Callouts & quotes from 2,101+ activist slides

"[...] we believe a change in management and refreshment of the board at NSC are warranted and could stimulate improved operations and thus equity performance. For these reasons, we intend to support the election of dissident nominees Betsy Atkins, James Barber, Jr., William Clyburn, Jr., Sameh Fahmy, John Kasich, Gilbert Lamphere, and Allison Landry. — Neuberger Berman; We see value in potential management change with Jim Barber as CEO and Jamie Boychuk as COO as proposed by the activist investor Ancora... especially given the historical margin underperformance of Norfolk Southern. — Barclays; We believe the status quo at NSC will lead to continued underperformance of the railroad. We also believe that Board refreshment and Jim Barber's and Jamie Boychuk's leadership are essential for enhancing safety and for ensuring outstanding long-term achievements for the benefit of all NSC's shareholders and other stakeholders. — EdgePoint Investment Group; It appears NSC is making the case that changing the Board and management would pose significant risk to service and safety. But in reality, NSC has already endured the most service and safety challenges in recent years, including the unfortunate events of East Palestine last year, and defective chassis across its network that impacted service and posed safety risks in 2021. — Deutsche Bank"

""PFE best positioned for top-line growth among large cap pharma with the pipeline capable of replenishing 41% of the FY17 revenue base by FY25 (vs. peers 7%), well in excess of the 16% of sales exposed to generic/biosimilar headwinds (vs. peers 42%). While near-term growth will be depressed by the loss of Lyrica, we believe investors will look through this to a period of renewed growth. Post-Lyrica LOE, we model revenue CAGR rising to 7.7% (FY20-25) from 2.7% (FY17-20)." — Atlantic Equities, November 27, 2018; "Perhaps the greatest legacy of outgoing CEO Ian Read is a reinvigorated R&D pipeline that should sustain top-line growth beyond key patent expirations. We expect new CEO Bourla to leverage this significant boost in late-stage R&D assets to a level that could preclude the need for M&A or financial engineering" — Oppenheimer, December 11, 2018; "Pfizer has had pipeline success in 2018 with surprisingly good data from Tafamidis, Tanezumab meeting efficacy endpoints in smaller duration phase-3 trials but with questions on safety remaining, early encouraging data from next-gen JAK's for Inflammation and advancement of 20-valent pneumococcal vaccine into phase-3. We believe these events have a played a key role in changing the narrative on Pfizer from an M&A/Split story to a pipeline/growth story." — UBS, January 22, 2019"

""PFE best positioned for top-line growth among large cap pharma with the pipeline capable of replenishing 41% of the FY17 revenue base by FY25 (vs. peers 7%), well in excess of the 16% of sales exposed to generic/biosimilar headwinds (vs. peers 42%). While near-term growth will be depressed by the loss of Lyrica, we believe investors will look through this to a period of renewed growth. Post-Lyrica LOE, we model revenue CAGR rising to 7.7% (FY20-25) from 2.7% (FY17-20)." — Atlantic Equities, November 27, 2018; "Perhaps the greatest legacy of outgoing CEO Ian Read is a reinvigorated R&D pipeline that should sustain top-line growth beyond key patent expirations. We expect new CEO Bourla to leverage this significant boost in late-stage R&D assets to a level that could preclude the need for M&A or financial engineering" — Oppenheimer, December 11, 2018; "Pfizer has had pipeline success in 2018 with surprisingly good data from Tafamidis, Tanezumab meeting efficacy endpoints in smaller duration phase-3 trials but with questions on safety remaining, early encouraging data from next-gen JAK's for Inflammation and advancement of 20-valent pneumococcal vaccine into phase-3. We believe these events have a played a key role in changing the narrative on Pfizer from an M&A/Split story to a pipeline/growth story." — UBS, January 22, 2019"

""We cannot believe that CEO Andrew Mackenzie will be considering any medium to large-scale M&A... which management has been questioned on at previous conference calls and have said they look at, is to collapse the DLC structure." — Barclays, August 19, 2013; "By combining portfolio simplification (asset sales) with structural change (dismantle the DLC), we believe BHP can kill two birds with one event stone, providing modest structural upside (10%+) while also enhancing long term strategic flexibility." — Credit Suisse, June 17, 2014; "DLC Structures are not permanent. Based on our analysis we have seen that DLC structures are not intended to be permanent structures and nor are they beneficial for shareholders forever. We believe that now is an appropriate time for BHP to consider unifying the DLC structure." — UBS, July 14, 2014; "New proposal will lead to wastage of future franking credits... We believe certain Australian shareholders may consider the leakage of franking credits to plc shareholders, which they are unable to monitise, as disadvantaging Ltd shareholders." — JP Morgan, September 22, 2015; "Given it no longer supports itself and it has lost it strategic purpose, sure then the time has come to think very seriously, and with firm purpose, about consolidation." — Australian Financial Review, January 26, 2016"

""As a reminder, we've been working on a number of finance alternatives to eliminate the need for new restricted cash or PPA deals where Plug Power finances the assets directly. In some, or likely all, of the new financing scenarios the cat profile of the transaction will be much better. The accounting rules dictate we cannot recognize revenues up front as we've done with traditional sale-leaseback arrangements. The presentation of adjusted numbers is intended to show our performance as if we finance a transaction as we have in the past. Again, we believe it provides a clearer picture of the sales and implementation progress of the Company and a consistent comparison to past performance." — Andrew Marsh - CEO, Plug Power; "Before I get started, I want to highlight that beginning this quarter, Plug Power's quarterly financial results will no longer include the non-GAAP measures of adjusted revenue, adjusted gross margin, adjusted EBITDAS, or adjusted EPS to reflect the impact of deployed Power Purchase Agreement transactions under alternative financing arrangements. However, we will continue to provide supplemental information to all external stakeholders as we believe it's important we convey the company's overall progress in growth and cost-downs and to maintain complete transparency." — Andrew Marsh - CEO, Plug Power"

"“Saving Klaus from Paul Singer is top priority for its management. Drain the swamp. Let Elliott Management’s recommendations prevail. Too many good people are getting hurt throughout this Company.” — Glass Door, 3/17/17; “Arconic managers are being told not to pay their vendors. Several have not been paid since last July...and MANY have not been paid since October 1st.” — Email sent to Elliott, 3/27/17; “Your company might want to somehow request financials in regard to payments to vendors, etc. Arconic is either trying to make itself look good for a sale or the inflated stock price.” — Email sent to Elliott, 3/16/17; “I have been a supplier [redacted] to Arconic. Payable terms have been 60 days for the life of the company’s supply agreement with Arconic. However, it seems in conjunction with the announcement of the proxy fight, Arconic unilaterally changed payable terms to 120 days. I believe the change was made to goose up reported results for the first quarter, and that the company might also be hiding vendor invoices.” — Unsolicited Phone Call to Elliott, 3/8/17; “In a last-ditch effort to save his job, [Siemens CEO] Kleinfeld released quarterly earnings figures late Tuesday, two days earlier than planned, to underscore the company’s financial health.” — The New York Times, April 25, 2007"

