{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-4658f12f927f", "slug": "fd7de115b500", "title": "H.J. Heinz Company (HNZ)", "subtitle": "Trian Partners · 2015-04", "author": "Trian Partners", "date": "2015-04-01 00:00:00", "pageCount": 7, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "H.J. Heinz Company", "targetTicker": "HNZ", "document": { "id": "019dd923-622b-71dc-a6db-4658f12f927f", "slug": "fd7de115b500", "title": "H.J. 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Page 6 pairs a KPI table (FY06 vs FY12) with a TSR bar chart contrasting Heinz's 2%/2% pre-Trian years with 178%/40% post-Trian. Page 7 uses three testimonial blocks (former CEO Bill Johnson, UFCW union, Credit Suisse analyst) to reinforce the 'constructive' positioning. 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Heinz was a global branded consumer-products company with world-class assets and strong cash flow, but total shareholder returns had materially lagged peers in the years leading up to 2006.", "thesisSummary": "In February 2006, Trian filed a Schedule 13D on H.J. Heinz arguing that despite world-class brands and strong cash flow, Heinz had underperformed peers because it under-invested in marketing and innovation, over-spent on deals and allowances (20% of gross revenue), and let COGS and SG&A grow faster than sales. Trian won two board seats through a mid-2006 proxy contest and worked constructively with management for seven years. 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