Callouts & quotes from 293+ activist slides

""Consumers increasingly see the value of a fiber broadband connection and the utility of a gig plus sort of in terms of what serves their household." — John Stratton, Executive Chairman of the Board, Frontier Communications - May 2024; "We grew ARPU because our customers are increasingly choosing gigabit speeds and value-added services to enhance their Internet experience, and they're willing to pay for it. As a result, we accelerated fiber revenue growth to 13% and lifted our overall company revenue growth to 2% year-over-year." — Nick Jeffery, CEO, Frontier Communications - August 2024; "Firstly, building 1.3 million fiber passings this year will mean we will have delivered by the end of the year exactly the build ambition that we set out at emergence 2 years ago. And secondly, we are actually accelerating our build this year...The way to think about our build ambition of 1.3 million homes passed this year is at a minimum build from here on. We think we've got plenty of operational gas in the tank to further accelerate if and when the conditions are ready for that." — Nick Jeffery, CEO, Frontier Communications, February 2023; "We are moving fast on 2 of our key value drivers, building and selling fiber and it's translating into financial growth. If you look at the left-hand side, you will see that our fiber passings are up 31% year-over-year. And customer growth for the quarter is up 17%. With data consumption expected to triple by 2025, it's a great time to be in the fiber business." — Nick Jeffery, CEO, Frontier Communications, February 2023; "The long-term trends in our business remain extremely encouraging. Our industry thesis is based on the view that the significant growth in data consumption that we've seen over the past 2 decades will continue to ramp up, tripling over the next 4 years alone. We're confident that fiber is best positioned to meet the long-term demand for data consumption." — John Stratton, Executive Chairman of the Board, Frontier Communications, November 2022; "We built fiber at a record pace again, adding 351,000 new fiber locations. And as John shared, we will hit the halfway point in our initial goal of passing 10 million fiber homes later this month." — Nick Jeffery, CEO, Frontier Communications, November 2022"

""As I think about growth, so Keith, obviously, you guys have done a really good job driving very healthy organic growth and William and Steve have done the same thing and bolstering that with M&A and JV. So how does this change, given that you're going to go through an integration? I know you have an unlevered balance sheet and you alluded to that in your prepared remarks. But how should we be thinking about the growth profile of the combined company 6 months, 12 months and longer than that out?" — Brian Tanquilut – Jefferies. "Well, I'll go first and ask Steve to chime in with me here. Let's -- so I don't see this having, certainly, a negative effect. I mean, perhaps even accelerating the growth profile. Our balance sheet is clean. The volume of inbound calls and interest that we're getting from hospital and health system partners, in particular, is -- continues to increase. So I don't see anything that would curtail that. And we're really excited about the new growth opportunities. And Steve I'm going to let you all take that." — Keith Myers – Chairman & CEO, LHC Group. "This -- we've talked for a long time in our investor conferences in discussions around trajectory and continuing that trajectory. And both companies have been on pretty amazing trajectories. And so this is continuing the trajectory. So if you just think about Kanye West, bigger, faster, stronger, right, so we're delevering the balance sheet. This is going to be a straightforward integration.... So I think we're going to grow better and faster. I'd rather us do this together, because I think we can grow better, faster, lower risk, higher return profile doing this together than we could possibly do it separately." — C. Steven Guenthner – President, Principal Financial Officer, Treasurer & Secretary, Almost Family."

"Since the ascent of Vincent Bollore to the Chairmanship of Vivendi, the company's strategy has evolved, with Vivendi taking significant but non-controlling stakes in a number of companies - including Telecom Italia (23.94% stakes), Mediaset (28.8% stakes), Ubisoft (26.6% stakes) and Fnac Darty (11.27% stakes) - seeking to penetrate the boards and influence the direction of these companies. Vincent Bollore's strategy has recently faced higher obstacles due to government interests or other large shareholder blocks which opposed Vivendi's moves (e.g. Telecom Italia). Governance risks faced by minority investors at each of these companies will be centered on the alignment of interests with Vincent Bollore. With Vincent Bollore typically seeking board representation by accruing a sizable stake, but one which does not trigger a requirement for a mandatory bid, a bid premium may not be forthcoming. Vincent Bollore effectively controls Vivendi despite holding only 20% of the shares. This influence comes courtesy of a double voting rights provision and the placement of key Bollore allies in senior leadership roles at Vivendi. His interests may dominate board decisions, all the more so that the audit and pay committees lack full independence. This is particularly concerning in light of the apparent poor track record of Vivendi with regards to ethical behaviour; which include allegations of corruption, editorial interference, related party transactions involving other entities of the empire and executive misconduct. This may indicate that the board's functions to effectively oversee and control management decisions in the interests of the investors' base are indeed hindered. — MSCI ESG Research LLC, June 21, 2018"

