Operating margin at 10.0% - well below its direct peers at 13.4%. 9�iN3�z��%LI2��ҀZ&[,�X̛�r�EsJƒ٦��|$gr �̖� Q��c��8C-D�p����i�#`C��n�XVrدB���2o�y� e��*�F��XT�\�r@n�3f�} ���� ��X4��kx���1����fI̭�~Ɗ!�K������F�����y�7��Tiy��Hr ���Y�̉�y�>n��k�P�� �����@Vs8�d���B�@��&� b60���L�P�A�@�i�+T��� 2�lDl. We Are Proposing Highly Successful and Proven Operators to the Board of GCP.
from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC. 1Direct peers are Carlisle Companies Incorporated (CSL), Sika AG (SIKA), and Compagnie de Saint-Gobain S.A. (SGO). 2. You can download a .pdf copy here. GCP's significant operating, financial, and stock price underperformance relative to its direct peers1. 1823 0 obj <>stream The purpose of this presentation is to provide access to certain analyses prepared by Starboard Value LP ("Starboard"). Starboard Value's Presentation on Transforming Darden Restaurants. %PDF-1.5 %���� 3Other than Mr. Kiefaber and Ms. Ogilvie, who are current directors of GCP and are serving on Starboard's slate of nominees (Mr. Kiefaber has also been nominated by the Company for election at the Annual Meeting). As an Amazon Associate I earn from qualifying purchases.
1808 0 obj <>/Filter/FlateDecode/ID[<32C43057AA1D164C95F7F3F8862085E4>]/Index[1788 36]/Info 1787 0 R/Length 102/Prev 1413228/Root 1789 0 R/Size 1824/Type/XRef/W[1 3 1]>>stream Starboard also announced today that it has delivered an open letter to GCP shareholders highlighting certain key features of its detailed presentation. Today, we are sharing with our fellow shareholders a detailed investor presentation titled "Transforming GCP Applied Technologies," outlining our views on GCP, the historical challenges that continue to plague the Company, opportunities to drive significant fundamental improvement through the implementation of a comprehensive turnaround plan, and details surrounding the slate of highly-qualified and experienced director nominees we have proposed for election at the Annual Meeting. About Starboard Value LP Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to …
The qualifications and credentials of our highly-qualified slate of director nominees - Kevin W. Brown, Peter A. Feld, Janet P. Giesselman, Clay H. Kiefaber, Marran H. Ogilvie, Andrew M. Ross, Linda J. Welty and Robert H. Yanker. Importantly, our nominees have the independence and objectivity required to make important decisions for the Company going forward and to instill accountability in the boardroom. They're pushing for change here and has put together a massive 293 slide deck illustrating the company's margin improvement opportunity, the need for a turnaround in its Olive Garden brand, among other things. 3. Starboard's selection of these direct peers reflects its assessment of what firms can reasonably be considered GCP's peers in the construction chemicals and building products industries. These opinions are current as of the date of this presentation. Consistently missed revenue or earnings expectations 15 out of the last 16 quarters. Starboard Value LP. We stand for accountability, transparency, and disciplined operational, strategic, and financial focus. Importantly, we will follow through on meeting commitments made to you, the owners of the Company.
Jeff Smith's presentation at the recent Value Investing Congress, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution, Bruce Berkowitz's Fairholme Buys Sears Shares, What We're Reading ~ Hedge Fund Links 9/19/14, What We're Reading ~ Analytical Links 9/17/14, Glenview Capital Boosts Fossil Group Stake, Lee Cooperman Discloses Aspen Group Position. If you review the backgrounds and qualifications of our nominees and compare them to the incumbent Board3, we believe you will agree that our slate is much more qualified to oversee GCP and help reverse the prolonged underperformance that has occurred under the oversight of the current Board.
Collectively, have decades of experience as CEOs, senior executives, chairmen and directors of well-performing industrial companies.
1788 0 obj <> endobj All investments involve risk, including the risk of total loss.
Our detailed presentation and other important information and materials regarding the Annual Meeting can be viewed at www.shareholdersforGCP.com. 5. The Board is laden with significant interconnections among directors that have created an insular boardroom environment that lacks true independence. They're pushing for change here and has put together a massive 293 slide deck illustrating the company's margin improvement opportunity, the need for a turnaround in its Olive Garden brand, among other things. Please support our efforts to revitalize GCP by voting on the WHITE proxy card to elect our slate of highly qualified nominees. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders. For more on Starboard, check out Jeff Smith's presentation at the recent Value Investing Congress as well. If you have any questions or need further assistance with voting your GCP shares, please contact Okapi Partners LLC at +1 (888) 785-6673 (Toll-Free) or by e-mail at [email protected].
endstream endobj startxref Jeff Smith's activist firm Starboard Value is out with a presentation on their position in Darden Restaurants (DRI). A long and troubling history of missed investor expectations. MarketFolly.com is not responsible for any third party links or content. Some highlights of our investor presentation include: 1. We have assembled a best in class group of highly successful individuals that we believe have the right mix of skills to provide the proper oversight of GCP and to help GCP achieve far greater success. Executed four restructuring efforts in three years with poor results. About Starboard Value LPStarboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded U.S. companies. In particular, the three directors who serve in the Chairman role of all 4 standing committees of the Company, including the Chairman of the Board role, are all involved on the Board of MKS Instruments, where. We believe it is time for a fresh start for GCP, its employees, customers, partners, and shareholders. They now own 3.7% of the company. Starboard Delivers Open Letter to GCP Shareholders... Underperformed its direct peers by 84% since its spin from W.R. Grace in 2016. Join over 13,600 investors that receive our daily summary: The content provided within this website is property of MarketFolly.com and any views or opinions expressed herein are those solely of MarketFolly.com and do not represent that of any firm or institution.
While GCP has an incredible group of dedicated employees who are critical to the future success of the Company, GCP has suffered under the leadership of the current Board of Directors (the "Board"), which has overseen an extensive period of dismal operating, financial, and stock price performance, missed expectations and poor corporate governance and compensation practices. Operating expenses on both an absolute and relative basis have remained stagnant despite incurring significant restructuring-related expenses.
Of course it would be our expectation, if our nominees are elected, to work constructively with the management team to understand these topics further, verify the opportunities set forth in the presentation and provide thoughtful, data-driven, objective and independent decision making. Use this information at your own risk. Operating expense at 27.9% of revenue - well above its direct peers at 19.3%. 0
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