Callouts & quotes from 64+ activist slides

"“The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Top 10 Active Shareholder; “I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go.” — Top 10 Active Shareholder; “They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem.” — Top 10 Active Shareholder; “I have zero confidence this team can get this right and certainly not in the timeframe that is needed. I rarely call for wholesale change at a company, but that is what is needed here.” — Top 10 Active Shareholder; “Having the current CEO drive the process for a new strategy is not a good idea. I think that means we get glacial change and even if they say they are going to become SpaceX there is still going to be a fairly material overhang in the stock because of skepticism about the execution. This is a good time for the change.” — Top 10 Active Shareholder; “Would you ever see anyone issue a press release that says ‘35 year veteran of the company to drive significant strategic, operational and financial turnaround,’ which is what you would have to believe is possible if you think that Bob Jordan is the right CEO. You need a really different leader to right the ship.” — Top 10 Active Shareholder; “I don’t think this is the right CEO to lead the company and I would view his removal positively... Is this the leader you think is able to lead the company into the transformational change that is needed? I don’t think so and I am not sure other investors do either. I would be surprised if they did.” — Top 10 Active Shareholder; “So it is really [the CEO] has not done a good job running the company and what they have in front of them is considerably different than the job he came into, so this really is a natural time for a leadership succession. The Street would be widely supportive of a change.” — Top 10 Active Shareholder"

"It is about as competitive as wealth management is in the United States. There is a lot of margin to be made and because of that there is a lot of competition. The U.S. market is really crowded. Some get big and some get destroyed. Most grow small segments in market niches, and then sell the company as their primary strategy. Everywhere is less competitive than the U.S. market. Over the last 15 years there has been an evolution to integrated software, integrated payments, cards on file, mobile, online, all these things really being supported by software as a service or ISV. Pivotal was not really a player in the ISV business and was just behind significantly in the technology delivery, integration, flexibility and products and services offered to the ISV market. They were lagging in that business and using a gateway company, Worldnet, as their primary infrastructure. Most other payment products in the market owned their own infrastructure. When you own the infrastructure, you get to decide ultimately the product roadmap as opposed to when you use a third party, you have to compete for products, services and direction. I would say you would see a decline in those numbers because that market is being dominated by their competitors. — Former Nuvei Executive"

"“The rate limiter on [a new strategy] is the CEO. I don't have a lot of confidence he is the right person at this stage... The Street would be widely supportive of a change.” — Southwest Shareholder; “I have zero confidence this team can get this right... I rarely call for wholesale change at a company, but that is what is needed here.” — Southwest Shareholder; “The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Southwest Shareholder; “I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go.” — Southwest Shareholder"

"The rate limiter on [a new strategy] is the CEO. I don't have a lot of confidence he is the right person at this stage... The Street would be widely supportive of a change. — Southwest Shareholder; The CEO is a headwind to a turnaround. Firing him is the tailwind. — Southwest Shareholder; I have zero confidence this team can get this right... I rarely call for wholesale change at a company, but that is what is needed here. — Southwest Shareholder; I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Southwest Shareholder"

"The rate limiter on [a new strategy] is the CEO. I don't have a lot of confidence he is the right person at this stage... The Street would be widely supportive of a change. — Southwest Shareholder; The CEO is a headwind to a turnaround. Firing him is the tailwind. — Southwest Shareholder; I have zero confidence this team can get this right... I rarely call for wholesale change at a company, but that is what is needed here. — Southwest Shareholder; I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Southwest Shareholder"

"The rate limiter on [a new strategy] is the CEO. I don't have a lot of confidence he is the right person at this stage... The Street would be widely supportive of a change. — Southwest Shareholder; The CEO is a headwind to a turnaround. Firing him is the tailwind. — Southwest Shareholder; I have zero confidence this team can get this right... I rarely call for wholesale change at a company, but that is what is needed here. — Southwest Shareholder; I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Southwest Shareholder"

