Graphic Packaging(US:GPK) Prnewswire·2025-12-19 13:00Core Viewpoint - Eminence Capital criticizes the decision of Graphic Packaging Holding Company's Board to replace CEO Mike Doss with Robbert Reitbroek, labeling it as misguided and rushed, and calls for the reinstatement of Doss to protect shareholder value [1][3][6]. Group 1: Board Decision and Leadership Transition - The Board's decision to replace Mike Doss is viewed as a critical error, especially given the ongoing challenges in the company's operations and the need for experienced leadership [3][6]. - Robbert Reitbroek's previous CEO role ended in termination due to operational failures, raising concerns about his capability to lead GPK [2][9]. - Eminence Capital emphasizes the lack of a credible rationale for Doss's removal, suggesting that the Board's decision-making process was flawed and lacked proper diligence [8][9]. Group 2: Chairman's Influence and Governance Concerns - Chairman Phil Martens is criticized for his outsized influence over the Board and for actions that may jeopardize shareholder value, including a significant reduction in his shareholding [3][12][13]. - The recent departure of a respected CFO and the timing of Doss's ouster are seen as indicators of governance failure within the Board [11][12]. - Eminence Capital expresses concern over potential further senior management departures as a result of Martens's control over the Board [3][12]. Group 3: Shareholder Engagement and Future Actions - Eminence Capital urges other shareholders to voice their concerns regarding the Board's decisions and the potential destruction of shareholder value [3][16]. - The firm has submitted a demand to inspect the Board's records related to the CEO transition process, indicating a desire for transparency and accountability [3][16]. - Eminence Capital plans to initiate a public campaign if their demands for a meeting with the Board are not met, highlighting the urgency of their concerns [16][17].