Callouts & quotes from 293+ activist slides

"“These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders.” “We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy...” — John Hess, March 4th 2013(1); “While this letter presents Elliott’s perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board.” — Elliott Letter to Shareholders, January 29th 2013(2)"

""While this letter presents Elliott's perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board." — Elliott Letter to Shareholders, January 29th 2013. "These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders." "We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy..." — John Hess, March 4th 2013."

"“These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders.” “We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy...” — John Hess, March 4th 2013. “While this letter presents Elliott’s perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board.” — Elliott Letter to Shareholders, January 29th 2013."

""These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders." "We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy..." — John Hess, March 4th 2013; "While this letter presents Elliott's perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board." — Elliott Letter to Shareholders, January 29th 2013"

""On May 22, 2013, Starboard entered into a Settlement Agreement with Tessera Technologies, Inc. pursuant to which the six Starboard nominees, which included only one Starboard employee, would constitute a majority of the 10 person Board. One of the incumbent directors who remained on the Board was Rick Hill. Hill was Chairman of Tessera and by far the most vocal opponent of Starboard’s involvement in Tessera. After being on the Tessera Board with Starboard for six months, Hill did a complete one-eighty and even agreed to be a member of Starboard’s dissident slate at TriQuint Semiconductor. Since the Starboard slate went on the Board, the Company’s stock has appreciated by 43.15% versus 16.22% for the S&P500." — The Activist Report's “The Independent Majority” article, August 2014"

""On May 22, 2013, Starboard entered into a Settlement Agreement with Tessera Technologies, Inc. pursuant to which the six Starboard nominees, which included only one Starboard employee, would constitute a majority of the 10 person Board. One of the incumbent directors who remained on the Board was Rick Hill. Hill was Chairman of Tessera and by far the most vocal opponent of Starboard’s involvement in Tessera. After being on the Tessera Board with Starboard for six months, Hill did a complete one-eighty and even agreed to be a member of Starboard’s dissident slate at TriQuint Semiconductor. Since the Starboard slate went on the Board, the Company’s stock has appreciated by 43.15% versus 16.22% for the S&P500." — The Activist Report's “The Independent Majority” article, August 2014"

""We were like middle-aged people. We needed to slim down....This is long overdue at Time Inc...." — Ann Moore, Publishing's Chairman and CEO. "We are big, and we need big bets. I think that as we have become more layered, the culture here has become more risk averse." — Ann Moore. "No company can deliver on its commitments or adapt well to change unless its leaders practice the discipline of execution at all levels. Execution has to be a part of a company's strategy and its goals. It is the missing link between aspirations and results. As such, it is a major - indeed, the major - job of a business leader. If you don't know how to execute, the whole of your effort as a leader will always be less than the sum of its parts." — Larry Bossidy (former Chairman & CEO of Honeywell)."

""Mr. Rasulo’s perspective is stale given he left Disney in 2015 and has not held any executive positions in the industry since." — Disney Letter to Shareholders, 02/01/24; "... Mr. Rasulo’s close relationship with Mr. Perlmutter, coupled with Mr. Rasulo’s having been passed over in the 2015 COO process despite Mr. Perlmutter’s sponsorship of him as a CEO successor, would likely inhibit Mr. Rasulo’s ability to work constructively with Mr. Iger and other executives at the Company with whom Mr. Perlmutter had clashed." — Disney 2024 Proxy Statement, 02/01/24; "[Jay] has been a valued colleague and friend, as well as a vital contributor to Disney’s success, particularly in his roles as chief financial officer and chairman of our Parks and Resorts division." — Bob Iger"

""Our business historically has been built on increasing our recurring revenue. Almost 80% of the revenue we recognize each month is for scheduled services that are on the books as of the first of the month. I'd like to think of this as the gift that keeps on giving. In a sense, we're much like the phone company or cable TV business." — CEO Rollins Q1 2014; "Yes, one thing I might add, we also implemented a new pay plan for our commercial sales, people that much more greatly incentivize them to pursue recurring revenue. We kind of got hooked on that bed bug revenue for a period of time. And while that's great to get, it's not recurring and as you guys know, we really prefer that recurring revenue to build." — Fmr COO / Vice-Chairman Wilson On Bed Bugs"