"So all those things, we feel, will function to get us in that intermediate term back to those double-digit margins. — Richard Kramer, CEO of Goodyear, Nov 14 2017; When we are able to recover the margin we've lost from a price versus raw material perspective, that is going to mean a return to something like we saw during that 2014 to 2016 period. And we're confident that we can get back to those levels and work to go beyond. — Darren Wells, Former Goodyear EVP / CFO, Jan 16 2019; I think the question for us and the drive is to think about what it takes to get ourselves back to double-digit margins. And we see a lot of opportunity, as we combine Goodyear and Cooper to take cost out... there are some near-term opportunities that are very big. — Darren Wells, Former Goodyear EVP / CFO, Jun 16 2021; We think it is very realistic intermediate term to get to that double-digit type margin again... the electric vehicle tires are going to be the next seed that helps us continue in that direction... — Darren Wells, Former Goodyear EVP / CFO, Feb 14 2022; ...that will put us in a really good spot to get to that 8% in, call it, the near term... And with 10%, it's a realistic possibility in more the intermediate term, call that 3 to 5 years. — Darren Wells, Former Goodyear EVP / CFO, Aug 5 2022"

""As an international entity, one would expect a nuanced understanding of regional markets. However, the track record of disastrous business decisions stemming from this ignorance is deplorable. It's disheartening to witness a company that fails to adapt to diverse market dynamics, making it challenging for employees to thrive in their respective regions. Secondly, the CEO's leadership is archaic and out of touch with modern business practices... Moreover, the company's apparent disregard for constructive feedback is alarming. Despite multiple negative Glassdoor reviews, there seems to be no initiative to introspect and address the root causes. Instead, employees are coerced into writing positive reviews, painting a false image of the company's internal atmosphere." - Dec 18, 2023; "The CEO often discusses plans and strategies, but these talks rarely translate into concrete actions, leading to frustration among employees. This has resulted in a high turnover rate, with experienced staff leaving and new hires struggling to piece together the remaining knowledge, ultimately starting from scratch." - July 12, 2024; "Driven by one man's ego. No strategy beyond acquisitions" - July 28, 2022; "CEO is a power crazed tyrant with absolutely no regard for employee wellbeing." - April 12, 2023"

"“...Mint is an amazing application... Mint has a chance for you to take a snapshot and understand where you are financially with all your accounts at one point. And within that, what we see is high levels of engagement, weekly active use and people rely on Mint to see all their accounts in one place.” — Greg Johnson, Intuit Executive VP & GM of Consumer Group, at Barclays Conference, 6/4/19; “No, no. They will be -- ultimately, they will be separate. They will not be combined into one app only because I think our focus is, we have a huge opportunity to ensure that we can fuel Credit Karma's growth, and we don't want to have any distractions other than ensuring that they can deliver for customers so they will be separate apps.” — Sasan Goodarzi, Intuit CEO, on FQ2 2020 Earnings Call; “And then last thing is prime. Prime customers are one of the largest monthly active users, and they're the least engaged because our typical focus in the past has been subprime and near prime. And now by putting Mint and Credit Karma together, we're building out prime capabilities. So those are priorities that gives us a lot of hope over time, we're going to get back to our 20% to 25% long-term expectation you said.” — Sasan Goodarzi, Intuit CEO, at Morgan Stanley Technology Conference, 3/7/23"

""In talking about cap rates -- I mentioned this last quarter, but I think it really is worthwhile saying -- and that is if you look back on the 40 years that we've been doing this and kind of follow cap rates, from 2005 to 2008, we were buying kind of in the 8.4% to 8.7% cap rate range, and in those years bought about $1.5 billion worth of property. And I'd probably estimate that we were 75 to 100 basis points in cap rate above where the one-off market was, which was really a function of buying in bulk and you get a better price and a better cap rate." "From 2003 to 2004, the caps were around 9.5, and if you go back to when we went public in '94 and take it to 2003, I went back and looked, and the cap rates from during that period were always between 10 and 11. And then going back and looking at transactions going all the way back before '94, cap rates were pretty much always up 11% or so." "So I really think that kind of the 7 and 8 caps that you saw at retail and even some of the 9 caps on the institutional transaction, like a lot of assets in many different areas, were a function of the abundant and cheap financing that was out there, and it shouldn't be too surprising to see cap rates moving up again." -- Tom Lewis, Realty Income, CEO, Q2 2009 Conference Call"

""So as we look at that $2 billion run rate, I don't see any pie in the sky, we have got to go out and double margins in any one product, or have some ridiculous, unrealistic price increase or anything. These are all projects that have been announced...And it is just a question of executing on those...So I feel, today, even more confident in that number than I was when -- in March, when we gave that number to our investors." — Peter Huntsman, President & CEO; "We've spent a lot of time with the investment community talking about a bridge, how we get from where we are to that $2 billion. I think if you dig into those numbers, you'll see that it's certainly achievable in the next 2 to 3 years." — John Heskett, VP – Treasury & Planning; "Our LTM is about $1.4 billion. We have an objective to go to $2 billion of EBITDA. Many of our businesses are sort of at that level...But really, on track we think near term to get to that $2 billion of EBITDA." — Kimo Esplin, CFO; "I would say that we should quite soundly beat the projections that we gave for the $2 billion. Again, we still have a great deal of confidence in the $2 billion number...I think that when we look at the overall composite, we still feel very confident about that." — Peter Huntsman, President & CEO"

"It is unfair to us and unethical if you don't take the time to understand our business... we are doing it purely right... people who raise questions are people who have not gone through our business in detail... — Enron CEO Jeff Skilling; So again, it is unfortunate that Allergan has not taken the time to understand our business... There is a number of inaccuracies in the report that was put out yesterday... They are just factually incorrect... — Valeant Chairman, CEO Michael Pearson; [Enron] is a very simple model... it is a logistics company, not a trading company. — Enron CEO Jeff Skilling; [Valeant] is more like a professional services firm than a sort of traditional pharmaceutical company. — Valeant Chairman, CEO Michael Pearson; [Enron's] disclosure is more complete than anyone's. — Enron CFO Andy Fastow; I will also point out that Valeant gives massively more disclosure about its business and did so prior to this transaction than Allergan. — Bill Ackman; I have never felt better about the prospects of the Company... our growth has never been more certain. — Enron Chairman, Ken Lay; As we look across the entire business, I have never been more confident about the growth trajectory across the entire company. — Valeant Chairman, CEO Michael Pearson"