""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 from 1998 - 2013; "During his time at Disney, Rasulo was known for his blunt, forthright leadership style. He rose in prominence as CFO just as Disney was becoming more reliant on building out franchises like the animated 'Frozen' series and plugging them into Disney’s famous 'flywheel.'" — The Wall Street Journal, December 2023; "Nelson is a highly experienced and collaborative Board member who recognizes Unilever’s strengths and has a strong desire to help the company unlock its full potential." — Hein Schumacher, Unilever CEO from 2023 - Present; "Jay was always a maniac about excellence... [He] was an activator and a motivator." — Regynald Washington, former VP for Disney Parks and Resorts; "I thought that [Nelson Peltz] was a major contributor to our board...he comes up with ideas and he tries to challenge the CEO, but I always welcome his ideas, and I enjoyed a very good working relationship with him." — Dirk Van de Put, Mondelēz Chairman and CEO from 2017 - Present; "Trian's nomination of Jay Rasulo for 1 of 2 board seats (along with Peltz) killed two birds with one stone. As former CFO (predecessor to McCarthy), Rasulo is highly credible regarding Trian's 2 primary complaints - that Disney lacks efficiency, and that the Board lacks important expertise." — Wolfe Research Analyst, December 2023"

""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 from 1998 - 2013; "During his time at Disney, Rasulo was known for his blunt, forthright leadership style. He rose in prominence as CFO just as Disney was becoming more reliant on building out franchises like the animated 'Frozen' series and plugging them into Disney’s famous 'flywheel.'" — The Wall Street Journal, December 2023; "Nelson is a highly experienced and collaborative Board member who recognizes Unilever’s strengths and has a strong desire to help the company unlock its full potential." — Hein Schumacher, Unilever CEO from 2023 - Present; "Jay was always a maniac about excellence... [He] was an activator and a motivator." — Regynald Washington, former VP for Disney Parks and Resorts; "I thought that [Nelson Peltz] was a major contributor to our board...he comes up with ideas and he tries to challenge the CEO, but I always welcome his ideas, and I enjoyed a very good working relationship with him." — Dirk Van de Put, Mondelēz Chairman and CEO from 2017 - Present; "Trian's nomination of Jay Rasulo for 1 of 2 board seats (along with Peltz) killed two birds with one stone. As former CFO (predecessor to McCarthy), Rasulo is highly credible regarding Trian's 2 primary complaints - that Disney lacks efficiency, and that the Board lacks important expertise." — Wolfe Research Analyst, December 2023"

""This process will unlock the tremendous value of our real estate portfolio as we create two distinct public companies, which allows us, to attain a much lower blended cost of capital and allows us to move into markets and places and - where we cannot go today." — Peter Carlino, Chairman and CEO, Nov 16, 2012; "The Company's board of directors believes that a REIT conversion could provide substantial benefits to the Company and its shareholders given its significant real estate holdings." — Press Release, August 25, 2014; "Investors favor companies with greater strategic focus on our core businesses. We are exploring the opportunity to improve upon the excellent shareholder return created since MSG's spin-off over four years ago by separating our business into two companies, each with its own distinct value proposition for investors." — Tad Smith, CEO, October 27, 2014; "We believe the separation would provide a lower weighted average cost of capital and an attractive financial platform to take advantage of future opportunities to create long term shareholder value" — Anthony Sanfilippo, CEO, November 6, 2014; "We, together with our board, have been working with our financial and legal advisers, to make sure we are best positioned to increase shareholder value over the long term, including potentially, through the formation of a REIT." — Keith Smith, CEO, October 30, 2014; "The structure of the agreement enables us to capture the value of Red Lobster and establish a market validated valuation of its real estate" — Chuck Ledsinger, Lead Director of Darden's Board, May 16, 2014"

"“...abrupt material lapse in operational and financial discipline within the Company.” — Vivendi Presentation, Page 5; “Announcing a profit warning a week after issuing a bond has alienated market participants, who are losing trust in TIM.” — Vivendi Presentation, Page 8; “The three-year strategic plan presented by the former management in March 2018 had broad market support.” — Vivendi Presentation, Page 10; “...important need for any plan to contain key pillars, such as focus on enhanced FCF generation, deleveraging, digitalization and improved customer satisfaction, in order to drive value creation.” — Vivendi Presentation, Page 15; “The opaquely worded outlook for 2019 suggests that the bad news is likely to keep flowing as the company seems rudderless and adrift in turbulent waters.” — Vivendi Presentation, Page 36; “New CEO Luigi Gubitosi is throwing the kitchen sink at his predecessor’s ambition to grow domestic EBITDA....” — Vivendi Presentation, Page 36; “These procedures were not followed for the nomination of Luigi Gubitosi as CEO, [whose nomination was] pre-packaged during the shadow meetings held by Elliott representatives and Elliott-nominated Board Members.” — Vivendi Presentation, Pages 37, 39; “None of the new candidates want to be the CEO...and none of the independent directors wants to be Chairman....in other words the chairman will be chosen among the five proposed independent directors and the CEO between the two not-independent directors (De Puyfontaine and Genish).” — Vivendi Presentation, Page 3"

""From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I’m grateful for his service and the collaborative partnership we’ve developed over the past few years and wish Nelson and the Trian team the best in future endeavors." — David Taylor, Procter & Gamble CEO from 2015 - 2021; "[Rasulo] has well-rounded experience and he’s a strong strategic thinker. He’s not going to be a patsy." — Larry Murphy, Former Disney Chief Strategic Officer, December 2023; "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." — Robert A. Iger, Disney CEO, June 2015; "My relationship with Nelson Peltz and Trian dates back almost 20 years. I have consistently found Nelson and his team to be collaborative partners and have appreciated their insights in navigating our changing industry. They have been supportive of our vision and strategy and have provided a differentiated perspective, which has been invaluable. On topics ranging from operations and strategy to brand and culture, Trian has a firm understanding of what will drive long term value for all shareholders." — Ali Dibadj, Janus Henderson CEO from 2022 - Present"