"“No, that's their income. So then you're looking at now our retail sales, because the single biggest opportunity for those supervisors is their 50% off list discount. That's the biggest component of their income. They get a small piece on their royalties, because they really haven't started building a sales organization yet to get rewards down below. Whereas someone up in the very top, they're $2+ million, they're probably working on very little retail margin, because they're not really retailers.” — Rich Goudis, CFO; “They're recruiters.” — Michael Johnson, CEO, Chairman; “They're building their sales organization, so more of their compensation or income is based on the commission structuring in their multiple level marketing.” — Rich Goudis, CFO"

""Finally, our emerging pipeline across all therapeutic areas is one of the most promising in our history... The significant opportunities ahead of us requires us to ensure the right level of investment behind R&D and certain commercial capabilities, and we are doing just that." — Giovanni Caforio, Chairman & CEO, February 2018; "I'm also excited by the progress with our diversified pipeline and the work we are doing in cardiovascular disease, immunoscience and fibrosis... we are executing very well, and I believe we are focused on the right strategic opportunities for the future. We're investing commercially and in our pipeline to drive growth, and I feel very good about the progress we're making." — Giovanni Caforio, Chairman & CEO, July 2018"

""Harvey Golub is everything that you would want in a director. And one of the things that I appreciate most about him is that he has always respected the space between the Non-Executive Chairman and the CEO roles. He challenged me. He held me accountable. But he did not try to do my job for me… And he has challenged us to sharpen our strategy, and better execute that strategy by holding us to high performance standards. He often tells us, ‘This is what you said you would do. Are you delivering and, if not, why not?’" — Douglas Conant, former CEO of Campbell Soup Co, September 2009; "Harvey Golub has done an absolutely sensational job, and we're probably $4 billion better because of it." — Warren Buffet, 1999 Berkshire Hathaway Annual Meeting"

""I'm wondering whether Bristol-Myers will become an acquisition target in the next year." — Unidentified Shareholder, May 2017. "Thank you. So let me answer 2 of your important questions. The first one with respect to your comments about acquisitions. My comment and answer is that our company has very strong performance for our marketed medicines. We have an extraordinary, exciting pipeline that has the potential to develop into really important medicines in the future. And so as a management team, I we are very focused on delivering on the value of our products in our pipeline and that's really our focus and our objective in executing a strategy and delivering long-term value to shareholders." — Giovanni Caforio, Chairman & CEO, May 2017."

""These appointments and organizational changes are part of Vulcan's ongoing management succession process to develop our new leadership team for the future. They reflect the great depth of talent at the Company and further advance our ability to capitalize on future growth opportunities and enhance shareholder value," said Donald M. James, Chairman and Chief Executive Officer. "Danny, Michael and John are all extremely qualified and well respected executives, and are poised to work together and seamlessly assume these important leadership positions at Vulcan. We also want to thank Bob for his dedication and commitment to Vulcan over these past 24 years, and we look forward to his strategic counsel." — Vulcan Materials Company 8-K Filing"

""The FTC settlement is an acknowledgment that our business model is sound" — HLF CEO Michael Johnson. "[T]he crux of the FTC settlement is the injunctive relief, which requires sweeping changes to the core of Defendants’ business... Section I.A requires the fundamental restructuring of Herbalife’s business opportunity from one that is based on wholesale purchases of product to one that is based on retail sales of product." — FTC v. Herbalife International of America, Inc., et al. "The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme" — Carl Icahn. "I do not endorse that statement [referencing Icahn’s statement]." — FTC Chairwoman Edith Ramirez."