""About a year ago, at our Investor Day, we introduced to the market our near-term EBITDA target of $2 billion. We believed that we could achieve this number in the next two to three years...we continue to target a $2 billion run rate in 2017. With present industry trends, we think we will continue to see stronger specialty and differentiated growth than we had expected and softer commodity TiO2 in our recovery." — Peter Huntsman, President & CEO; "We continued to emphasize our goal that we gave out about -- it's been about a year and a half now of a $2 billion EBITDA. Obviously, in the last 18 months, the world's economy and so forth is between the price of crude oil. We made that forecast as, what, about $110 a barrel, and what we were seeing growth in China and so forth. And a lot of that's been turned around from what we saw 18 months ago." — Peter Huntsman, President & CEO; "...of the $2 billion [EBITDA], there was roughly $425 billion of the pigment's EBITDA in there, so if you exclude that and you use the FX headwind, that Peter mentioned, of about $140 million. That's a number, I think, that this company can hit in the next couple of years. Is $1.5 billion a number that we're capable of? Yes, I think that that's realistic." — Kimo Esplin, CFO"

"The issue with Xylem’s purchases of technology companies is scaling them. You’ll hear the CEO talking about scaling things, but to scale them you had to add people. That’s not a good scaling model. The second challenge, either we didn’t do good due diligence or its was sloppy, is that the technology platforms were not compliant with Xylem or other cyber standards. We ended up with a hodge-podge of different technologies and platforms. We’re presenting them in a uniform way, but the technologies on the back-end aren’t talking to each other. Very heavy integration costs to get them on the same cloud and code environment. And the third thing is, to get the pull through fulfilled (e.g. if we had 1,500 direct sellers and another 10,000 distributors) – getting them to understand the cross-sell opportunity and then the digital opportunity and bring in the right expertise, it’s very hard to do. To navigate Xylem and find the right person and bring them into the sales discussion, it’s very hard to do. There’s a lot of friction in the process of execution, either through technology integration offering, finding the right people to deliver the specialized value proposition, or flat out missing how these digital technologies scale. — Former Xylem Executive"

""The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment." — Heinz, June 2006; "Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan" — DuPont Press Release, Jan 2015; "[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement." — David Taylor, August 1, 2017; "I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director." — Bill Johnson, Heinz CEO, Mar 2008; "I have the highest regard for Nelson Peltz and Ed Garden. Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us." — Ed Breen, DuPont CEO, July 2017"

"Operating performance has been disappointing, particularly when considered alongside management's messaging...PSX has not been able to sustain improvements or contend with market volatility effectively. — ISS, May 12, 2025; In a campaign inextricably predicated on the notion that P66's asset mix is a favorable differentiator, the board's inability to draw what we consider to be a strong, straightforward throughline to shareholder value is a bust. — Glass Lewis, May 10, 2025; Phillips 66's current conglomerate structure appears to be suboptimal for sustained financial growth. We agree with [Elliott] that a strategic shift towards refocusing on its core assets, particularly within the refining segment, is necessary to drive improved performance and value creation. — Egan-Jones, May 1, 2025; PSX has established a track record of providing selective and ambiguous disclosure that obfuscates results, makes it difficult to assess decisions, and creates impediments to evaluating performance. — ISS, May 12, 2025; The board's [decision to combine the Chair and CEO roles] evidences a disconnect from shareholders, and undermines the argument about its commitment to ensuring strong corporate governance and board oversight. — ISS, May 12, 2025"

""When I was at Ginkgo, Jason's biggest fear was always Zymergen. And so, he would try to corner the market by buying all the equipment so Zymergen couldn't buy any." — Former Ginkgo executive; "Ginkgo was quickly in defensive mode [after Zymergen's stock collapsed] because they didn't want people to make that comparison, and so they announced all these deals to try to be able to show that they're different. Maybe Ginkgo will be successful at some point, but when the rubber meets the road, you look at what products are out there. Who has been successful using your technology that has led to a meaningful product? And the answer is there isn't any." — Former Ginkgo executive; "I think that in certain ways, they're very similar. They competed on a number of very large-dollar number projects...I would say where Ginkgo and Zymergen diverged was a few years ago, Zymergen started to specialize in a few application areas: materials, ag, pharma, a few other one-offs. Whereas Ginkgo said, we're not going to specialize. We want to be able to engineer everything. And so, the types of projects that the company took on varied from cannabis projects to materials to biodefense." — Former Ginkgo employee, longtime direct report to CEO Jason Kelly"

"Another area where we may have lost focus is around patient trials. As most of you know, I think patients enter our treatment pathway via a trial, the success of which leads to payor approval for the implantation of our device which is the principal driver of our revenues. Our trials begin to flatten out in the middle of 2018 and this activity is obviously an important one to two quarter predictor of future implant revenues...we have focused and reengaged our field team very intensely on patient trial growth. And I think trials got kind of lost in the noise, and we simply weren't focused on it. And I think what is encouraging is that -- is that as we have focus on it in very short order, we've seen very rapid and I think very important responsiveness to trial volume based on our results. I think that's an encouraging sign. It's also very early. And so that's something that we've been focusing on for the better part of the last two months and we've seen a very quick response but we need to we need to better understand that. But I really think it was just for lack of focus. We weren't directing and incentivizing our sales force to do what they should have been doing in my view, which was to grow trials. — Keith Grossman, CEO"

""We are repositioning our Verifi process control technology business. Market adoption has been below our expectations, and the business is not producing the returns we want. As a result, we have decided to operate Verifi as a more targeted niche offering, and have reduced our investment in growing the business." — Hudson La Force, CFO, W.R. Grace (7/23/14); "Verify is a new marketplace...We have a head start in this market. It's a relatively small business today but growing at very nice mid double-digit rates and we're investing in this business in terms of both its stickiness and its ability to drive performance with the Ready Mix customers" — Greg Poling, Fmr CEO, GCP (5/17/16); "Our capital investments could be slightly higher in 2018 than our target of 5% of sales due to investments required for our new VERIFI contracts." — Dean Freeman, Fmr CFO (2/27/18); "With an estimated addressable market of approximately $1 billion, VERIFI is a key source of growth for GCP and remains a top investment priority." — Narasimhan Srinivasan, VP Strategy & Corp Dev, GCP (8/7/18); "We've committed to having sales generated through the VERIFI program of $50 million to $75 million by the end of 2021." — Randall Dearth, CEO, GCP (2/26/20)"

""In terms of exploration and production, we are different than the other independents. We are the most global." — John Hess, Chairman & CEO Hess, June 2010. "We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. So we want to maintain that global scale and capability." — Gregory Hill, EVP Worldwide E&P Hess, November 2012. "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing." — Goldman Sachs, June 11, 2012. "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries...We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world...Running such a diverse, global operation is challenging and given the size of the company it is not apparent that HES gains any incremental value from its integration and diversity. We believe this level of diversity has diminishing margins of return for investors." — Citigroup, June 20, 2012."

