Callouts & quotes from 164+ activist slides

"PepsiCo is undoubtedly one of the world's great consumer franchises, whose leading scale and iconic brands have propelled it to over 100 years of exceptional performance. Yet, the Company's strategic and financial challenges have recently led to poor operational results, sharp stock-price underperformance and a meaningfully discounted valuation."

"The potential payment of US$30 million, largely to senior executives, is truly jarring when assessed against the chronic underperformance, pervasive misallocation of capital, culture of excessive pay and track record of wasteful administrative spend that these same executives have been accountable for over the past decade..."

"We believe the Company’s stock price underperformance versus both peers and the broader market indices is due to consistently poor financial performance, a lack of credibility from repeatedly failing to deliver on commitments to shareholders, and a history of problematic governance that fails to demand accountability."

"Management has cited a high return on capital over the past 10 years as an indication of their competence. 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."

"We and other BHP shareholders now look to current management, with appropriate oversight from the BHP Board, to provide real leadership to actively address BHP's underperformance issues with the kinds of positive and constructive proposals from management which have been conspicuously absent so far in this debate"

"Spruce Point has a track record in the construction materials and aggregates industry with a report on U.S. Concrete Inc. (Nasdaq: USCR). Our forensic report identified multiple signs of financial strain which foreshadowed a precipitous decline in the share price and long-term market underperformance."

"While there are multiple contributing factors to TI’s underperformance, we believe the most significant has been the dramatic increase in capital investment announced in 2022, which has led to a fundamental deviation from TI’s long-held commitment to driving growth in free cash flow per share."

"In situations where a company has generated long-term outperformance, such a long-tenured Board might be accepted by the investor community, but given the sustained share price underperformance at Cognizant, we believe directors with new experiences, skills and perspectives would be welcome."

"Share price underperformance has occurred despite no significant change in the operational outlook for ArborGen or Tenon leading us to believe that the primary cause for the underperformance was the mis-management of both the ArborGen IPO and shareholder expectations with respect to Tenon."

"However, we feel strongly that in order to succeed, Dr. Schneider will need to articulate a decisive and bold action plan that addresses the staid culture and tendency towards incrementalism that has typified the company's prior leadership and resulted in its long-term underperformance."

"Thus, even if we assume iRhythm can achieve the low end to consensus of Wall Street analyst revenue estimates for 2026, which we doubt, applying a more appropriate 2x to 4x revenue multiple range yields approximately 40% to 70% stock price downside and material underperformance risk."

"After years of Phillips 66’s (NYSE: PSX) stock underperformance and operational missteps, the investor community is fed up with its strategy and leadership – even as it gives high marks to the Company’s collection of strong assets and enviable competitive positioning."

"We were able to opportunistically accumulate our position in Agilent at an attractive valuation, an average cost of $76.58 per share, due to share price underperformance caused by a temporary slowdown in instrument sales that has already shown early signs of recovery"

"After years of Phillips 66's (NYSE: PS) stock underperformance and operational missteps, the investor community is fed up with its strategy and leadership - even as it gives high marks to the Company's collection of strong assets and enviable competitive positioning."

"After years of Phillips 66’s (NYSE: PS) stock underperformance and operational missteps, the investor community is fed up with its strategy and leadership – even as it gives high marks to the Company’s collection of strong assets and enviable competitive positioning."

"Independent proxy advisor Glass Lewis, citing Phillips 66’s (NYSE: PSX) underperformance and poor governance, recommends that shareholders support Elliott’s case for urgent change by voting for board nominees Brian Coffman, Sigmund Cornelius and Michael Heim."

"Campbell's incumbent Board of Directors ("Board") has overseen a series of strategic and operational blunders over many years that have driven extreme underperformance in Campbell shares (19% total shareholder return vs. 306% for S&P 500 over last 20 years)"

"...however, Elliott believes that BMC's significant underperformance is due to a deficit on the Board of relevant and timely experience in Enterprise Software, emerging business models ("SaaS" and "Cloud"), and critical skillsets (Large Cap, M&A)"

"To fulfill these duties, the UNP Board must address eight years of staggering underperformance and immediately make a change in leadership. It is imperative for the Board to pair the best railroad in North America with the best leadership team"

"Based on our diligence, we believe that a significant portion of LSS's historical underperformance and market share loss has been self-inflicted and driven by organizational dysfunction – and is therefore reversible under the right leadership."

"This consistent underperformance is troubling and puzzling, given both the strong performance of Mellanox’s peers and the tailwinds provided by the Company’s favorable exposure to many of the most attractive end markets in the industry."

"Southwest’s Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"Southwest's Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"Southwest's Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"Southwest's Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"We demand that the company provide answers to the above questions without further delay and stop leaving us, and the entire financial community, in the dark, hiding the clearly evident underperformance behind vague "rules of thumb"."

"The Summary White Paper contemplated a separation of the portfolio as a means to an end to increase the probability that the individual businesses eliminate operational underperformance vs. peers and achieve a multiple re-rating."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"In the balance of this letter, we outline the drivers of Phillips 66’s underperformance, the magnitude of the value-creation opportunity at hand – which we believe could be approximately 75% of upside from today’s stock price."

"In the balance of this letter, we outline the drivers of Phillips 66's underperformance, the magnitude of the value-creation opportunity at hand – which we believe could be approximately 75% of upside from today's stock price."

"As Phillips 66’s refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips’ underperformance against its core peers, Marathon and Valero"

"As Phillips 66's refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips' underperformance against its core peers, Marathon and Valero"

"Elliott has a long history of working constructively with companies to help create value in the energy industry. Time and again, we have found that supposedly "poor assets" are rarely the real drivers of underperformance."

"Stacy Nieuwoudt, Elliott nominee for Phillips 66’s (NYSE: PSX) Board and former energy analyst, explains how the Company’s conglomerate structure has contributed to its ongoing operating and share-price underperformance."

"As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated."

"As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated."

"As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated."

"Darden's directors have overseen an average underperformance of 153% during their tenure on the Board, and the four that are running for reelection performed even worse, with an average underperformance of 186%"

"Darden's directors have overseen an average underperformance of 153% during their tenure on the Board, and the four that are running for reelection performed even worse, with an average underperformance of 186%"

"Phillips 66 is trapped in a cycle of underperformance originating from its weak corporate governance—which enables the continuance of a value-obscuring conglomerate structure that hinders operational execution."

"Phillips 66 is trapped in a cycle of underperformance originating from its weak corporate governance—which enables the continuance of a value-obscuring conglomerate structure that hinders operational execution."

"Crown Castle’s underperformance is especially disappointing based on our view that its U.S. tower portfolio has more attractive characteristics than its peers and is better positioned for the 5G upgrade cycle"

"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%)"