""From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I’m grateful for his service and the collaborative partnership we’ve developed over the past few years and wish Nelson and the Trian team the best in future endeavors." — David Taylor, Procter & Gamble CEO from 2015 - 2021; "[Rasulo] has well-rounded experience and he’s a strong strategic thinker. He’s not going to be a patsy." — Larry Murphy, Former Disney Chief Strategic Officer, December 2023; "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." — Robert A. Iger, Disney CEO, June 2015; "My relationship with Nelson Peltz and Trian dates back almost 20 years. I have consistently found Nelson and his team to be collaborative partners and have appreciated their insights in navigating our changing industry. They have been supportive of our vision and strategy and have provided a differentiated perspective, which has been invaluable. On topics ranging from operations and strategy to brand and culture, Trian has a firm understanding of what will drive long term value for all shareholders." — Ali Dibadj, Janus Henderson CEO from 2022 - Present"

"CHAIR—I understand that. We heard evidence yesterday in Kalgoorlie about investment schemes that we know have failed, such as Servcom, Oracle and Satcom. Not only have the investors got into a situation where they are confronted with tax debt but they are also being issued notices from one particular company, Servcom, with regard to that company seeking repayment of the loans or other payments associated with the scheme. I think it is a very serious issue; it is one that people such as you ought to give a lot of thought to. Mr Atkinson—I think in fairness—and I think this is what Kevin was saying—at the same time you have to look at the successes in the managed investment industry. Timbercorp was one of the top three most successful listed companies, if not the most successful, on the Stock Exchange in the latter half of the nineties. You have to look at the wine industry in the south-west of Western Australia. You have to look at Barkworth Olives and the absolute growth in the olive industry, which was almost non-existent six or seven years ago. I think it is very important to note that, without discriminating on a project-by-project basis, you cannot be seen to be giving a fair treatment of the industry. There are projects that have failed but, equally, there are projects that have been very successful and there are projects whose commercial viability is imperilled by only one thing, and that is the tax office's treatment of investors in that project in the last two years. — Senate Hearing Transcript"

"“CEOs or other top executives who serve on each other’s boards create an interlock that poses conflicts that should be avoided to ensure the promotion of shareholder interests above all else” — Glass Lewis 2017 Proxy Paper Guidelines; “While many companies have an independent lead or presiding director who performs many of the same functions of an independent chair (e.g., setting the board meeting agenda), we do not believe this alternate form of independent board leadership provides as robust protection for shareholders as an independent chair.” — Glass Lewis 2017 Proxy Paper Guidelines; “If the person [Lead Director] is not independent or lacks substantive duties, the position is simply cosmetic.” — ISS 2016 U.S. Proxy Voting Manual; “One particular relationship that should raise a red flag is when the CEO of company A sits on the compensation committee of company B whose CEO is a director of company A or the converse. ISS typically categorizes such directors as affiliated outsiders.” — ISS 2016 U.S. Proxy Voting Manual; “The nominee [Russo] is an incumbent member of the nominating committee and the chair of the board is not independent. The nominee is an incumbent member of the compensation committee and the ratio of CEO compensation to compensation of the average named executive officer is inequitable. The nominee sits together on more than one board with another director. The nominee sits on five or more public company boards..” — NEI Investments 2015 Proxy Voting Report"

""Leslie is an inspiring and highly engaged board member with vast leadership experience. [...] Her deep insights into Governance and the public and investor debate regarding Social and Environmental Impacts will be valuable to any organization. Combined, this makes Leslie an ideal candidate for a seat on the board of any organization." — Diederik Timmer, Chair of the Board of Directors of US SIF and Managing Director of Morningstar Sustainalytics; "[I] can attest to her ability to deftly navigate the needs of shareholders and the critical calls for improved environmental, social, and governance performance. She has a deep understanding of emerging material ESG issues combined with a diplomatic but direct manner to effectuate change within organizations. In my view, Leslie would make vital contributions to the board that would help place McDonald’s at the forefront of ESG leadership." — Matt Patsky, CFA, Chief Executive Officer of Trillium Asset Management; "She's a key thought leader in shareholder advocacy, responsible for engagement strategies that have had tremendous impact and which many other investors have emulated to great effect. Her credibility as an integrator of public interest advocacy and responsible corporate governance is unmatched." — Dr. Chris Geczy, Wharton School of Business professor, member of Intel’s US Retirement Plans’ Investment Policy Committee and former member of NASDAQ’s Economic Advisory Board"