"PBI has not provided shareholders with a convincing, substantive reason to conclude that future performance will depart from the disappointment of the past decade. [...] In summary, shareholders have endured a decade of underperformance and disappointment, there are unanswered questions and serious concerns about the path forward, and power on the board is concentrated in the hands of those directors who objectively have the most potential for a conflict of interest by virtue of their past experience and tenure. — Institutional Shareholder Services (Hestia/Pitney Bowes ISS report, Apr. 26, 2023). The company's TSR has varied when compared with peers, but over all time periods, it has substantially underperformed that of the Nasdaq Biotech Index. [...] The most immediate need for Progenics is sufficient board change to a) get a second opinion on the merger, and b) establish the possibility of a compelling alternative path, which the current board and management has failed to articulate. The most effective way to accomplish this may be by removing CEO Baker and adding dissident nominees Ende, Ber, and Mims to the board. — Institutional Shareholder Services (Velan Capital/Progenics ISS report, Nov. 8, 2019)."

"Partly, yes. I mean, that's already happened in markets like the DC area market, in Seattle. It's required for buyers to sign a buyer's agency agreement. I think some of this is about legal and regulatory compliance. Some of it is just an ethical mandate that people should not hire a buyer's agent without realizing it. They should know what that buyer's agent charges, and they should know what services are entailed. They should know when they're committed. And so this is good salesmanship, but it's also just an above board way to treat a customer. Now, the reason that I said partly is that we're also seeing some trends where more listing agents are selling homes directly to home buyers. So I think there is just going to be more consumer choice, John. In some cases, a consumer is explicitly going to decide that I want somebody on my side, that I want my own agent. And other times, the agent, the listing agent, excuse me, will be the one handling both sides of the sale. The buyer is going to directly to that listing agent. I don't think that's going to be the majority of cases, but I do think there's going to be clear consumer choices and more consumer power. That's great. — Redfin CEO, Q4'23 Earnings Call"

"“So Waleed, I’d be remiss...quite a shock...trying to connect all your comments together, I confess I’m still struggling to understand...I’m curious, there seems to have been a break in your trajectory of share gain....” — OPCO Analyst; “...there is no shift in gears. It’s your perception of reality.” — CEO Waleed Hassanein; “I caution the Street from trying to create something out of nothing.” — CEO Waleed Hassanein; “There’s absolutely, categorically no impact of any technologies, methodologies, or competitive dynamics on the decline in Q3...the facts are the facts.” — CEO Waleed Hassanein; “I want to make it crystal clear. We have not seen any fundamental or competitive dynamics... Let me repeat it again, there has not been or we have not seen any fundamental or competitive dynamics...” — CEO Waleed Hassanein; “Guys, I want to be crystal clear...abdominal NRP does not impact OCS.” — CEO Waleed Hassanein; “There is no clear reason for these declines other than normal variability.” — CEO Waleed Hassanein; “Listen, we’re just coming out of a quarter where transplant volumes declined...” — CEO Waleed Hassanein; “I repeat again, our share in heart and liver...remain unchanged.” — CEO Waleed Hassanein"

"“Okay. And then going back to the price of oil coming down. How long will it take -- are you in FIFO, first of all? How long will it take for you to benefit from those costs? I know that the intermediary has to come down as well, but it sounds as though they may be. And so let's say that you benefit from it in a 90 to 120 days, as Jay mentioned. Will you, at that point, have to give a price?” — Analyst G. Research, Q1 2019. “Pricing wise, we have a very -- our current pricing structure is in place and we see no reason to change that current pricing structure. You're right about that, it is about 90 to 120 days. We are on FIFO with -- in that time between when it's -- when the new lower material costs come into our manufacturing facility, and by the time it gets through to us, inventory, and on the end, it's 90, 120 days, maybe a little bit more. So -- which is why we haven't really made any changes to guidance going out.” — WD-40 CFO Rembolt. “If we do see any impact of a sustained lower oil price, we wouldn't expect that to be seen until the third quarter. Right now, our cost of goods are really reflecting the oil price in what months, Jay, July August?” — WD-40 CEO. “July, August.” — WD-40 CFO."

"I mean our small business -- small, medium business, we think as a run rate continues to be strong, right? We've seen that throughout the year, which is a good sign of the underlying business. The same business that Anders has talked about is served by our partners and distributors around the globe. And we haven't seen any change there — Burns, Stevens Conf Nov 16, 2022. Particularly (organic net sales growth) strong growth from small business through the channel, partially driven by pent-up demand. — Q2 2021 Earnings Presentation. Yesterday, we announced the launch of Zebra's first cloud connected label printer designed specifically for the small business, home office customer. Featuring eco-friendly cartridges and mobile application software to easily design and print labels from anywhere. With the launch of the ZXP Series printer, we enter an approximately $400 million market with an attractive recurring supplies revenue stream. We have been innovating at a record pace despite the pandemic, and this so called label printing offering is a proof point of our focus on expanding into attractive adjacent markets where we can provide a differentiated offering. — CEO Gustafsson, Q1 2021 May 5, 2021"

""Business combinations such as [T-Mobile / MetroPCS, SoftBank / Sprint] often present significant long-term opportunity for Amdocs, giving our track record of consolidating systems on behalf of our customers especially in North America." — Eli Gelman, President and CEO, Amdocs; "...competition among North American wireless operators continued to intensify presenting us with opportunities to partner and support our key customers in their strategic initiatives." — Eli Gelman, President and CEO, Amdocs; "A highly demanding customer, a very sophisticated customer. It may sound like an issue. It's actually an advantage because we have the ability to address highly complex sophisticated customers." — Eli Gelman, President and CEO, Amdocs; "So I'm mentioning the projects orientation because on one hand it creates pressure and it stretches our delivery organization to the limit and many aspects like this. But on the other hand, this is the foundation for anything else, because usually a successful project leads to other successful projects, and as we are expanding our offering, the potential other projects that can come after whatever project we started with." — Eli Gelman, President and CEO, Amdocs"

""First more than 90% of HomeTeam's business is Pest Control... When we acquired HomeTeam their margins were 7% on a trailing 12 month basis. But we believe that we can double those margins in the next four years." — Rollins On HomeTeam Acquisition, July 23, 2008. "The HomeTeam acquisition was a meaningful acquisition. So we've bought some nice platforms through the years, and we'll continue to buy good platforms." — CFO Krause, Baird Conference, Nov 9, 2022. "There are multiple benefits to tying Fox closely with HomeTeam, who have also been utilizing door-to-door campaigns to activate Taexx customers in their predominantly residential business for over 20 years." — CEO Gahlhoff, Q1 2023, April 27, 2023. "And when we look at the Fox pest control, it's a door-to-door business, the thing that we get excited about when we think about this business is teaming Fox with HomeTeam. HomeTeam is our business where we've got tubes and walls and there are legacy tubes that unfortunately, customers aren't using because they moved away from the home that they originally built and the new owner doesn't even realize that these tubes are in the house..." — Rollins on HomeTeam, William Blair Conf, Jun 8, 2023."

