Callouts & quotes from 173+ activist slides

"We believe drastic action is needed NOW because we fear that failing to replace Jeff Jacobson as CEO could inevitably result in the loss of our entire investment."

"Our slate's vision includes installing Alan Kestenbaum, a steel industry legend who executed a successful turnaround at Stelco, as a replacement for Mr. Burritt."

"One day, RCT_Khan’s number two top contributor suddenly changed to Fahmi NAGA! RCT_HYUN BIN was erased and replaced. Bigo swapped the profiles of a massive FU."

"U.S. Navy Looks to Replace IBM Servers for Security After Lenovo Purchase — Department of Homeland Security identifies security concerns with IBM unit sale"

"The structure of both Carvana's initial loan sales and its recent refinancings is depicted below. Note that Ally is replaced as the lender to the trust."

"TIM governance has improved since independent directors replaced the Vivendi-controlled Board; meanwhile Vivendi’s own shareholder rights have collapsed"

"KLA will quickly replace Lasertec in the key inspection use cases in the mask shop at Intel, TSMC, and other customers; will also create price pressure"

"We believe we must replace the Board promptly to strengthen and secure the Community Proposal and to enhance investor understanding and confidence"

"In 2021 and the most recent call in Aug 2022, timelines are now simply dispensed with, replaced by rambling monologues of intention and potential"

"We decided to exit our position at a small profit and redeploy our capital elsewhere rather than fight the transaction and replace management"

"All the more embarrassing, the partner who replaced Yahoo on Discover – Buzzfeed – now gets 21% of its content traffic from Snapchat Discover"

"The AXDX rep confirms above that the Pheno system doesn't replace cell culture, thus it is an adjunct to standard of care, not a replacement."

"New business production is not expected to fully replace the amortization of the existing portfolio, and the ice cube will continue to melt."

"“Optoselect chips replace typical well plates” with “thousands of Nanopen chambers which are like wells on a microplate.” — Berkeley Lights"

"Aerospace Products' Engine Management Service Offerings Require a Fleet of Stand By Replacement CFM56-5B & 7B Engines for its Customers"

"Rupert Morley, upon his re-election, will replace Anne Farlow as Chairman of the Board as of the Annual General Meeting on May 8, 2024"

"Alan Earhart, who was described as having left because he “rocked the boat”, was replaced as Audit Chair in 2009 by Victor K. Lee."

"Conservatively assuming all of Philidor’s sales were lost and not replaced through another channel, the stock is still inexpensive"

"BWLD's franchisee acquisitions in 2015 valued acquired stores ~80% above prior four-year average and ~50% above replacement cost"

"Goodyear sells an above industry average proportion of HVA replacement tires (Goodyear at 44% vs. U.S. industry average of 40%)"

"The GSEs satisfy the needs of key market participants. Proposals to replace them with an untested system carry significant risk"

"Traditional sources of private sector capital are unlikely to provide new startups with sufficient funding to replace the GSEs"

"We believe that the best way to do this is to make underperforming management teams and boards accountable or to replace them."

"TransMedics is being rapidly replaced by superior devices at a fraction of the cost, which began rolling out only recently."

"But I'm home now. There shouldn't be anything on QQ because our hard drives have been replaced at that time. — CCME Rep"

"The business is susceptible to Facebook's cost cutting. Can you replace Facebook? No, that's an irreplaceable monster."

"All four directors we are seeking to replace lack the necessary operational experience to transform Office Depot."

"The Replacement Loan “refinanced two mezzanine loans previously borrowed from Hannon Armstrong.” — SPWR 2019 10-K"

"However, the press release was recently retracted and replaced with some notable revised quotes (next slide)."

"But I'm home now. There shouldn't be anything on QQ because our hard drives have been replaced at that time."

"We believe the Company should take advantage of the current market conditions to replace its high cost bonds"

"7. Doomed by cost: the “magic material” that we believe QS is using is too expensive to ever replace Li-ion"

"The executive also raised concerns about Zebra getting more product replacement demand than new customers."

"All nutrition clubs serve the same three products: aloe water, tea, and Formula 1 as a “meal replacement”"

"Shareholders overwhelmingly voted to replace a majority of GCP's board after years of underperformance."

"Ushio source was replaced over a year ago; Ushio tried to cover it up and “pretended” nothing was wrong"

"The Company expects to replace that director, as it has done in the past — Taubman Centers, Inc. filing"

"ALL OF THE COMPANIES WITH A PERFORMANCE AS BAD AS ALCOA'S HAVE REPLACED THEIR CEO DURING THIS PERIOD"

"WE ARE SEEKING YOUR SUPPORT TO REPLACE 4 DIRECTORS, INCLUDING 3 OF 5 REPRESENTATIVES OF CARL ICAHN"

"This issue creates risk that Amazon replaces Kornit in favor of a better quality printing partner."

"The goal of a Special Meeting will be to replace members of the Board, including CEO Tom Schmitt."

"We urge all shareholders to promptly consent to remove and replace the Board to Revitalize HMA"

"Creates "no place to hide" dynamic as GBU leaders will produce strong results or be replaced"

"Long pattern of irresponsible governance practices necessitates a replacement of the Board"

"Beiersdorf made the decision to replace existing management who were failing to deliver."

"HHC owns and controls irreplaceable real estate in some of the best markets"

"And, if you think the traditional use of copper will be replaced by..."

"The Board needs to replace Lance Fritz with best-in-class leadership"

"CTC has yet to announce a replacements for the CFO position"

"GMCR hinted it would replace the brewer ecosystem"

"Mike Ullman replaced Questrom as CEO in 2005"

"I would replace it with IsoPlexis today."

"Luden’s was replaced with store brand"