""Deal terms, a $710mm upfront payment that we believe reflects certainly the value of this drug...So for us a very exciting opportunity, one that we believe will contribute significantly to the building of our I&I franchise..." — COO Perry Karsen, May 2014; "We had some thought leaders in the U.S., top-top thought leaders help us do the diligence and look at the data...We've done a tremendous diligence about it. We're very excited about it, and that's where Celgene should be." — Chairman & CEO Robert Hugin, June 2014; "Relative to GED, I think again, just to reiterate, we feel very strongly about the program, GED. It's our lead program in the Crohn's portion of IBD. We feel very strong about our ability to execute on it. We're excited. We're moving forward as fast as we can with all aspects of that program." — Chairman & CEO Robert Hugin, July 2015; "Key questions around the path to Ph3, the reproducibility of the data due to clinical site concentration and activity in broader set of patients remain unanswered." — Morgan Stanley, October 2014; "Expect upside for CELG as data support long-term $1.5-2B revenue promise as novel oral entrant in unmet Crohn's market." — Wells Fargo, October 2014; "We believe at peak GED-0301 could reach $3B++ in peak WW sales. Although Wall Street consensus includes very little for the drug, we believe investor expectations are much, much higher than zero." — Evercore ISI, October 2014"

""John Kasich is a man of immense capacity to do good and has made a difference in the lives of so many, including my own. Integrity, smart, ability to go to the most important issues immediately, and a capacity to listen carefully – all characteristics of John Kasich. And, I believe, the needed characteristics to serve on a corporate board. Whatever he does, he adds value and makes a difference." — President Gordon Gee, West Virginia University – Apr. 4, 2024; "It was clear from the beginning that Governor Kasich was up to the challenge of navigating the budget crisis. He built a team of capable, trusted advisors, identified the issues and made tough decisions about what programs and funding to cut and where to invest. While he had strong opinions about what to do and how to do it, he also listened to our input, adjusted his plans and built consensus." — Thomas Neihaus, Former Ohio Senate President – Apr. 4, 2024; "Governor Kasich's creation of Jobs Ohio, aimed at fostering innovation, research and job creation in Ohio, further solidified his reputation as a visionary leader dedicated to driving growth and prosperity. As a Board Advisor, his strategic thinking, creative problem-solving, and ability to instill a sense of urgency have been instrumental in driving tangible outcomes and enhancing shareholder value." — Mahendra Vora, Executive Chairman of The Vora Group, based in Ohio – Apr. 4, 2024"

""The data does not support the board's argument that the integrated strategy results in superior returns over the long-term..." — ISS; "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; "Phillips 66's current conglomerate structure appears to be suboptimal for sustained financial growth." — Egan-Jones; "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; "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; "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"

""Jamie was an exceptional partner to me for many years, especially when I promoted him to operations chief at CSX. He was a driving force behind our operational transformation into a top-performing rail, thanks in large part to him successfully implementing operational improvements that were critical to generating strong efficiencies. He is one of the best operators I've seen in the rail industry, and any Class I would be fortunate to have him as COO." — Jim Foote, Former CEO of CSX; "When I think about Jamie, I think about one of the country's top railroad operators. His ability to take operational strategies from ideation to implementation to ongoing management is second to none. If I was looking to turn around a railroad or put a new network in place to improve service and value creation, Jamie would be my first call. He is at the top of the next generation of transformative railroad leaders." — Tony Reck, Former CEO & Chairman of P&L Transportation; "Jamie has demonstrated great skill in producing industry-leading results in service, safety and efficiency gains throughout his 20+ year career. As a board member of CSX, I was able to see firsthand how he is truly an expert in rail operations and a stronger leader of large organizations." — John McPherson, Former CSX Director, Former CEO of Illinois Central and Former COO of East Coast Railway"

"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"

""Maisie has been on the forefront of sustainability long before ESG was a concept. It is her passion and thoughts that have helped shape Bon Appetit into the market leader in sustainable food practices and this, in turn, has led the way for Compass Group, the global leader in contract foodservice, in this area. She has been involved in scope ranging from grassroots detail to the largest scale." — Palmer Brown, Chief Financial Officer of Compass Group PLC; "Her understanding of consumer demand and the intricacies of decision-making on the buying side helped shape the program, and her insight has guided some key pivots along the way. Maisie knows how to cut to the key issues in organizational strategy, and her incisive questions and forthright advice have been extremely valuable to EFI over the past decade." — Peter O'Driscoll, Executive Director of Equitable Food Initiative; "Maisie Ganzler is a value-add colleague on the Air Protein Board. Her expertise in restaurants, food supply chains and sustainability have been invaluable in helping the management team shape Go to Market and Product Development strategies. She's been a true professional and has made a real contribution to the Company and Board." — James D. White, Executive Chair of Air Protein."

"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"

"I am a pediatric endocrinologist. I have a multidisciplinary Prader-Willi clinic, and you probably already saw that I was a lead author, chair for developing the [redacted] guidance for children and young adults for Prader-Willi Syndrome...I see about 40 patients with Prader-Willi Syndrome...I suppose 10% to 15% would probably trial it...At most...No. The day it got approved, I happened to have a clinic. A couple of patients said, oh, this is got news. It's got FDA approval. At that time, we weren't aware of the cost. I wouldn't say this is something that every child or every patient of mine with Prader-Willi syndrome should receive this treatment. This is still on a case-by-case patient basis. And again, some of the younger ones are managed very well and don't need it. However, would I be able to allow and be able to justify that cost? That's probably the biggest issue. And then, as physicians, all it's going to take is somebody to actually say, you know what? I can't afford that. Why don't I just trial regular diazoxide. The drug therapy has got the same kind of pharmacological profile as DCCR. I will probably just trial normal diazoxide and see what happens. — Trial investigator, endocrinologist, key opinion leader for PWS"

""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."

""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"

"“...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"

""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."