""The ‘key goal is to dismantle the alleged deception and unfairness built into how Herbalife does business. As the company rewrites its advertising claims and restructures its compensation system, we’ll be watching’" — FTC blog 7/15/16; "An order that requires Herbalife to restructure its business from top to bottom – and to start complying with the law" — FTC blog 7/15/16; "A major restructuring of business operations" — Edith Ramirez, FTC Chairman 7/15/16; "It’s no longer business as usual at Herbalife" — FTC blog 7/15/16; "The FTC’s settlement significantly restructures Herbalife, changing – top to bottom – how it does business" — Statement of Lois Greisman, Associate Director, FTC Division of Marketing Practices"

"“The key goal is to dismantle the alleged deception and unfairness built into how Herbalife does business. As the company rewrites its advertising claims and restructures its compensation system, we’ll be watching” — FTC blog 7/15/16; “An order that requires Herbalife to restructure its business from top to bottom – and to start complying with the law” — FTC blog 7/15/16; “A major restructuring of business operations” — Edith Ramirez, FTC Chairman 7/15/16; “It’s no longer business as usual at Herbalife” — FTC blog 7/15/16; “The FTC’s settlement significantly restructures Herbalife, changing – top to bottom – how it does business” — Statement of Lois Greisman, Associate Director, FTC Division of Marketing Practices"

""Harvey Golub is everything that you would want in a director. And one of the things that I appreciate most about him is that he has always respected the space between the Non-Executive Chairman and the CEO roles. He challenged me. He held me accountable. But he did not try to do my job for me... ... And he has challenged us to sharpen our strategy, and better execute that strategy by holding us to high performance standards. He often tells us, 'This is what you said you would do. Are you delivering and, if not, why not?'" — Douglas Conant, former CEO of Campbell Soup Co; "Harvey Golub has done an absolutely sensational job, and we're probably $4 billion better because of it." — Warren Buffett"

"Currently, the Company has a combined Chairman and CEO leadership structure, a classified board, and over-tenured directors. A plethora of these problematic governance practices appear to be a driving force in the Company's underperformance. — Egan-Jones, May 1, 2025; These issues stack on what we consider to be fairly disconcerting corporate governance considerations, including a dubious commitment to good faith engagement, a questionable and counterproductive realignment of key oversight roles and a late-stage candidate pivot which seems to call into question the board's prior candor. These issues should, in our view, be of significant concern to P66 investors. — Glass Lewis, May 10, 2025"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... 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... 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"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... 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... 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"

""We believe board independence is essential to good corporate governance. In addition to having a board's majority made up of independent members, we generally prefer an independent board chair" — Capital Group. "Northern Trust generally leaves the choice of chairman to the board's discretion... However, Northern Trust will vote case by case on whether to support shareholder resolutions seeking the separation of chairman and CEO" — Northern Trust. "MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas, and this is often best positioned as an independent chair of the board" — MFS."

"[I]t is unusual for an executive chairman to be compensated at a significantly higher level than the company's CEO and the proxy does not provide a compelling reason for this arrangement... The proxy does not adequately explain why investors should bear the costs for him to remain the most highly compensated NEO even when his apparent role and responsibilities within the company are reduced. — Institutional Shareholder Services – 2021 Disney Report; [W]hile we acknowledge the need to retain critical leadership in anticipation of such a significant merger, the magnitude of the special equity grant ($100 million) is excessive. — Institutional Shareholder Services – 2018 Disney Report"

"Scott D. Farmer, Cintas's Chairman and Chief Executive Officer, stated, "We are pleased with these fourth quarter financial results which conclude a very successful year. For the ninth consecutive year, our organic revenue growth was in the mid- to high- single digits and EPS grew double digits when adjusted for one-time and special items. Additionally, our strong cash flow and balance sheet enabled us to deploy cash to increase shareholder value. In fiscal 2019 we paid an annual dividend of $220.8 million that increased 26.5% over the prior year, and we purchased 4.8 million shares of company stock in a total amount of $953.4 million." — Fiscal Year 2019 results press release"

"There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent Director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent. ... In the event that the board chooses to have a combined Chair/CEO or a non-independent Chair, we support the designation of a Lead Independent Director, with the ability to 1) provide formal input into board meeting agendas; 2) call meetings of the independent directors; and 3) preside at meetings of independent directors. These roles and responsibilities should be disclosed and easily accessible. — BlackRock"

""The board should exercise objective judgement on corporate affairs and be able to make decisions independently of management. The roles of chairperson and CEO should not be held by the same individual." — Norges Bank Investment Manager. "We generally support proposals requesting the separation of the CEO and chair roles. We believe that the board should be chaired by an independent director and that CEO and chair roles should only be combined in very limited circumstances." — CalPERS. "The board should be chaired by an independent director. The chair is responsible for leadership of the board and ensuring its effectiveness on behalf of the shareholders." — CalSTRS."

