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  "docSlug": "jarvis-macellum-the-childrens-place-presentation-april-2015",
  "documentTitle": "Macellum The Childrens Place Presentation April 2015",
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  "presentationDate": "2015-04-01 00:00:00",
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      "text": "The CEO Compensation Target was over 2x the Median Target CEO Compensation of the Company’s identified peer group in 2012, and she was the highest paid CEO in the peer group in that year, receiving $17.2 million.",
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      "text": "Despite the Company’s poor operating results and the Company’s stock price lagging all relevant market benchmarks during Ms. Elfers’s tenure, her compensation has been, in our opinion, grossly excessive.",
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      "text": "Ms. Elfers was paid a cumulative total of $42.6 million from 2011 to 2014, while EBITDA fell from $204 million in 2010 to $152 million in 2014.",
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      "text": "After “fixing” executive compensation, we believe that CEO compensation was still excessive in 2013 and 2014 because the Board consistently sets Company Targets too low.",
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      "text": "The Board appears to have a lack of concern over sustained deterioration in EBITDA and weak stock price performance, particularly when compared to the peer group and Carter’s.",
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      "text": "The revised Target used for measuring results in 2013 represented a 9% decline in Adjusted Operating Income compared to 2012.",
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      "text": "Ms. Elfers’s “Golden Parachute” is too large at $19.4 million, in our opinion.",
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      "text": "The Target used for measuring results in 2014 represented a 14% decline in Adjusted Operating Income compared to 2013.",
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      "text": "We Believe the CEO Has Been Excessively Compensated for Poor Performance",
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