""As Independent Lead Director at HD Supply and Nominating & Governance Committee Chair, Betsy led the charge on creating exceptional board of directors' composition and dynamics. [...] Betsy's overwhelming passion to apply hard work, opportunistically identify and engage an extended network of expert talent, and direct board activity was an incredible business asset and accelerant." — Joseph J. DeAngelo, Chairman & CEO, Home Depot Supply – 2019; "Betsy Atkins had the courage to join our board as an Independent Director during a time of company crisis. Betsy provided not only a steady hand but also the focused, strategic thinking and experience in corporate governance necessary to navigate a clear path forward." — Matt Maddox, CEO, Wynn Resorts – 2019; "She has the rare experience of having served on numerous boards across various sectors and geographies. Her hands-on and intimate knowledge of situations that board members have to navigate has proven essential at a point in time when governance is facing significant challenges, undergoing major transformations, and requires different approaches in different parts of the world." — Jean-Pascal Tricoire, Chairman & CEO, Schneider Electric – 2019"

"We also launched BlackRock's first self-indexed ETFs... This illustrates one of the ways we are using our scale and technology to reduce manufacturing costs and pass along greater savings to our clients. — Larry Fink, CEO, July 2017; We seeded or co-invested $1.1 billion into products as we built new and innovative investment capabilities, including alternative, ESG-related, and self-indexed offerings. — April 2018 Proxy Statement; Now on the self-indexing part of your question, look, self-indexing certainly has some advantages, and the advantages are cost and flexibility. So we're exploring constantly self-indexing in areas where there aren't well-defined indices... And currently, we have 6 self-indexed ETFs. — Robert Kapito, President & Director, January 2021; We are also continuing to invest in scale efficiencies. We get this obviously through Aladdin, but we're also diversifying our ETF servicers, diversifying index providers, and expanding our own capabilities around self-indexing, custom indexing, and proprietary data and analytics, especially in fast-growing areas like ESG. — Salim Ramji, Senior Managing Director & Global Head of iShares & Index Investments, Investor Day, June 2021"

""Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets." — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020. "I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain." — Mike Hennigan, CEO of Marathon Petroleum, November 2, 2020. "On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven." — Mike Hennigan, CEO of Marathon Petroleum, February 2, 2022. "If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract." — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum, August 3, 2020."

"“Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.” — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020; “I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain.” — Mike Hennigan, CEO of Marathon Petroleum, November 2, 2020; “On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven.” — Mike Hennigan, CEO of Marathon Petroleum, February 2, 2022; “If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract.” — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum, August 3, 2020"

""I hear what you're saying about the acquisition and the history, but really it's been six, seven years since we've made an acquisition more than $100 million. So we've moved past that. Really the financial priority for the Company as set out by the Board and the senior management team is continue to improve the credit profile." — Steve Heskett, Vice President - Treasurer, September 2011; "Smaller bolt-on acquisitions, particularly in fast-growing, developing markets that have a very strong synergistic, a post-synergistic sort of a payback for us, $10 million-$20 million sort of acquisitions -- I don't believe this is the time to kind of bet the farm and go out and leverage up the balance sheet. I don't think that we've -- I think reducing our debt right now is more important than expanding our debt." — Peter Huntsman, President & CEO, May 2012; "But I don't see in today's -- where the market, I think, is putting a premium on risk reduction. I don't see a scenario today, at least not one that sits readily before me, where we are going to take our balance sheet and load it up with debt. So, M&A, large M&A I don't think is a high priority." — Peter Huntsman, President & CEO, November 2012"

"“...So, the leadership team met without me. And they came up with 50% to 70% of the $1.2 billion. I would -- and I would tell you that's average performance. And this is not an average team. In the time-honored tradition of under promising and over delivering, we set ourselves up well today is my view. I would take the over on 70% to 90%. You think about the $1.2 billion, a couple of hundred of capital savings.” — Phillips 66's then-Chairman & CEO Greg Garland, November 2019 PSX Investor Day. “...Despite the cost-cutting initiative, we estimate that since 2019, refining & SGA costs (ex turnarounds and energy) have increased from $5/bbl to $6.5/bbl. Absolute costs are up 12%, or $500MM, more than large cap peers.” — T.D. Cowen, November 7, 2022. “There is nothing that destroys a management's team credibility faster than setting targets, missing them and attempting to avoid accountability or obfuscate the true outcome. This is the quickest way that I lose conviction in a management team's ability to deliver long-term value. I find it quite remarkable that the Board has not played a stronger role in holding Phillips 66 management accountable.” — Shareholder Nominee: Stacy Nieuwoudt."

""...So, the leadership team met without me. And they came up with 50% to 70% of the $1.2 billion. I would -- and I would tell you that's average performance. And this is not an average team. In the time-honored tradition of under promising and over delivering, we set ourselves up well today is my view. I would take the over on 70% to 90%. You think about the $1.2 billion, a couple of hundred of capital savings." — Phillips 66's then-Chairman & CEO Greg Garland, November 2019 PSX Investor Day. "...Despite the cost-cutting initiative, we estimate that since 2019, refining & SGA costs (ex turnarounds and energy) have increased from $5/bbl to $6.5/bbl. Absolute costs are up 12%, or 500M M, more than large cap peers." — T.D. Cowen, November 7, 2022. "There is nothing that destroys a management's team credibility faster than setting targets, missing them and attempting to avoid accountability or obfuscate the true outcome. This is the quickest way that I lose conviction in a management team's ability to deliver long-term value. I find it quite remarkable that the Board has not played a stronger role in holding Phillips 66 management accountable." — Shareholder Nominee: Stacy Nieuwoudt"