""Pershing Square's operating ratio targets for Canadian Pacific are unrealistic and lack credibility." — CP Proxy Circular, Mar. 22, 2012; "Pershing Square's stated OR target is both unrealistic and unachievable by 2015." — Former CP Chairman, Mar. 27, 2012; "If Canadian Pacific were to implement its short-term strategy, it would cause Norfolk Southern to lose substantial revenues from our service-sensitive customer base." — Norfolk Southern press release, Dec. 4, 2015; "The Norfolk Southern board remains confident that the continued execution of its strategic plan is superior to Canadian Pacific's grossly inadequate and high-risk proposal." — Norfolk Southern press release, Dec. 7, 2015; "The math around Ancora's short-term targets that were advertised to our investors ... only works with significant and immediate employee furloughs..." — Norfolk Southern press release, Mar. 20, 2024; "Our relationships with customers, employees, and regulators would be at great risk, and lead to the deterioration of shareholder value." — Norfolk Southern press release, Mar. 20, 2024; "We have a clear path for further progress..." — Norfolk Southern press release, Mar. 20, 2024."

"“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."

""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"

""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."

"“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"

""It's my legacy. I'm the seventh generation of Bolloré's, and I can't imagine a world where I don't pass the torch to my daughters one day." — Yannick Bolloré, as reported by New York Times, October 26, 2015; "It's official: Vivendi is Vincent Bolloré's family fiefdom. Shareholders can come along for the ride, but they must accept the risk that the chairman -- and largest holder with a 14 percent stake -- puts his interests before theirs." — Leila Abboud, Bloomberg, May 17, 2016; "Vivendi's hereditary chairmanship is a strange approach to corporate governance. The episode [anointing Yannick the next CEO of Vivendi] is pretty bizarre by usual corporate governance norms. But, when it comes to Vivendi, unsurprising. Needless to say, Yannick was approved. The nomination committee is four strong, of whom three are Bolloré appointees (including Vincent himself). For years, Bolloré denied he was trying to build a media dynasty through his minority stake in Vivendi. Then last June, he admitted his aim was to place Yannick at the helm." — Alex Webb, Bloomberg, April 20, 2018"

""So the benefits to this are immense. We can generate the same throughput at one-third of the operating expense with much more flexibility and we expect through time that we will be able to reduce the cost per gram of our proteins by some 60% or more and that enables us to achieve hundreds of millions of dollars of savings versus conventional technology." — Bob Bradway, Chairman & CEO, October 2014; "In the G&A area, we're setting up a series of shared service activities for non-core areas and we've created what we call a Global Business Services group, which is serving then as a centralized point to serve the Company." — David Meline, Amgen EVP and CFO, November 2014; "Things like rationalizing our process development organizations between manufacturing and research and development. That is a significant decision that we've made, a decisive decision that we've made that we think favors cycle time improvement and also favors reducing the capital that we have to invest in new molecules." — Bob Bradway, Chairman & CEO, October 2014"

""We're very excited, and I feel more confident today than I ever have about the future. I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. But what we can control, what we're focused on as a company, and what we're able to do, I think, puts us in a unique opportunity to further transform this business." — Peter Huntsman, Chairman, President & CEO, November 2021; "So as we look at that $2 billion run rate, I don't see any pie in the sky...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, July 2014; "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, September 2014"

""And if we were a business today that we're separated from our TiO2, we would be going into 2016 saying...2016 will be a record EBITDA margin year in the history of this company." — Peter Huntsman, President & CEO; "...as much as this is a business that when you start looking at the core performance, if you look at Huntsman without TiO2, we would be going into 2016 here...with some of the highest margins we've ever had in our history and with better than GDP growth." — Peter Huntsman, President & CEO; "So I'll end my remarks on where I started with wanting this slide to be emblazoned in your mind. Again, as I look at the 4 steps that I think get this company another $20 to $30 a share, I think that these are all eminently doable." — Peter Huntsman, Chairman, President & CEO; "We remain very confident in delivering on the 2020 plans that we shared with you then. We are committed to the significant value creation upside of more than $27 per share by the end of 2020." — Peter Huntsman, Chairman, President & CEO"

""Our energy marketing and retail marketing businesses remain a long-term strategic part of our portfolio that generate attractive returns..." — John Hess, CEO, Hess Corp, 11/2/12; "The Board believes that Arconic has the right strategy and is executing well on that strategy." — Pat Russo, Fmr Chair, Arconic, 4/17/17; "I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Fmr CEO/Chair, Marathon Petroleum 5/8/19; "[H]aving that small cell business, we believe, is a differentiator and unique to our strategy and think that it should generate significant shareholder value" — Dan Schlanger, Fmr CFO, Crown Castle, 6/6/23; "A separation of the businesses, if it were to be pursued, may not be easy, w/ mgmt. highlighting shared digital infrastructure, investment grade credit rating and a very efficient tax rate as risk factors that must be considered." — Morgan Stanley, referencing Honeywell management meetings, 11/25/24"

