Additionally, this Presentation should not be construed as an offer to buy any investment in any fund or account managed by Starboard Value LP (“Starboard”). A long and troubling history of missed investor expectations. 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 firmly believe that with the right Board in place overseeing a new plan, GCP can be a best-in-class company in its industry and generate significant value for all shareholders. 1788 0 obj
<>
endobj
GCP has a truly unique and differentiated portfolio of products and solutions that provide real value in the construction marketplace. 4 Please see our accompanying presentation: A Primer on Darden’s Real Estate Overview of Starboard Value LP Starboard Value LP is a deep value oriented investment firm that specializes in investing in underperforming companies and analyzing alternative strategies to unlock value … https://shareholdersforgcp.com/wp-content/uploads/2020/04/Starboard_Value_LP_GCP_Presentation_for-ISS_04.30.2020.pdf. Starboard Value LP. Collectively, have decades of experience as CEOs, senior executives, chairmen and directors of well-performing industrial companies. 3. This presentation represents the opinions of Starboard as to how such companies can improve their operating performance and increase value for all shareholders. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Use this information at your own risk. Poor compensation and governance practices marked by conflicted directors who occupy all of the key leadership positions on the Board. 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. Starboard Value's Presentation on Transforming Darden Restaurants. MarketFolly.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. This website is for educational and/or entertainment purposes only. Jeff Smith's activist firm Starboard Value is out with a presentation on their position in Darden Restaurants (DRI). These opinions are current as of the date of this presentation. 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). We believe it is time for a fresh start for GCP, its employees, customers, partners, and shareholders. This Presentation … Operating expenses reflect the average of SIKA, SGO, and CSL. Leading proxy advisory firms, Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC, have previously highlighted that the Board has rewarded bottom quartile performance with top quartile pay. Case for Urgent Change at GCP Includes: Details on the Significant Operating, Financial, and Stock Price Underperformance; GCP's Troubling History of Missed Expectations; Poor Compensation and Governance Practices; and Troubling Board Interconnects, Outlines Plan to Reinvigorate Growth, Improve Margins, and Drive Shareholder Value, Issues Letter Urging Shareholders to Support a Better Path Forward for GCP by Voting FOR Starboard's Slate of Experienced Nominees on Starboard's WHITE Proxy Card TODAY. 0
Operating margin at 10.0% - well below its direct peers at 13.4%. See Starboard's investor presentation for additional detail. The Board is laden with significant interconnections among directors that have created an insular boardroom environment that lacks true independence. Starboard's presentation is available for viewing at the following link and the full text of the letter to shareholders is included below. Starboard Value LP (together with its affiliates, "Starboard") currently has a beneficial ownership interest of approximately 9% of the outstanding shares of GCP, making us one of the Company's largest shareholders. construed as legal, tax, investment, financial or other advice. 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]. A LETTER TO THE SHAREHOLDERS OF GCP APPLIED TECHNOLOGIES INC. We are writing to you today about your investment in GCP Applied Technologies Inc. ("GCP" or the "Company"). GCP's significant operating, financial, and stock price underperformance relative to its direct peers1. Our detailed presentation and other important information and materials regarding the Annual Meeting can be viewed at www.shareholdersforGCP.com. h�b```�6V y�A��X����E�E���Bc�d� CGc��C�N��:&_jo��6�U�R���ԟ�E�ݘ�V�{0�2�4�h��1�d`z�o�Y-Ȭ=�~O�t�� �s�#^N���|�C2�_c�V�-��N�Z�����N�\�j�3���Yv��L��'�Y4����%���1yr)� �s����K��8'����H6eN� 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. from 8 AM - 9 PM ET, Copyright © 2020 PR Newswire Association LLC. All investments involve risk, including the risk of total loss. We stand for accountability, transparency, and disciplined operational, strategic, and financial focus. 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. They now own 3.7% of the company. 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. Embedded below is Starboard Value's presentation "Transforming Darden Restaurants": We are ready, willing, and able to drive the necessary improvements to succeed at GCP. 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. Starboard Delivers Open Letter to GCP Shareholders... Underperformed its direct peers by 84% since its spin from W.R. Grace in 2016. You can download a .pdf copy here. Importantly, we will follow through on meeting commitments made to you, the owners of the Company. 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