""Cintas has maintained that the pricing environment hasn't changed much or been stable throughout this whole industry consolidation period? Unifirst's CEO, was commenting a year ago that basically, and I'm paraphrasing, service disruptions in the industry has created a change and allowed them to be more competitive and poach clients. So, I mean, do you take Cintas verbiage at face value that the pricing environment has been stable while they're trying to digest a huge acquisition of G&K?" — Spruce Point; "And not only that, but I'll say this, the pricing environment in the rental uniform industry is, is within 10% of where it was back in the late eighties... they'll dangle a carrot to get their foot in the door... the way they do that is by collecting those fees and those fees that we're talking about is for the loss and the ruining, that 30% that I was mentioning to you earlier about, that's a cost that they just can't measure very well." — Industry Expert; "Naturally occurring loss and ruin is around 16 to 18%... But as time evolved, and as we started hitting those numbers more and more, guess what they climbed to 28% and 30%. 30% is about the norm now." — Industry Expert"

""Now $1 billion is a big number. It's a 5x in fold from where we are today. So, let's talk about how we're going to get there. We're going to do it through acquisitions... We are very serious about our build to $1 billion strategy. With this acquisition, we'll be close to $1 billion adjusted EBITDA which is our EBITDA objective that we set out. We plan to maintain our strategy to achieve this target within the near term. Once this deal closes, or should the deal close, we will be from an EBITDA perspective, the fifth biggest tech company on the TSX." — Matt Proud, CEO of Dye & Durham; "Internally, the single best measure that we have is IRR when we're looking at our acquisition discipline. Personally, what I seek to do and what I've hopefully convinced others around Constellation to do is to use IRR as the method of choice. And because we're looking to buy and hold forever, I feel way more comfortable with IRR as an approach. And so we set a relatively high IRR bar and then we use multiple scenarios that are probability weighted to come up with the IRR that we expect, taking into account all possible outcomes." — Mark Leonard, Founder & President of Constellation Software"

""A clear example of his character was demonstrated in 2005 during the Norfolk Southern Railway train derailment in Graniteville, SC...William was a valuable resource beyond measure during this time as he met with community leaders on the local, state, and national levels." — Lessie B. Price, Aiken City Councilmember; "I found that Commissioner Clyburn was always conscientious, paying great attention to detail and consistently applying the law for the protection of the public interest." — David M. Konschnik, Attorney and Consultant, former Director of the Office of Proceedings at the STB; "The nation's seven safest years in railroad history were due in great measure to the partnership between railroads, railroad unions, the FRA and the STB, where Commissioner Clyburn added greatly to the strength of our zero tolerance to any safety hazard efforts." — Hon. Jolene Molitoris, Former Federal Railroad Administrator; "William helped us endure the raw emotions and tragedy of the Graniteville crash by working with neighborhood residents, community leaders and businesses in a way that was respectful, caring and empathetic." — Chris Verenes, Chairman and CEO, Security Federal Bank."

""Just wanted to ask about the new product revenue numbers that you gave.... Within those cards you have a sense of how much of that is sort of incremental revenue versus how much of that is just cannibalizing or replacing existing product sales?" — Michael Matson – Needham & Company; "The biggest piece that probably falls into the gray area is Centrella... If I look at the rest of the product growth from where we are today going forward, most of it is nonreplacement new product growth. So of the ones on that slide that was in the LRP deck, Centrella is probably the only one that materially falls into the cannibalization bucket, if that helps." — John Greisch – President & CEO, Hill-Rom; "And I think John also mentioned in his opening comments, the new product momentum has been -- we're very pleased with that. $300 million this year. We exceeded our goal. If you recall, our original goal was about $200 million. So great performance in 2018, and now we're expecting $400 million in 2019. So not all of that is incremental. As you know, we're cannibalizing some of our products, but about half of it will be incremental." — Mary Kay Ladone – VP of Investor Relations, Hill-Rom"

"“...on the monetization of Patch... I would just say when we started the product in general, we started it without monetization in mind....” — CEO Tim Armstrong, 8/4/10; “And I think over time basically the expectations on monetization should be, Patch is going to be an investment property over the next two years and I think coming out of the next two years, we'd expect to have more meaningful monetization in general.” — CEO Tim Armstrong, 11/3/10; “So as we continue to rollout [Patch] properties, we would expect the model behind it to have rolling profitability to these sites at some point without going into detail, when.... And the reason I'm not giving you transparency around Patch is because I don't want to and I think we – but you're going to have to trust me on this....” — CEO Tim Armstrong, 2/2/11; “...monetization is coming to Patch, so we've gotten a lot of questions on that. We are dead serious about it and we're going to make it happen.” — CEO Tim Armstrong, AOL Investor Day, 6/16/11; “... I am a rational investor in Patch.... I would hope the profitability of the Patch is rolling thunder that we see over time....” — CEO Tim Armstrong, UBS Conference 12/5/11"

"Sure. Well, I think you need to kind of break it up a bit. I mean, firstly, look, we've had a great partnership with Monster, created tremendous value for Monster, for us, Coca-Cola and for the bottling partners. Clearly, in the case of the U.S., there's been -- what happens in every category when people create a category and there's 1 or 2 brands is people look for the white spaces and start to innovate and start to bring new news to the category. And that's what's happening in energy, particularly in the U.S. And so I think working with Monster that we will respond to the evolution or the way the consumer is looking at the category. ... But I think there's more to be done across the board, including in the Monster Energy portfolio, and we're working with them on that. And then I think internationally, there's robust growth in the energy category and making good progress around the world in different ways and different forms. So I think one has to kind of pull apart energy category and look at it kind of geographically to see that overall, it's still got some good growth, and there's different jobs to be done in different parts of the world. — Coke CEO, July 23, 2024"

""Going forward, the Kao Group will aim to be a company that can contribute to minimizing the period of illness" — President Hasebe, June 2021 Small Meeting with CEO; "We need a new engine for the future. With this in mind, we aim to enter the medical (treatment/diagnosis) field" — President Hasebe, Nikkei Business Interview, March 2022; "Kao has great technology and many interesting products, but management has yet to translate this expertise into strong revenue-generating products" — CLSA, February 20, 2024; "We want to be a company that is not compared to P&G or Unilever" — President Hasebe, Weekly Economist Interview, April 2021; "Kao conducts world-class enzyme research... I think enzyme-driven batteries will be useful in unexpected places" — President Hasebe, December 2021; "Another Kao is intended to strengthen three categories: Circular economy, digital and health care" — President Hasebe, June 2024 Small Meeting with CEO; "Mondrian was concerned that Kao risks losing focus on its core consumer goods business, which is under tremendous pressure related to raw material prices and increased competition" — Mondrian Investment Partners, Stewardship Report 2023."

"“We analyze proposals for the separation of Chair/CEO on a case-by-case basis taking into consideration numerous factors, including the appointment of and role played by a lead director, a company's performance, and the overall governance structure of the company.” — State Street. “The funds also support independent leadership in the boardroom. That may take the form of an independent chair or a lead independent director. Regardless of title, the role's responsibilities should be robust and clearly defined through company disclosure” — Vanguard. “In general, Fidelity believes that boards should have a process and criteria for selecting the board chair, and will oppose shareholder proposals calling for, or recommending the appointment of, a non-executive or independent chairperson. If, however, based on particular facts and circumstances, Fidelity believes that appointment of a non-executive or independent chairperson appears likely to further the interests of shareholders and promote effective oversight of management by the board of directors, Fidelity will consider voting to support a proposal for an independent chairperson under such circumstance” — Fidelity."