""Our energy marketing and retail marketing businesses remain a long-term strategic part of our portfolio that generate attractive returns..." — John Hess, CEO, Hess Corp, 11/2/12; "The Board believes that Arconic has the right strategy and is executing well on that strategy." — Pat Russo, Fmr Chair, Arconic, 4/17/17; "I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Fmr CEO/Chair, Marathon Petroleum 5/8/19; "[H]aving that small cell business, we believe, is a differentiator and unique to our strategy and think that it should generate significant shareholder value" — Dan Schlanger, Fmr CFO, Crown Castle, 6/6/23; "A separation of the businesses, if it were to be pursued, may not be easy, w/ mgmt. highlighting shared digital infrastructure, investment grade credit rating and a very efficient tax rate as risk factors that must be considered." — Morgan Stanley, referencing Honeywell management meetings, 11/25/24"

""We are concerned that the accounting errors were either a function of pressure from the top, or a lack of oversight. If that is the case, and the audit committee does not do its job properly we end up with a company with weak leadership, likely to continue with poor or overly optimistic judgement. If, on the other hand, there is more to come and we see a change in leadership at PPG it could be a good thing, depending on who fills the role. It is no secret that PPG/Akzo deal broke down because of a dramatic clash of character between the Chairman of Akzo and the CEO of PPG – both sides blame each other. With the right change at PPG and with the Chairman of Akzo now gone, the deal (which makes a lot of strategic sense for both) may come back on the table. The issue would be finding a credible successor for Mr. McGarry...Reengagement with Akzo, coincident with a popular change in leadership might be very positive for PPG, but for now we remain negative." — Graham Copley-SSR, 5/13/18"

"“As we continue to consolidate and grow relative market share throughout our footprint, our business scales and margins expand.” — CEO Smith, Q2 2023; “Michael, it's interesting. We're in a relative market share business. So in the markets that we compete in, and we see this because SunTx invests really in the Sunbelt of the country. There is some -- continues to be a lot of growth. The demographic trends are driving that, number one; and number 2, the business trends are driving that. So in a relative market share business, what we're worried about is the growth in Raleigh-Durham, the growth in Huntsville, Alabama. And in each of these 70-plus distinct markets, we continue to see growth commercially, residentially, everything.” — Chairman Fleming, Q4 2023; “Finally, we completed 8 acquisitions in fiscal 2024 that expanded our geographic footprint into new growth markets and enhanced relative market share across our Sunbelt states.” — CEO Smith, Q4 2024"

"“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.” — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022. “In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022” — Mark Costa, Chairman & CEO – Eastman, January 2022. “Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.” — James Fitterling, Chairman & CEO – Dow, January 2022."

""Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year." — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; "In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022" — Mark Costa, Chairman & CEO – Eastman, January 2022; "Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges." — James Fitterling, Chairman & CEO – Dow, January 2022"

"“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.” — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; “In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022” — Mark Costa, Chairman & CEO – Eastman, January 2022; “Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.” — James Fitterling, Chairman & CEO – Dow, January 2022"

""With specific regard to the [short-seller] Report, the Committee concluded that the allegations were either factually incorrect or that there were reasonable explanations as to their non-materiality." — China Agritech, Inc. press release. "FTI independently obtained and reviewed documents which state that as of June 30, 2011, ChinaCast had cash, cash equivalents and term deposit balances reported in the Company's form 10-Q for the second quarter ended June 30, 2011." — ChinaCast Education Corp. press release. "We believe the findings contained in the FTI report should provide some comfort to shareholders as to the integrity of the Company's financial reporting and should serve to distinguish the Company from other Chinese companies that have received adverse publicity after failing to provide adequate verifications with respect to their financial statements." — Daniel Tseung, Chairman of the Audit Committee, ChinaCast Education Corp."

"RSM was engaged by the Audit Committee on December 21, 2018 to serve as the Company's independent auditor for the fiscal year ending December 31, 2019 and was engaged again on June 12, 2020 to serve as the Company's independent auditor for the fiscal year ending December 31, 2020. On February 15, 2021, RSM told the Chairman of the Company's Audit Committee during a telephone call that RSM was resigning as the Company's independent registered public accounting firm, effective immediately. RSM then advised the Chairman on the call that it was resigning as a result of being unable, despite repeated inquiries, to obtain sufficient appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020, including whether such transactions have been properly accounted for and disclosed in the financial statements subject to the Audit. — EBIX 8-K"

""This new alignment is the result of a very thoughtful and thorough process to de-layer our management structure, speed decision-making, simplify communications and reduce costs." — Ann Moore, Publishing's Chairman & CEO; "Too many layers make you very averse to risk. You've got to be able to make fast decisions. We were like middle-aged people. We needed to slim down." — Ann Moore, Publishing's Chairman & CEO; "We are reallocating our workload and assets in order to invest in areas of higher growth, including online and new launches." — Ann Moore, Publishing's Chairman & CEO; "We are big, and we need big bets. I think that as we have become more layered, the culture here has become risk-averse." — Ann Moore, Publishing's Chairman & CEO; "The current round of cuts is largely because of reallocation of resources as the company increases its online presence and consolidates some of its business functions." — TWX spokesperson."