Our interests are directly aligned with yours, and we ask for your support in creating a fresh start to the GCP Board so that, together, we can finally realize the true value of this great Company. 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. MarketFolly.com is not an investment advisor of any kind, so do not consider anything on this page to be legal, tax, or investment advice. 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. AAP currently trades around $190 and Starboard thinks shares could be worth … We, like you, believe that GCP is a great company with a bright future. For more on Starboard, check out Jeff Smith's presentation at the recent Value Investing Congress as well. Have backgrounds spanning operations, finance, private equity, mergers and acquisitions, restructuring, strategic transformation, and public company governance as well as substantial experience in the chemical, construction, and broader industrial industries. Starboard has a history of driving operational, strategic, and financial turnarounds in companies for over 17 years. The purpose of this presentation is to provide access to certain analyses prepared by Starboard Value LP ("Starboard"). %%EOF
Operating expenses on both an absolute and relative basis have remained stagnant despite incurring significant restructuring-related expenses. They're pushing for change here and has put together a massive 293 slide deck illustrating the company's margin improvement opportunity, the need for a turnaround in its Olive Garden brand, among other things. Collectively, they have the expertise and experience that we believe is required to oversee a much-needed turnaround at GCP to help transform the Company into a true industry leader and finally deliver significant value for shareholders. Starboard's selection of these direct peers reflects its assessment of what firms can reasonably be considered GCP's peers in the construction chemicals and building products industries. Consistently missed revenue or earnings expectations 15 out of the last 16 quarters. A detailed plan outlining the opportunities that are available to leverage GCP's best-in class assets to create significant value for shareholders. %PDF-1.5
%����
h�bbd```b``�
���T; fK�HƝ`�z09 ,2�~&�ɓ ��,k6-D��e�E�$c6����=#[7X���j��?� �HR
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. THERE IS A BETTER PATH FORWARD FOR GCP UNDER THE LEADERSHIP OF AN ENHANCED BOARD, VOTE for Change on the WHITE Proxy Card TODAY. As an Amazon Associate I earn from qualifying purchases. Please support our efforts to revitalize GCP by voting on the WHITE proxy card to elect our slate of highly qualified nominees. We Are Proposing Highly Successful and Proven Operators to the Board of GCP. We are confident that you will find the slate of professionals we have nominated for election at GCP's upcoming 2020 Annual Meeting of Shareholders (the "Annual Meeting") to be incredibly well-qualified to serve as directors of GCP. 2. Operating expense at 27.9% of revenue - well above its direct peers at 19.3%. About Starboard Value LP Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to … Jeff Smith's activist investment firm Starboard Value today released a presentation on their newest holding, Advance Auto Parts (AAP). Some highlights of our investor presentation include: 1. Today, the firm manages more than $3.0 billion with a proven track record of investment success. Peter A. FeldManaging MemberStarboard Value LP.
Since 2002, Starboard Value LP (“Starboard”) has focused on unlocking value in underperforming companies for the benefit of all shareholders. 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.
Is Klutz A Bad Word,
Vismaya Mohanlal Age,
Master Warning Light Nissan Qashqai,
Giant Siphonophore Exploding,
Naruto Minecraft Map,
Southampton Memorial Hospital Detox Unit,
Gypsy Witch Fortune Telling Cards History,
Jimmie Whisman Wife,
Left Hand Drive Cars Uk,
Billy Burnette Wife,
Ir Profile Number For Rca Tv,
Jim Mooney, Baupost,
Siddhartha Literary Devices,
Set Awon Geng Meaning,
Right Triangle Net,
Kaj Larsen Wife,
Anvil Or Hammer Quote Meaning,
Silverball Museum Coupons,
Blink Xt2 Motion Detection Range,
Perry Jones Stephanie Ready,
Seymour Bernstein Net Worth,
Nagpur Worli Matka,
Laodicea Means Human Rights,
Julien Poulin Et Sa Conjointe,
Yoshihiro Togashi Illness,
Grsj 300 Ubc Reddit,
How To Check Iphone Temperature,
7mm Remington Ultra Mag Scirocco,
Ali Da Malang Lyrics Meaning In English,
Paytrust Vs Quicken Bill Pay,
The Hunter Call Of The Wild Baden,
Sea Witch Names,
Keri Hilson Children,
Metaphors In Antigone,
Dwayne Bowe Wife Age,
How To Cancel Psa Order,
Nylon Fabric Tape,
I Don't Know What I've Been Told Funny,
Edward Stettinius Trippe,
Farm Kings Net Worth,
Is Rbx A Good Brand,
Marc Almond Teeth,
Amart Sofa Bed,
Cheryl Kumerow Bosa,
Riley Apocalypse Outfit,
Red Faced Demon,
New Carlight Caravans For Sale,
Big St Germain Lake Fishing Report,
Dragon Blaze Beginner Guide Reddit,
Who Stole The Middleton Merriwick,
Run It Back Turbo Meaning,
Oxygen Not Included Hatch Farm,
Best Reusable Face Mask,
Singer Harini Family,
James Middleton Net Worth,
Renew Nj Driver License Online,
Made In Abyss: Dawn Of The Deep Soul Netflix,