"We analyze proposals for the separation of Chair/CEO on a case-by-case basis taking into consideration numerous factors, including the appointment of and role played by a lead director, a company's performance, and the overall governance structure of the company. — State Street. The funds also support independent leadership in the boardroom. That may take the form of an independent chair or a lead independent director. Regardless of title, the role's responsibilities should be robust and clearly defined through company disclosure — Vanguard. In general, Fidelity believes that boards should have a process and criteria for selecting the board chair, and will oppose shareholder proposals calling for, or recommending the appointment of, a non-executive or independent chairperson. If, however, based on particular facts and circumstances, Fidelity believes that appointment of a non-executive or independent chairperson appears likely to further the interests of shareholders and promote effective oversight of management by the board of directors, Fidelity will consider voting to support a proposal for an independent chairperson under such circumstance — Fidelity."

"As Steve said at Investor Day, we introduced a new transaction model for Flex, which gives Autodesk a more direct relationship with its customers and more closely integrates with its channel partners. We began testing the new transaction model across our product suite in Australia a couple of weeks ago. Assuming the launch proceeds as expected, in fiscal '25 and '26, we intend to transition our indirect business to the new transaction model in all our major markets globally. In the new transaction model, partners provide a quote to customers but the actual transaction happens directly between Autodesk and the customer... In the near term, the new transaction model results in a shift from contra revenue to operating costs that provide a tailwind to revenue growth, while being broadly neutral to operating profit and free cash flow dollars, and mechanically result in percent operating margins taking a step or 2 backwards. Over the long term, optimization enabled by this transition will provide a tailwind to revenue, operating income and free cash flow dollars, even after the cost of setting up our building platform. — Andrew Anagnost, CEO, November 21, 2023"

""Allison brings a unique combination of skills to the boardroom, including extensive financial and analytical experience, a deep understanding of investor perspectives, and expertise in the transportation industry. She possesses strong instincts and a firm grasp of the levers that maximize shareholder value. Allison is a trusted advisor and a valuable partner to management." — Brad Jacobs, Managing Partner, Jacobs Private Equity, LLC – Apr. 4, 2024; "Allison's sector-specific experience proves invaluable on our board. While this can often lead to a board member encroaching into management's operational lane (because she knows the sector intimately), Allison does an incredible job providing helpful strategic direction and tactical insights that management can use for the betterment of the enterprise. As a board colleague, I can also attest to her ability to get along with fellow members, even when we don't all agree. Finally, I find Allison's role in shareholder outreach (offseason and during the proxy season) to be extremely helpful as we work to respond to our shareholders' feedback." — Johnny C. Taylor, President and CEO of SHRM – Apr. 5, 2024"

""...we announced the acquisition of Ciba's textile effects business. This was an acquisition of roughly $255 million with an $88 million LTM EBITDA. It is our objective over the course of the next two years to invest about $100 million into that textile effects business, and we believe we can get that EBITDA up to about 15%, 16% of sales; increase that EBITDA from its present rate of about $90 million run rate, upwards of about $150 million run rate." — Peter Huntsman, President & CEO, September 2006; "We are doing the very same thing in textile effects where over the next two years, we're going to spend $150 million and take an EBITDA that is roughly $80 million and we're going to take it to $150 million of EBITDA." — Kimo Esplin, CFO, March 2007; "...our textile effects business continues to make good progress on the restructuring program that we kicked off this last year. Our goal is to capture $75 million in cost savings and drive EBITDA margins to the mid-teens. In fact SG&A and R&D costs in the textile effects declined by almost $9 million or 17% as compared to second quarter levels." — Peter Huntsman, President & CEO, July 2007"

""Before I ever served on a Board with Jim, I knew about the instrumental role he played in building and running the world's best networks at UPS for decades... Any public company in the transportation sector would be lucky to have him at the helm." — Scott Ferguson, Managing Partner of Sachem Head Capital Management, Apr. 4, 2024; "Barber is highly regarded as a logistics operator who helped turnaround U.S. peak season problems at UPS during his tenure as COO... If Barber were confirmed in [the C.H. Robinson CEO] role, we believe it would be a positive development for Robinson..." — JPMorgan Chase & Co. analyst report, Jan. 9, 2023; "Jim has a very rare combination of extraordinary leadership gifts including personal authenticity and integrity..." — Dr. Ed Frazelle, President and CEO, RightChain Incorporated, Founder, The Supply Chain Logistics Institute at Georgia Tech, Apr. 7, 2024; "Working with Jim Barber on the U.S. Foods board has been a great experience. He is an executive who understands the importance of communication, feedback and operational rigor." — Robert Dutkowsky, Board Chairman of US Foods Holding Corp., Apr. 13, 2024"

""Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets." — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020; "I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain." — Mike Hennigan, November 2, 2020; "On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven." — Mike Hennigan, February 2, 2022; "If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract." — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum, August 3, 2020"

"“I mean, this seems almost like a sudden discovery. Until about a year back, they couldn't solve the problem, and all of a sudden, it's just solved and not just solved but stabilized and now scalable as well? That's something that I would pause to look at and seriously evaluate from a materials perspective... The core team was extremely strong. Having said that, some of the claims just do not sit well with me because I feel like, like some of the materials, there are certain problems that they just could not have solved...And high-energy-density...That's where the problem is. If they really had a solid-state battery, their claims would be much different...” — Former employee #3; “Jagdeep is a great seller. When I was there, I was amazed that he was able to raise so much capital with such little data. I agree with whoever you talked to that said he goes to the edge of the line. I've worked for many CEO's, and I'm more in the camp of being honest with your investors. That's not the Quantumscape way.” — Former employee #4; “Absolutely not. That much I can tell you for sure. The answer to that is absolutely not.” — Former employee #1"

"“I think they’re going to come in because everything in transplant is based on what’s a reasonable cost. When you look at this stuff, you look at TransMedics and you look at this logistics stuff and things like that, the expense recovery, it’s very transparent what it costs. It doesn’t cost a ton and it’s used a bunch. And then you work your way down to devices and like TransMedics, and it’s like, okay, well on a medical device, it costs a lot, it’s somewhat transparent, and used kind of a lot. And then you go down to logistics, one step further, there’s no transparency, it’s used all the time, and it’s extremely expensive. I think the government is working their way down. Because what CMS does is like, what’s a reasonable cost? Well, this stuff is all new, so they’ve never established what reasonable costs are. I think what they’re going to do is I think they’re going to come in and they’re going to establish ‘reasonable cost.’ And now, all of a sudden, the Hawker 800 that costs $12 million does not make sense because that’s not reasonable cost.” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive"