"“you’re talking about something that’s definitely much larger when you have to consider all of the control electronics, all of that stuff; you’re talking about room-sized, like garage size basically, maybe a one-car garage.” — Ex-IonQ employee, physicist; “It’s the size of a car plus a table with a desktop where it’s like a classical computer that is plugged in to control all of the quantum hardware. So, it’s like a car plus a separate chair and a computer desk with a classical computer on it.” — Leading quantum computing researcher who has published papers with IonQ’s founders; “They definitely need a medium-sized room to operate because it has to host the system. It has to host the electronics; it has to host the computers that are connecting to that; it has to have a lot of moving parts, like a laptop. It has to have a keyboard; it has to have a monitor.” — Physicist at Google working on their quantum computing effort"

""It's not just about cost, as you well know. And on the cost side, our people are very efficient." — John Hess, Chairman & CEO Hess, April 2012; "Not really familiar with what you are talking about [in response to question about Hess closing gap with other Bakken operators]. I will tell you that our data shows us as very competitive with other operators in North Dakota [Bakken]." — Gregory Hill, EVP Worldwide E&P Hess, April 2012; "Essentially [we are] always focusing on how we're working on the cost side of the margin equation... [the bakken is] our oil factory, [we]continue to work on our oil factory way of driving down costs." — Harold Hamm, Founder/Chairman/CEO Continental, October 2012; "The big focus is driving down costs." — Michael Lou, CFO Oasis Petroleum, November 2012; "Our focus right now is getting our well cost down." — Jim Brown, COO Whiting Petroleum, November 2012."

""It typically took over 12 months to make the decision on licensing, there were a lot of people involved. At other companies it would take half as long. Since it was a very long process, a number of times, especially small companies, would just move on." — Former Bristol-Myers Executive; "Starting a clinical program took too long. By the time it took to write a protocol and committing to do a program, a lot of things had changed, some things had gotten approved, and some programs became obsolete. I remember one program took five years for us to complete." — Former Bristol-Myers Executive; "We are moving in a speed now in R&D that frankly, we had never contemplated before... we've had about a 3 percentage point improvement. So what we paid 19% of sales for in 2014, we now pay 16% of sales for. And that's real progress for us." — Robert Bradway (Chairman & CEO of Amgen, January 2019)"

""Can you talk about if the Company through this process discussed taking the Company private through a leveraged buyout and how you decided that this was the better alternative?" — Gary Lieberman, Analyst, Stanford Financial Group. "Yes, this is Bill Schoen speaking. We absolutely did, and we had several conversations with several people regarding that. And we came to the conclusion because of our extraordinary, outstanding balance sheet, that it would be a better approach -- the directors felt it would be a better approach to go ahead and give this cash dividend to our shareholders and then allow our shareholders to continue in the growth of our Company." — Bill Schoen, HMA Chairman. "In a bold move, Schoen fended off private-equity investors that have snapped up rival hospital companies, such as HCA last year, by using some of the same tactics." — Business Observer."

""There's good demand as you heard....We are planning to be 96% occupied by the end of this year...we're actually 73% complete with our 2018 leasing" — Bobby Taubman, Chairman & CEO of Taubman Centers; "If I look at the A-rated centers, which make up nearly 80% of our sales volume, sales were up 1.6%...excluding apparel, sales in the A centers were up 4.4%" — Sandeep Mathrani, CEO of GGP; "Digital commerce is our friend, it is a breeding ground for new businesses and these will be the businesses that will fuel the excitement in our portfolio going forward" — Arthur Coppola, Chairman & CEO of Macerich; "There is a lot of that new business out there that is exciting for us because we are bringing in the up and coming retailers or food operators that know how to connect directly through the consumer" — David Simon, Chairman & CEO of Simon Property Group"

"“...The turnaround would be astonishing in any industry, but especially in the beverage-marketing business, where short-lived brands are depressingly common...Snapple's durability raises a number of questions. How did Triarc restore most of that value in less than three years? What did Triarc do with such apparently effortless grace that Quaker, with all its resources, could not?...I posed those questions to Triarc's top executives: chairman and majority owner Nelson Peltz, CEO Mike Weinstein...Their answers led me to a conclusion that many marketing professionals are likely to resist: There is a vital interplay between the challenge a brand faces and the culture of the corporation that owns it. When brand and culture fall out of alignment, both brand and corporate owner are likely to suffer...” — John Deighton, Harvard Business Review"

""The Board of Directors sincerely appreciates the constructive perspectives Jeff has brought to our group...he has been a valuable contributor to the Board and provided a focus on the long-term best interests of the company and its shareholders. We thank him for his service and wish him continued success." — Nigel Travis, Chairman and CEO of Dunkin' Brands; "On behalf of our management and Board of Directors, I want to thank Jeff for his significant contributions to Office Depot and its shareholders. Jeff has been an integral part of our accomplishments and provided important perspectives that helped to define strategies that position the company for long-term growth and profitability. I have appreciated our time working together and wish Jeff well in his existing and future projects." — Roland Smith, Chairman and CEO of Office Depot"

"“The Board of Directors sincerely appreciates the constructive perspectives Jeff has brought to our group...he has been a valuable contributor to the Board and provided a focus on the long-term best interests of the company and its shareholders. We thank him for his service and wish him continued success.” — Nigel Travis, Chairman and CEO of Dunkin’ Brands; “On behalf of our management and Board of Directors, I want to thank Jeff for his significant contributions to Office Depot and its shareholders. Jeff has been an integral part of our accomplishments and provided important perspectives that helped to define strategies that position the company for long-term growth and profitability. I have appreciated our time working together and wish Jeff well in his existing and future projects.” — Roland Smith, Chairman and CEO of Office Depot"