"The rate limiter on [a new strategy] is the CEO. I don’t have a lot of confidence he is the right person at this stage… The Street would be widely supportive of a change. — Southwest Shareholder; The CEO is a headwind to a turnaround. Firing him is the tailwind. — Southwest Shareholder; I have zero confidence this team can get this right… I rarely call for wholesale change at a company, but that is what is needed here. — Southwest Shareholder; I would rate them as the worst performing management team in airlines. This was a company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Southwest Shareholder"

"“The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Top 10 Active Shareholder; “I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go.” — Top 10 Active Shareholder; “They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem.” — Top 10 Active Shareholder"

""The CEO is a headwind to a turnaround. Firing him is the tailwind." — Top 10 Active Shareholder; "I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go." — Top 10 Active Shareholder; "They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem." — Top 10 Active Shareholder"

""The CEO is a headwind to a turnaround. Firing him is the tailwind." — Top 10 Active Shareholder; "I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go." — Top 10 Active Shareholder; "They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem." — Top 10 Active Shareholder"

""The CEO is a headwind to a turnaround. Firing him is the tailwind." — Top 10 Active Shareholder; "I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go." — Top 10 Active Shareholder; "They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem." — Top 10 Active Shareholder"

"“Because of the cost, people are going to start shifting gears, and they're going to be changing to a different pump because it's not sustainable for a transplant center, and I understand that TransMedics, they're going to tell you, this is going to be covered by Medicare and by private insurance and yadda, yadda. The reality is that this is going to drive the healthcare cost - you already know that the healthcare in America is destroyed - so this is going to kill the healthcare system.” — Transplant surgeon at Vanderbilt"

""the fundamental challenge is dollars per kilogram," and by that metric, it simply costs a lot more to launch a single small rocket with a single small satellite than it does to launch a single large rocket bundling many small satellites aboard it." Said Bruno, "While it is disheartening, a huge number of start-ups for micro launchers" are going to be "destroyed" and "that market [will not] recover." — ULA CEO Tory Bruno"

"Taking two different approaches (taking Firth Rixson’s EBITDA and multiplying by the corporate multiple and taking Firth Rixson’s NOPAT over Arconic’s WACC) to measuring the extent of the value destruction as a consequence of the Firth Rixson acquisition yields the result that Arconic’s management has destroyed between $1.9 and $2.5 billion of value"

""they [PCS] don't have any standing authority to designate one event versus another unless it's something in their contract says that's the case, but that would be unusual." — Reinsurance expert; "many of the homes [destroyed] are bespoke and high value, so it will take extra effort to understand designs and replacement costs." — BMS"

"Hao said that since China stocks have listed on the US stock exchange, there have been similar cases. He thinks that Muddy Waters short sells only after serious investigation, and does not make fictitious reports. Otherwise, the goodwill, which is accumulated over many years, would be destroyed. "But the truth needs" — HAO Junbo"

"Ancora will vote “AGAINST” Chair George S. Mayes, Jr., Director Javier Polit and Director Laurie A. Tucker at the 2025 Annual Meeting to send a message that the status quo is unacceptable in light of the significant value that has been destroyed and the time-sensitive opportunity currently in front of Forward Air."

"It's easy to see how Kratos has destroyed significant value. Since 2008, Kratos spent nearly $1bn on acquisitions that have contributed an estimated $801m and $129m of revenues and EBITDA, respectively. Yet, recent results suggest over $237m and $69m of sales and EBITDA losses, net of divestitures."

"However, the workaround comes at a steep cost in terms of errors, mutations, and lack of consistency – rendering Twist’s “chip” a self-defeating gimmick with no way to win, as any efficiencies are quickly destroyed by the workarounds required for its inability to make usable amounts of DNA."

"Elanco is an animal healthcare company with promising products in a secularly growing industry. This campaign is about bringing execution and accountability to an insular Board that has not properly overseen management and destroyed billions in shareholder value in the process."

"Unfortunately, shareholders have suffered greatly during this period as Newell significantly underperformed both the market and the industry benchmark, and destroyed billions of dollars of shareholder value in a positive market environment."

