Eminence Capital Sends Open Letter to GPK Shareholders Calling Out Factually Inaccurate and Misleading Statements by GPK Board

Core Viewpoint - Eminence Capital, LP is urging shareholders of Graphic Packaging Holding Company to demand the reinstatement of CEO Mike Doss, claiming the Board's justification for his replacement is misleading and inadequate [1][2]. Group 1: Board's Justification and Performance - The Board's letter on December 19, 2025, is criticized as a disingenuous attempt to legitimize a flawed leadership transition, with Eminence asserting that Mike Doss is being used as a scapegoat for the company's challenges [2][3]. - The Board acknowledged a nearly 50% decline in share price over the past year, attributing it to external factors, but Eminence argues that this decline is primarily due to industry oversupply rather than Doss's performance [4][5]. - Under Doss's leadership, GPK was reportedly well-positioned competitively, with strategic decisions leading to a forecast of over $2.25 in free cash flow per share in 2026, despite industry challenges [5]. Group 2: Critique of Robbert Rietbroek - Eminence highlights a pattern of Robbert Rietbroek leaving previous employers in worse conditions, questioning the Board's decision to appoint him as CEO [10][11]. - The Board's claims regarding Rietbroek's past successes at Quaker Foods and Primo Water are challenged, with evidence suggesting that volume and revenue did not grow during his tenure at Quaker [7][9]. - The Board's narrative regarding Rietbroek's leadership is described as misleading, as significant growth was attributed to a transformational acquisition rather than his management [9]. Group 3: Shareholder Sentiment and Board Accountability - Feedback from shareholders, former employees, and industry constituents indicates a consensus against the decision to replace Doss, with concerns about the Board's judgment [12]. - Eminence points out that the Board collectively owns less than 500,000 shares, raising questions about their commitment to the company's long-term success [13]. - The call for shareholders to demand Doss's reinstatement is framed as a necessary action to prevent long-term damage to GPK [14].