that added three new directors to the Board",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4feea47d-ac2e-45d1-a9c5-0b9e663c89be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.55,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "list",
      "text": "It is rarely the case that a board that has failed to create value for shareholders over a long period of time can be relied upon to effectively self-refresh, particularly when it would appear the process was a reaction to what might become a contested election. We believe that is the case here",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "572b6fee-825a-4dfe-a248-4aaf7a0d2ee0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.55,
        "x": 0.05,
        "y": 0.48
      },
      "kind": "list",
      "text": "SpartanNash's self-refresh failed to add food distribution or grocery sector expertise, a fact the Board itself even later acknowledged privately to us",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b589673a-0192-4a50-80dd-cc1cd88a121a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.55,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We believe the Board's defensive refresh has installed directors with irrelevant technology, financial services and consumer brand experience rather than necessary industry expertise and shareholder perspectives",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99dbbd71-146e-466f-8174-95c999b7a372",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.05,
        "y": 0.09
      },
      "kind": "title",
      "text": "OVERVIEW: THE INCUMBENTS INITIATED A DEFENSIVE AND INSUFFICIENT REFRESH",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36656157-d0f2-4d9c-b408-91965d88501f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "3bf9b4c1-0e08-4c3d-9f26-2f2b9131c2b0",
      "evidence": "The slide frames the incumbent board as a defensive, reactionary entity that failed to act in shareholder interests.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 12,
      "from": 1,
      "beatId": "230105c7-dc1e-4691-84ee-c9b40da6cffe",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document highlights the long-term underperformance of SpartanNash under the current board",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}