"I would rate them as the worst-performing management team in airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Top Ten Active Shareholder"

"I would rate them as the worst-performing management team in airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Top Ten Active Shareholder"

"I would rate them as the worst-performing management team in airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go. — Top Ten Active Shareholder"

"We did so principally because we believe that the incumbent Target board has: Suboptimal composition, Made significant strategic mistakes that have destroyed shareholder value, Performed key corporate governance duties poorly."

"Past performance is the best indicator of future performance... Without change, shareholders are placing their trust in the same directors who approved strategies that destroyed billions of dollars of shareholder value"

"If these businesses were valued at Avantor's global multiple (approximately 10x EBITDA) as opposed to their acquisition multiples of around 28x EBITDA, this implies that over $2.4 billion of value has been destroyed."

"While Martin Franklin and other intelligent capital allocators have created tremendous value through platforms, there are many examples of acquisition-intensive companies that have destroyed shareholder value"

"While Martin Franklin and other intelligent capital allocators have created tremendous value through platforms, there are many examples of acquisition-intensive companies that have destroyed shareholder value"

"If we let the incumbent Board members and management team continue in their ways, we believe Olive Garden may become the next Red Lobster...an iconic American brand destroyed by Darden’s Board and management"

"If we let the incumbent Board members and management team continue in their ways, we believe Olive Garden may become the next Red Lobster...an iconic American brand destroyed by Darden’s Board and management"

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals relative to the S&P 500 in the five years following the completion of each respective acquisition."

"Do either the consumables acquisitions or subsequent exits really represent “progress” if the acquisitions are destroyed, and if the exits simply bring Hill-Rom back to square one (at a loss)?"

"The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential"

"The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential"

"The Company has destroyed its credibility with investors and shown an inability to create shareholder value, so action must be taken immediately to enable Phillips to reach its full potential"

"greater than $700 million of shareholder value, representing approximately 50% of today's market capitalization, has been destroyed since 2013 against the backdrop of a flourishing industry."

"Twist’s “chip” is a self-defeating technology with no way to win: any efficiencies it creates are destroyed by the workarounds required for its inability to make sufficient amounts of DNA"

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals on an absolute basis in the five years following the completion of each respective deal."

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals on an absolute basis in the five years following the completion of each respective deal."

"Crown Castle has thus far destroyed value through its fiber investment and would have been far better off reinvesting in itself through either tower acquisitions or share repurchases"

"Spruce Point believes that BR management has destroyed tremendous value from its highly promoted wealth platform that would “Redefine Wealth Management Technology In North America”."

"If Celgene's pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene's pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"Vivendi has had issues with management... and appointed conflicted directors... who focused on Vivendi's interest over TIM... and as a consequence has destroyed value in TIM"

"Why is revenue growth “the most significant driver of business performance” when ill-advised M&A could destroy (and has destroyed) significant shareholder value?"

"Observers agree: the large franchisee acquisitions of 2015 destroyed value by diluting ROIC and eliminating a highly valuable, high-margin royalty stream"

"On the surface, FMCN's acquisition of CGEN is a shocking display of corporate ineptitude that destroyed $198.4 million in shareholder value in 11 months."

"Spruce Point believes that the Aspen-related goodwill should be written down to reflect the value destroyed by management over the last seven years."

"In its short life as a public company, FireOne Group (AIM: FPA LN) destroyed tremendous shareholder value after its risky business became illegal."

"The Board has proven itself unable to effectively oversee management and the Company, and has destroyed shareholder value through its complacency:"

"~$4 billion of Bristol-Myers shareholder value could be destroyed if REVLIMID fully genericizes only two years earlier than expected"

"The ozanimod RTF came less than 6 months after GED-0301 was terminated, and destroyed another $6 billion in shareholder value"

"Unfortunately, R&D failures continue to plague the Company and have destroyed significant shareholder value in the process."

"The Board would be paying the CEO half a billion dollars on the way out the door after he destroyed shareholder value."

"Yet the announcements of Alexion's acquisitions of Achillion and Portola both destroyed significant shareholder value."

"In the past 5 yrs, management has destroyed 20+% of its market capitalization through failed exploration ventures"

"Starboard helped turnaround GCP after the prior board destroyed significant value for shareholders."