Pershing Square Activist Presentation Deck

Leadership Must Be Held Accountable "As we get larger and larger, and as we work to make the company operate like it's smaller, developing a culture of taking personal responsibility for the execution that occurs is critically important. And that's what we're doing right now. We're emphasizing that culture. I won't say it didn't exist before. But we're emphasizing that as we get smaller, and as we behave like a smaller company, taking that personal responsibility and having that personal accountability for excellence and execution becomes absolutely critical." 39 Bob McDonald, CEO 2/18/2012

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