""The CEO should not try to be the board members' best friend. Some believe that by keeping up an extensive schedule of private dinners and special events with directors, a CEO can build an atmosphere of rapport and friendship that will carry over into the boardroom. But the board is not the CEO's friend — it is the CEO's boss. The board of directors is not just a collection of individuals — it is an institution with a responsibility for representing the interests of shareholders. Friendship should never allow a CEO to get concurrence when it otherwise wouldn't be coming." — Harvey Golub, Shareholder Nominee, Former Chairman & CEO American Express, September 2009"

"I have nothing but the highest regard for Nelson Peltz. We served together on the Heinz board and I found him constructive, open-minded and thoughtful. He played by the rules and was a positive influence. He had a lot of good ideas to help make Heinz a better company, including increased marketing and reducing corporate overhead. He definitely added value for all Heinz shareholders. — Thomas J. Usher, Former Chairman and CEO, United States Steel Corporation, non-executive Chairman of the board of Marathon Petroleum Corporation, Director of The PNC Financial Services Group, Inc. and PPG Industries, Inc., and former Director of H.J. Heinz Company"

"I have nothing but the highest regard for Nelson Peltz. We served together on the Heinz board and I found him constructive, open-minded and thoughtful. He played by the rules and was a positive influence. He had a lot of good ideas to help make Heinz a better company, including increased marketing and reducing corporate overhead. He definitely added value for all Heinz shareholders. — Thomas J. Usher, Former Chairman and CEO, United States Steel Corporation, non-executive Chairman of the board of Marathon Petroleum Corporation, Director of The PNC Financial Services Group, Inc. and PPG Industries, Inc., and former Director of H.J. Heinz Company"

"I have nothing but the highest regard for Nelson Peltz. We served together on the Heinz board and I found him constructive, open-minded and thoughtful. He played by the rules and was a positive influence. He had a lot of good ideas to help make Heinz a better company, including increased marketing and reducing corporate overhead. He definitely added value for all Heinz shareholders. — Thomas J. Usher, Former Chairman and CEO, United States Steel Corporation, non-executive Chairman of the board of Marathon Petroleum Corporation, Director of The PNC Financial Services Group, Inc. and PPG Industries, Inc., and former Director of H.J. Heinz Company"

""I’m desperately in need of a strategy." — Richard Parsons, CEO of Time Warner Inc., April 2002; "First, we took out management layers. Layers hide weaknesses. Layers mask mediocrity..." — Jack Welch, Former Chairman and CEO of The General Electric Company, October 1989; "If you don’t know how to execute, the whole of your effort as a leader will always be less than the sum of its parts." — Larry Bossidy, Former Chairman and CEO of Honeywell International Inc., June 2002; "The restructuring process was intended to 'delayer' the company’s management structure and reduce costs." — Ann Moore, Chairman and CEO of Time Inc., December 2005."

""We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom." — Wellington; "The roles of chair and CEO are substantially different, requiring distinctly different skills and experience. Therefore, LGIM expects the two roles to be separated." — Legal & General; "Harris has an existing guideline that states that we will normally vote in favor of proposals requiring the separation of the Chairman and Chief Executive Officer positions" — Harris Associates."

