#United States #New York #Graphic Packaging #Eminence Capital #Mike Doss

Eminence Capital’s Open Letter to GPK Shareholders

On December 22, 2025, Eminence Capital, LP, a private investment firm holding approximately 4.2% of Graphic Packaging Holding Company (NYSE GPK), issued an open letter to the shareholders of GPK to express its disapproval of the board's handling of recent leadership changes. Eminence's letter was prompted by a letter from GPK's board, which defended the controversial replacement of CEO Mike Doss with Robbert Rietbroek, a move deemed misguided by Eminence.

In the board’s letter, they attributed the company’s nearly 50% share price decline to external economic factors and indicated that decisive action was necessary for restoring shareholder value. However, Eminence counters these assertions, arguing that the board fails to grasp the genuine dynamics influencing the stock's performance, such as industry oversupply issues, rather than any missteps made by Doss.

Eminence supports this claim by pointing out that Doss’s strategic leadership positioned GPK competitively within a challenging industry landscape. They reference a recent investor presentation underlining GPK’s robust assets and capabilities, noting that no significant changes in the company's positioning would warrant such a hasty leadership transition. Eminence highlights GPK's efficiencies achieved under Doss, such as an optimized manufacturing footprint and successful acquisitions, which serve to illustrate a positive trajectory despite the current industry hardships.

Moreover, Eminence expresses skepticism regarding Rietbroek’s past performance, revealing a pattern of leaving his companies in worse conditions than when he started. Eminence's review of Quaker Foods, where Rietbroek previously served as CEO, indicates that he did not oversee growth during his tenure there, a fact that contradicts the board’s claims. The firm emphasizes that shareholders should not be misled about Rietbroek’s past failures and suggests caution in the wake of Rietbroek's appointment.

Eminence concludes its letter by demanding action from GPK's shareholders to reinstate Doss as CEO. They argue that the board's recent decisions could lead to long-lasting damage to the company's future, raising concerns about the directors’ actual motivations and alignment with shareholder interests. Eminence’s call to action is bolstered by feedback from other shareholders and former industry executives, reinforcing a narrative of disbelief regarding the leadership change.

As the situation unfolds, the eyes of the investment community turn toward GPK and the board's response to Eminence's critiques. All shareholders are encouraged to voice their opinions as potential consequences remain evident for the company and its future directions. The implications of Eminence's letter underscore the importance of strategic governance and accountability within the boardroom, particularly in times of economic uncertainty.

In light of Eminence’s strong rhetoric and compelling arguments, GPK shareholders are left contemplating their next steps as the call to restore Mike Doss gains momentum. This discourse exemplifies the ongoing battle between shareholder activism and board governance in the corporate landscape, emphasizing the critical role shareholders play in shaping the future of their investments.