""At the present time with the current forecast we have, our 2019 should be within 5% to 7% of our 2018 EBITDA..." — Peter Huntsman, Chairman, President & CEO; "When the price gets substantially higher than it is today, we'll make a decision to sell [Venator]....And I think it will gradually see improving fundamentals here, and we will judiciously look at our shares, and we'll sell them at a time that makes sense for us." — Peter Huntsman, Chairman, President & CEO; "Putting it all together, if Europe does improve as the Americas returns to plan, our full year EBITDA will be close to the lower end of our initial EBITDA guidance of down 5% to 7% from 2018. However, if the economic conditions within those region stays at current levels, our current year EBITDA maybe down 10% or so..." — Peter Huntsman, Chairman, President & CEO"

"Iger told board members he didn't think Chapek needed to audition for the role... Iger told [Chapek] that instead of the one-on-one board interviews, Disney's lead independent director, Susan Arnold, would be in touch... She and Iger had both recommended Chapek for the job, and the board had approved. — CNBC. Mr. Iger, then still under contract as executive chairman, didn't move out of the office he kept at Disney's headquarters in Burbank, Calif. He called strategy meetings with Mr. Chapek's underlings without inviting the new CEO. — WSJ. The executive change came together quickly, blindsiding Chapek and his closest allies. Disney's board reached out to Iger on Friday [November 18, 2022], without any other serious candidates in mind to replace Chapek as CEO, CNBC's David Faber reported Monday, citing sources. — CNBC."

""As the industry leader, Sunrun has enjoyed capital cost advantages. By joining arms with Vivint Solar, we expect to further our advantages in 2 ways. First, we'll be even more regular issuers of debt securities, which should drive down our capital costs. And second, with our combined size, we will more easily appeal to investors with enormous minimum check sizes, such as pension funds, who often enjoy a lower cost of capital. Over time, these advantages will benefit our customers and shareholders, while allowing us to accelerate the adoption of affordable, renewable energy." — Founder & Chairman Sunrun; "I'm excited by the magnitude of synergies we can realize through this acquisition, which will allow the combined company to operate more efficiently and reduce the cost to the consumer of going solar." — CFO Sunrun"

""[Bob] Iger had personally selected every member of the board, which is surprisingly lacking in media and entertainment experience. Iger is personally close with several of them, including Nike Executive Chairman Mark Parker and General Motors CEO Mary Barra [who is on Disney's Compensation Committee]. In addition, the wife of another director, Michael Froman, then vice chairman of Mastercard and now president of the Council on Foreign Relations, had been housemates with Iger's wife..." — CNBC, September 2023; "[G]iven the many challenges [Disney faces], Parker will be spreading himself thin" as Chairman of both Disney and Nike, and "only a handful of executives", including Rupert Murdoch [who recently stepped down from serving as Chairman of Fox and News Corp.], chair two S&P 500 companies." — Reuters, January 2023"

""We anticipate JCAR017's first approval in 2019 and for that therapy to achieve global peak sales of approximately $3 billion" — Peter Kellogg, EVP, CFO, CAO, January 2018. "So the approval for JCAR017 liso-cel is 2019, that's still the plan." — Nadim Ahmed, Pres. of Hematology & Oncology, June 2018. "Just the expected launches of fedratinib and JCAR017 in 2019 will enable us to absorb the financial impact caused by the delay in the expected launch of ozanimod" — Mark Alles, Chairman & CEO, May 2018. "Well, for JCAR017...Investors should not expect new data... ASH will not be updated data for 17 on lymphoma." — Mark Alles, Chairman & CEO, September 2018. "Now turning to our CAR-T programs. Both liso-cel and bb2121 remain on target for expected 2020 approvals." — Jay Backstrom, Chief Medical Officer, January 2019."

""We anticipate JCAR017's first approval in 2019 and for that therapy to achieve global peak sales of approximately $3 billion" — Peter Kellogg, EVP, CFO, CAO, January 2018; "So the approval for JCAR017 liso-cel is 2019, that's still the plan." — Nadim Ahmed, Pres. of Hematology & Oncology, June 2018; "Just the expected launches of fedratinib and JCAR017 in 2019 will enable us to absorb the financial impact caused by the delay in the expected launch of ozanimod" — Mark Alles, Chairman & CEO, May 2018; "Well, for JCAR017...Investors should not expect new data... ASH will not be updated data for 17 on lymphoma." — Mark Alles, Chairman & CEO, September 2018; "Now turning to our CAR-T programs. Both liso-cel and bb2121 remain on target for expected 2020 approvals." — Jay Backstrom, Chief Medical Officer, January 2019"

""[Dr.] Klaus Kleinfeld serves as both the CEO and chairman. The combined role is increasingly discouraged by investors believing instead that the separation of these roles provides more effective board oversight. As an enhanced safeguard, the company has individual designated Patricia Russo as the Lead Director. However, Ms. Russo is overboarded, serving as Lead Director of GM, chairman of Hewlett Packard Enterprise (HPE), and is a director at Merck & Co. This calls into question the time she has available to lead the independent directors. Another issue is the fact that Chairman and CEO [Dr.] Klaus-Christian Kleinfeld, who is also overboarded, serves on the board of HPE with Ms. Russo. This can make it difficult for the lead director to act independently." — MSCI ESG Research, Inc., December 19, 2016"