"“As Rick said, we do sort of the ground game for us is those smaller acquisitions that we do roughly one a quarter and we consider that more like an organic activity.” — CFO Mike Sicoli, Q2 2018 earnings call; “We add these smaller acquisitions and buying books of business which I call organic as well because it's a lot less expensive sometimes to buy those books than to take six months or nine months to build a sales organization to achieve that.” — Executive Chairman H. Brian Thompson, Q4 2017 earnings call; “The organic part of our business is also the combination of small acquisitions.” — CEO Rick Calder, Q3 2018 earnings call"

""We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom." — Wellington; "The roles of chair and CEO are substantially different, requiring distinctly different skills and experience. Therefore, LGIM expects the two roles to be separated." — Legal & General; "Harris has an existing guideline that states that we will normally vote in favor of proposals requiring the separation of the Chairman and Chief Executive Officer positions" — Harris Associates"

"As I have always said, I believe strongly in professional management and appropriate corporate governance. Decisions about who will succeed me as chairman of CBS and Viacom will be made by the Boards of the respective companies, and not by any individual. Despite press reports to the contrary, such decisions have not yet been made. After my death, my ownership interest in the companies will be overseen by a group of seven trustees who will make fiduciary decisions based solely on the best interests of the beneficiaries of the trust. Until that time, I will continue to make all such decisions. — Sumner Redstone, May 7, 2015"

"“unlike other shareholder proposals on this topic, which typically seek the adoption of a policy for an independent board chair, this proposal seeks a binding amendment to BlackRock’s Bylaws. Accordingly, voting in favor of amending the Company’s Bylaws to require separation of the Board Chair and CEO roles prevents the Board from exercising its discretion to make the best-informed decision on a leadership structure that serves the Company and its shareholders based on the relevant facts and circumstances from time to time.” — BlackRock's Opposition Statement to Bluebell Capital Partners’ propose item, 4th of April 2024."

""And in our conversations with customers that effectively -- the math would come back to effectively the same kind of level of businesses we do today, that's -- I know it's a somewhat high-level explanation, but to take you any deeper would require spreadsheets..." — Ajay Shah, Chairman/CEO. "This reduction of the Import Tax diminishes the protection of the national industry and, if it comes along with the reduction of the tax benefit that we have today in the Computer Law, it may be big enough that there is no longer interest of a company, multinational company to produce in Brazil" — Rogério Nunes, CEO of SMART Brazil."

""No question, no question, that anybody who’s not in the Nevro cult has the exact same clinical experience that I had with explants. Not a question. Additionally, you should talk to [KOL name redacted]. He is the former chairman of [redacted] at [redacted] University and then former chairman of [redacted] at the University of [redacted]. He knows every inside story about everything. His take on Nevro is slimy people, falsification of data. Everything we have talked about but amplified. He can’t stand them. He’s a real ethical guy." -- Ex-Nevro consultant/speaker and one of the most prominent KOL's in the space"

"“The Executive Committee shall consist of the Chairman and Chief Executive Officer and not less than four other directors who shall from time to time be appointed by the Board of Directors. The Executive Committee shall have and exercise in the intervals between the meetings of the Board of Directors all the powers of the Board of Directors, except as prohibited by applicable law. All acts done and powers conferred by the Executive Committee from time to time shall be deemed to be, and may be certified as being, done and conferred under authority of the Board of Directors” — BlackRock, Article of Association"

""The Executive Committee shall consist of the Chairman and Chief Executive Officer and not less than four other directors who shall from time to time be appointed by the Board of Directors. The Executive Committee shall have and exercise in the intervals between the meetings of the Board of Directors all the powers of the Board of Directors, except as prohibited by applicable law. All acts done and powers conferred by the Executive Committee from time to time shall be deemed to be, and may be certified as being, done and conferred under authority of the Board of Directors" — BlackRock, Article of Association"

""There's a lot of interest around Viacom in your upcoming contract renewal. How are those talks going, and is there a chance the two sides decide to part ways?" — Shalini Ramachandran, The Wall Street Journal. "Viacom has been a long-term partner, so it'd take a lot for us not to do a deal with them, but they have to be realistic that their ratings have deteriorated over the last three years or four years in some cases in a material way... We know there's alternatives for their product today that weren't there three years ago or four years ago." — Charles William Ergen, Executive Chairman, President & CEO."

