Callouts & quotes from 183+ activist slides

"The result has been extreme shareholder value destruction and sustained share price underperformance versus peers - despite Avantor having a higher mix of recurring revenue and defensive consumables exposure."

"Over a more relevant five-year time horizon, Phillips 66 has underperformed both refining and midstream peers, with the underperformance especially stark after adjusting for midstream's lower cost of capital."

"Allowed CEO Mark Lashier to consolidate Chairman role, add new directors with questionable independence from the CEO and receive generous compensation despite stock underperformance and missed targets"

"Juniper is unique in that it has such material and consistent underperformance across benchmarks but also possesses such readily apparent and implementable levers to drive long-term shareholder value."

"Commvault’s underperformance has been so profound that an investor would have been better off buying the NASDAQ index instead of Commvault’s stock on 99% of trading days in the last eight years."

"Commvault's underperformance has been so profound that an investor would have been better off buying the NASDAQ index instead of Commvault's stock on 99% of trading days in the last eight years."

"The Board cannot be trusted to right the ship given its historic disregard for sound governance and inability to address long-term underperformance or fix its culture that lacks accountability."

"Over the last several years, Autodesk’s management team and the Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Over the last several years, Autodesk’s management team and the Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Over the past year, SE has traded down 5% versus comps which were up 21% - a 26% underperformance. Over a 3 year period, SE's underperformance has been much more dramatic - 72% below comps"

"Cognizant's stock price performance tells the story of deep underperformance across all relevant benchmarks, including its closest peers, over all time periods during the last five years."

"Shareholders are deciding whether to elect Nelson Peltz to the existing Board so that, as a Director, he can have full transparency into what is causing P&G’s consistent underperformance"

"Over the last several years, Autodesk’s management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Over the last several years, Autodesk’s management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Over the last several years, Autodesk's management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Over the last several years, Autodesk's management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Underperformance (CCI +17.0% cumulatively) compared to both peers (AMT +23.5% and SBAC +60.5%) and market (S&P 500 +30.2%) in last 2 years; outperformance relative to REITs (IYR +9.2%)"

"We believe the Board's choice of the S&P 600 as the Company's reference index may have been primarily driven by its underperformance relative to all other relevant comparable indices."

"Phillips 66’s refining kit is comparable to peers Marathon and Valero – its underperformance is primarily driven by poor operational execution, rather than the quality of the assets."

"Phillips 66's refining kit is comparable to peers Marathon and Valero – its underperformance is primarily driven by poor operational execution, rather than the quality of the assets."

"Since 2014, the delta in operating underperformance is now ~1,500 bps as the core Expedited LTL OR has deteriorated ~825 bps and LTL peers have seen ORs improve ~675 bps on average."

"Specifically, Elliott noted Phillips’ conglomerate structure, poor operating performance and damaged credibility with shareholders as factors driving the Company’s underperformance."

"Relative to its hospital peers, HMA has demonstrated consistent, escalating underperformance on both same-store admissions and same-store adjusted admissions over the past 5 years"

"Despite underperformance by the company, some directors' compensation has gone up. This implies very little accountability and lack of alignment to performance/financial results."

"Any continued underperformance of AOL advertising sales is particularly of concern, as the mainstay of AOL's new strategy is advertising from its content sites on the Internet."

"However, the core of his qualification for the Board is that, at his most fundamental, Mr. Kasich is a force for organizational change to structurally correct underperformance."

"Huntsman has the most skewed payout structure, meaning management gets rewarded significantly more for outperformance than they are penalized for the same underperformance."

"Phillips 66 (NYSE: PSX) needs bold solutions to reverse a decade of underperformance, including simplifying an inefficient structure and restoring management credibility."

"Shareholders should not trust the management team or a Board that has overseen financial underperformance, poor capital allocation and unacceptable corporate governance."

"Significant share price underperformance driven by declining same-store sales and recent store repurchases that earn a return below Buffalo Wild Wings' cost of capital"

"The Company's underperformance relative to its peers and the broader market with respect to total stockholder return is evident over nearly every relevant time period."

"Stock price underperformance is a major criterion by which proxy advisory services (e.g., ISS, Glass Lewis) and proxy groups at large mutual funds evaluate a company"

"Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share performance underperformance relative to peers over 2 months."

"Trian believes P&G’s decade-long record of underperformance relates in great part to a culture that is insular – rejecting outsiders and new ways of thinking."

"Southwest’s operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months(1)"

"Our estimates conservatively assume UNP only recaptures half the volume underperformance vs. US railroad peers that UNP experienced under current leadership."

"Sampo's underperformance has not been driven by operational missteps; rather, sentiment in Sampo has degraded: IF P&C + Mandatum have de-rated ~8x vs. peers"

"The CEO of Phillips 66 (NYSE: PSX) is talking down the value of his own company’s shares, saying they are fully valued despite 10 years of underperformance."

"We believe a major reason for FirstGroup’s consistent underperformance since 2008 is the Company’s increased complexity following the acquisition of Laidlaw"

"The Executive Chairman and CEO, who have spent a cumulative 74 years at Southwest, have presided over a period of stunning underperformance at the Company."

"Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months"

"The Executive Chairman and CEO, who have spent a cumulative 74 years at Southwest, have presided over a period of stunning underperformance at the Company."

"Southwest’s operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months"

"Phillips 66's (NYSE: PSX) CEOs reaped an eye-popping $140M from 2020-2024—despite ongoing stock and operating underperformance and missed cost targets."

"PHILLIPS’ REFINING KIT IS COMPARABLE TO PEERS MARATHON AND VALERO – UNDERPERFORMANCE IS PRIMARILY DRIVEN BY POOR OPERATIONS, RATHER THAN WORSE ASSETS"

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"Uses a misleading start point for TSR which is flattered by >50% of relative TSR underperformance driven by poor operations while Lashier’s was COO"

"The share-price underperformance and operational issues highlighted in our letter clearly demonstrate that Commvault requires fundamental change."

"We believe that Target’s substantial negative returns to its shareholders are reflective of its operating underperformance compared with Wal-Mart"

"We believe WUBA should have already incurred a massive impairment charge to its goodwill due to Ganji’s underperformance over the past few years."

"The underperformance of AOL's advertising business relative to the growth rates of its competitors reflects the strategies each chose to employ."

"After years of underperformance, Splunk is now trading far below peer multiples, despite strong top-line growth and an enviable market position."

"Through this process, we have developed deep conviction in the opportunity for Goodyear to improve after more than a decade of underperformance"

"This stock-price underperformance is a direct result of athenahealth's inability to execute across a range of strategic and operational issues."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability."

"ADP’s underperformance has been concealed due to complex accounting and reduced disclosure which makes benchmarking to competitors difficult"

"After years of underperformance, we believe GE finally has the right collection of businesses and structure... now it is time to execute"

"Initially approached Crown Castle privately in May 2020 about our comprehensive plan to remedy Crown Castle’s chronic underperformance"

"Peltz or Trian involvement on boards resulted in TSR underperformance versus the S&P 500 in ~68% of cases. — VoteDisney.com, 02/28/24"