""We've got to bring more milk into the platform. Right now, if I look at the WCB platform, we're running close to 97%, 98% capacity utilization. On the MG side, we're running somewhere around maybe 58% capacity utilization. So one of the easiest ways to drive synergies and drive profitability is getting more milk through the plant, but of course, it's got to go into profitable products that we can sell either domestically or internationally?" — CEO on Australia (August 2018). "But our projections in terms of the respectable levels of profitability for the combined Australian platform, we believe that we will be there within year 3." — CEO on Australia (August 2018). "Leanne, it just seems that Australia has been problematic for a number of years now because of the inadequate supply of milk coming off the farm..." — BMO Analyst (June 2022). "And I believe that there is a way with the amount of milk that we're processing or we expect to process, this still drives very healthy profitability... So it doesn't mean that we have to reduce our expectation for EBITDA generation because we have less milk." — CEO on Australia (June 2022)."

""In terms of exploration and production, we are different than the other independents. We are the most global." — John Hess, Chairman & CEO Hess, June 2010. "We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. So we want to maintain that global scale and capability." — Gregory Hill, EVP Worldwide E&P Hess, November 2012. "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing." — Goldman Sachs, June 11, 2012. "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world..." — Citigroup, July 20, 2012. "In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess." — Deutsche Bank, January 30, 2013."

"“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... 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...” — Top 10 Active Shareholder; “I have zero confidence this team can get this right...” — Top 10 Active Shareholder; “Having the current CEO drive the process for a new strategy is not a good idea.” — 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.” — Top 10 Active Shareholder; “I don’t think this is the right CEO to lead the company and I would view his removal positively...” — Top 10 Active Shareholder; “So it is really [the CEO] has not done a good job running the company... The Street would be widely supportive of a change.” — Top 10 Active Shareholder"

"“Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.” — Mike Hennigan, CEO of Marathon Petroleum. “I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain.” — Mike Hennigan, CEO of Marathon Petroleum. “On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven.” — Mike Hennigan, CEO of Marathon Petroleum. “If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract.” — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum."

""And were those things that were not addressed as you were inside ADP, or are these things that are incrementally directed towards how you are going to grow the business? In other words, did ADP kind of take a step back and say you are growing at the average rate, at corporate average margins and we are happy with that and focus on other areas? How did they view the business when it was tucked inside that company?" — Brian Bissett, Morgan Stanley. "I've been with ADP a long time. ADP does a real good job of trying to look at ways to maximize margins, but you do it on a cadence that perhaps isn't at a pace that we are going to try to accelerate. And because we are independent we can do some things if we have to restructure and the like. Perhaps that wasn't top of the list under the ADP umbrella, but it might be on ours. And so we're going to take advantage of, if you will, a fresh look at all areas and I think that's healthy for the business. Under ADP, good kinds, good direction, but a cadence that perhaps wasn't as accelerated as what we're going to try to do for this business." — Steven Anenen, CDK Global, Former CEO"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return, how much your stock was appreciated and how much dividend were you able to pass to the shareholders. But let's not forget that this is only a surrogate point, a very good one because the market really knows how to value your operational value creation. But it is a surrogate point, where fundamental it is how much you can stay true to your purpose. And the purpose of the pharma company is to bring breakthrough products that change patients' lives. So the operational measurement of success will be our ability to have a constant flow of breakthrough innovation that significantly changes the current standards of care, and that's for the long term. So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

"Our sweet spot is, call it, 40 grams to 80 grams...we put in a rebate every year since the reimbursement change came into being. We followed that up with a volume rebate this year. We put in a preauthorization for docs in the office side of service to make sure that they would get paid. We supported the product with clinical data to ensure that the retreatment rates would become a nonissue. And I haven't heard anything about retreatment. I'm sure in your checks, you probably haven't heard much either in the past. And we made changes to the management team...But the encouragement is that any third party analysts that is doing research with urologists, the feedback comes back consistently the product works. There's a sweet spot for this product in those smaller glands, and that's the majority of the market. So that's encouraging. But every research that's done that we've read all of them, the final sentence is, but I don't make as much money as I used to. And it's the economics argument that has challenged in the office side of service. — Teleflex CEO Kelly at Piper Sandler Healthcare Conference, 12/3/24"

""Most positions have been or will be outsourced. Most quality managers have been driven off." — Cardiac Technician Trainer, iRhythm, Glassdoor, 5/6/25; "Everyone in management is responsible for the high turnover, unrealistic goals and the QA process is a joke, If you want overwhelming loads work and stress this is the company to be at." — Cardiac Monitor Technician, iRhythm, Glassdoor, 1/14/25; "Rushed, unrealistic goals causing many quality issues...End the secrecy, end the lies, and treat people with the decency and respect they deserve." — Anonymous Employee, iRhythm, Glassdoor, 12/19/24; "Go big and go fast does not work when it comes to patient care." — Patch Technician, iRhythm, Glassdoor, 12/16/24; "They forgo quality for quantity...They Keep outsourcing jobs to India/foreign countries and getting rid of jobs in the US." — Cardiac Technician, iRhythm, Glassdoor, 7/13/24; "When the new CEO and his former employees came in, things seemed great at first. Over time the company lost what it was founded on. Quality before productivity went out the door." — EKG Technician, iRhythm, Glassdoor, 5/10/24"

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 0% to 100% of target awards. Achievement levels between target and maximum result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — Board's Annual Cash Bonus Compensation Philosophy (2021 Proxy Statement)"

""Strategic initiative number four, which is our global innovation efforts. We created a new business unit called WD-40 Bike Company, LLC. WD-40 Bike will be dedicated to solving cycling maintenance problems of riders, delivering WD-40-branded solutions that are easy to use, easy to find, provide good value, and will get the job done right." — WD-40 New Bike Business Q4 2012; "In the full year, as we reported our blue and yellow can with the little red top, the Multi-Use Product, it grew in the year about 7.5%. Specialist, as we reported, was up nearly 22%. BIKE was up about 28%." — CEO Ridge Q4 2018; "And then you said that you are putting the BIKE under the new Specialist packaging, or I am assuming also manage as under the Specialist group. Why keep the financial data where it is and not including -- and not included going forward in the Specialist group?" — Analyst Q1 2020; "Well, because we report it now in the other group, and we wouldn't be a comparable because it wasn't in there before. So we've decided, at this time, to leave it out as a line on its own." — CEO Ridge Q1 2020"