""We believe board independence is essential to good corporate governance. In addition to having a board's majority made up of independent members, we generally prefer an independent board chair" — Capital Group. "Northern Trust generally leaves the choice of chairman to the board's discretion... Northern Trust will vote case by case on whether to support shareholder resolutions seeking the separation of chairman and CEO" — Northern Trust. "MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas" — MFS."

"With the exception of the information below, we have no observations to make on the sincerity and consistency with the annual accounts of the information given in the management report of the chairman and in the other documents on the financial situation and the annual accounts address the sole shareholder. In application of the law, we inform you that the information relating to the payment periods provided for in article D. 441-6 of the commercial code is not mentioned in the management report. Consequently, we cannot attest to their sincerity and their consistency with the annual accounts. — Deloitte"

"“Although not saying so directly, Mr. Docter also indicated that Pixar had perhaps drifted too far from its storytelling roots” and that Mr. Docter “want[s] to double down on what allowed [Pixar] to speak to audiences to begin with.” — New York Times October 2023 Interview with Pete Docter, Head of Pixar Animation; “Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December [2021], and the Company’s robust pipeline of content is a testament to his leadership and vision.” — Disney November 2022 Press Release Announcing Mr. Iger’s Return as CEO"

"Although not saying so directly, Mr. Docter also indicated that Pixar had perhaps drifted too far from its storytelling roots and that Mr. Docter "want[s] to double down on what allowed [Pixar] to speak to audiences to begin with." — New York Times October 2023 Interview with Pete Docter, Head of Pixar Animation; "Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December [2021], and the Company’s robust pipeline of content is a testament to his leadership and vision." — Disney November 2022 Press Release Announcing Mr. Iger’s Return as CEO"

"Disney was dealt a tough hand by the pandemic, yet with Bob [Chapek] at the helm, our businesses—from parks to streaming—not only weathered the storm, but emerged in a position of strength. In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. Bob [Chapek] is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team. — Susan Arnold, The Walt Disney Company – Chair of the Board, June 28, 2022"

"unlike other shareholder proposals on this topic, which typically seek the adoption of a policy for an independent board chair, this proposal seeks a binding amendment to BlackRock’s Bylaws. Accordingly, voting in favor of amending the Company’s Bylaws to require separation of the Board Chair and CEO roles prevents the Board from exercising its discretion on a leadership structure that serves the Company and its shareholders based on the relevant facts and circumstances from time to time. — BlackRock's Opposition Statement to Bluebell Capital Partners’ propose item, 4th of April 2024."

"Land and Buildings believes MGM's high-quality real estate portfolio is substantially undervalued in the public markets. We have been attempting to work collaboratively with MGM management to find an optimal corporate structure for the Company and believe the proposed REIT conversion detailed in the presentation released today will maximize shareholder value while minimizing costs. We are pleased that MGM's CEO and Chairman Jim Murren has said he is open to considering a REIT conversion and has stated that his focus is rightfully on what is best for all shareholders. — Jonathan Litt"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives... 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"

""Trian is in the business of making good companies a lot better. Their research, analysis, and recommendations are focused on operational and strategic initiatives to build shareholder value over the long term. They ask tough, probing questions, do rigorous fundamental work to understand a company, and develop ideas to help it grow and increase profits. They also are persistent, thoughtful, and creative agents for change." — Dennis Kass, Former Chairman and CEO, Jennison Associates, former Chairman and current Director of Legg Mason, Inc., and current Trian Advisory Partner."

"“Trian is in the business of making good companies a lot better. Their research, analysis, and recommendations are focused on operational and strategic initiatives to build shareholder value over the long term. They ask tough, probing questions, do rigorous fundamental work to understand a company, and develop ideas to help it grow and increase profits. They also are persistent, thoughtful, and creative agents for change.” — Dennis Kass, Former Chairman and CEO, Jennison Associates, former Chairman and current Director of Legg Mason, Inc., and current Trian Advisory Partner."

""Trian is in the business of making good companies a lot better. Their research, analysis, and recommendations are focused on operational and strategic initiatives to build shareholder value over the long term. They ask tough, probing questions, do rigorous fundamental work to understand a company, and develop ideas to help it grow and increase profits. They also are persistent, thoughtful, and creative agents for change." — Dennis Kass, Former Chairman and CEO, Jennison Associates, former Chairman and current Director of Legg Mason, Inc., and current Trian Advisory Partner."

"While our termite business has been growing by double digits for several years in a row now, termite damage claims as well as any related to litigation have declined year-by-year reaching our lowest level in recent history during 2021. To be more specific, termite damage claims received have declined from a high of 9,349 to the low of 380 new claims received this past year, while at the same time, revenue from termite has tripled. — Wilson, Vice Chairman, Q4 2021; We don't break out the termite business from the ancillary, so it's hard to report that. — Krause, CFO, Q4 2022"

"“We have had this strategic transformation...underway really going back, not only since I became Chairman and we started to shift to E&P, but predominantly when we started to build our Bakken position in 2010. So this is not something that just happened overnight and is response to an activist. In fact, Elliott got on the train after it really left the station. This is a carefully structured strategy that's been given a lot of thought, and it's really the natural culmination of the strategic transformation I went through in my remarks...” — John Hess, March 2013"

""Yeah, I mean, I would say the that piece is about $430 million at 14 -- 13 or 14 loans, the average loan is $37 million. There is, some that are bigger, some that are smaller. There's some that we never think about and there some that we think about every other day. I mean this is, this is a chaotic environment and so we have some businesses that have benefitted from it and there's some that are grinding through it. So I would say -- I -- that's as much color as I would give you only because of not -- I think that tells it all." — Chairman/CEO Bryant Riley"

"As Gary transitions to the Executive Chairman role, we are completely aligned in terms of the direction of the company. There are things, of course, that we want to work on, but this is not a change to Southwest Airlines, 90 degrees either direction. We're extremely aligned. We're not reinventing the company post-pandemic. It's quite the opposite... And I just want to stop and express my gratitude to my friend, Gary Kelly. He's been my sponsor, my mentor for 34 years. You couldn't have a better one. He's my friend. — CEO Bob Jordan, December 2021"

"As Gary transitions to the Executive Chairman role, we are completely aligned in terms of the direction of the company. There are things, of course, that we want to work on, but this is not a change to Southwest Airlines, 90 degrees either direction. We're extremely aligned. We're not reinventing the company post-pandemic. It's quite the opposite... And I just want to stop and express my gratitude to my friend, Gary Kelly. He's been my sponsor, my mentor for 34 years. You couldn't have a better one. He's my friend. — CEO Bob Jordan, December 2021"

""Our gross administrative fees will grow at a faster rate than net admin fees, as we forecast increases in our revenue share obligation due to renewal pricing, shift of fixed fee to shareback agreements, and the impact of performance related fees on the percentage of shareback." — Mike Nolte, COO, MedAssets; "I know we have discussed this in the past, but we do see continued pressure, as we said, in the 100-basis-point to 200-basis-point range for the revenue share obligation -- that's an industry trend." — Haley Wise, Chairman & CEO, MedAssets"

"“Nelson Peltz seeks to understand other points of view as much as he seeks to be heard. He is an active listener. Having been a CEO, Nelson also has a healthy respect for the difficulties and challenges of leading large public companies...Nelson is collaborative by nature – he is always searching for the best ideas. That makes him a great change agent.” — Dennis Reilley, Former Chairman and CEO, Praxair, Inc., current Chairman of Marathon Oil Corporation, and Director of Dow Chemical Company and Covidien Ltd., and current Trian Advisory Partner"

"Nelson Peltz and I served together on the Heinz board beginning in 2006 and have remained in touch since the company was sold in 2013. Nelson was an insightful and constructive presence on the Heinz board. He approached board and management relationships professionally and collegially. Nelson, in concert with other members of the Heinz board, made excellent strategic and operational recommendations and decisions which helped move Heinz forward. — Charles E. Bunch, Chairman and CEO, PPG Industries, Inc., and former Director of H.J. Heinz Company"