{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-4e5c6908a228", "slug": "e685a047c782", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "subtitle": "Nelson Peltz · 2015-02", "author": "Nelson Peltz", "date": "2015-02-17 00:00:00", "pageCount": 95, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "document": { "id": "019dd923-622b-71dc-a6db-4e5c6908a228", "slug": "e685a047c782", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "rawTitle": "Trian DuPont Can Be Great Presentation Feb 2015", "authorId": "06_Trian_Partners", "authorName": "Nelson Peltz", "authorDisplay": "Nelson Peltz", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2015-02-Trian-DuPont-Can-Be-Great-Presentation-Feb-2015.pdf", "sourceUrl": "https://trianpartners.com/wp-content/uploads/Trian-DuPont-Can-Be-Great-Presentation-Feb-2015.pdf", "sourceDate": "2015-02-17 00:00:00", "presentationDate": "2015-02-17 00:00:00", "ingestedAt": "2026-04-22 16:39:46+00", "status": "ready", "pageCount": 95, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "metadata": { "local_root": "/tmp/legacy-images/e685a047c782", "activist_firm": "Trian Fund Management", "origin_corpus": "contrarian", "extraction_seconds": 277.0850851535797 } }, "coverage": { "pageCount": 95, "pagesIndexed": 95, "pagesWithImages": 95, "pagesWithMetadata": 95, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 585, "chartCount": 71, "metricSlides": 0, "toolMatches": 19, "documentToolMatches": 6, "frameworkMatches": 68, "arcMatches": 1, "beatMatches": 4, "loopMatches": 4, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "f4000a39-da40-4eea-a457-72cdb1761df5", "evidence": "The presentation follows a clear problem-agitate-solution structure, highlighting DuPont's underperformance, the problems with management, and the potential solutions offered by Trian.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:10.995876+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem", "beatId": "d7fceecf-0bfd-4ef4-ae40-06a88df4004e", "matchId": "f4000a39-da40-4eea-a457-72cdb1761df5", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The presentation identifies DuPont's underperformance and the problems with management.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 30, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 21, "name": "Solution", "beatId": "1d37a89b-d60d-4282-af03-9cb440e02c83", "matchId": "f4000a39-da40-4eea-a457-72cdb1761df5", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The presentation provides potential solutions to DuPont's problems, including Trian's nominees and initiatives.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 95, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 60, "name": "Impact & Next Steps", "beatId": "17930cb1-5e44-4ce1-932b-8378590408cd", "matchId": "f4000a39-da40-4eea-a457-72cdb1761df5", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The presentation outlines the potential impact of Trian's initiatives and the next steps for DuPont.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "db740795-5e12-437f-a529-b42b0ce8249e", "evidence": "The presentation zooms in on specific problems with DuPont's management, such as excess corporate costs and dilutive M&A.", "position": 0, "objective": "What are the specific problems with DuPont's management?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:11.164878+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 40, "from": 30, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "e6afcb1d-79ad-40bd-b462-c4b725b508b5", "evidence": "The presentation highlights the costs of inaction for DuPont, including continued underperformance.", "position": 1, "objective": "What are the costs of inaction for DuPont?", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:11.199006+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 70, "from": 60, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "08e74ec7-a8b6-4a6a-91b1-8785a62c8fb5", "evidence": "The presentation provides a breakdown of DuPont's business and potential areas for improvement.", "position": 2, "objective": "How can DuPont's business be broken down and improved?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:11.233056+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 90, "from": 80, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "87c49668-9446-49b6-baee-ded354812320", "evidence": "The presentation outlines potential quick wins and big bets for DuPont, including improving corporate governance.", "position": 3, "objective": "What are the potential quick wins and big bets for DuPont?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:11.266442+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2580234e-fc98-4cfe-9a51-2694f3fe8cbf", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2df3fb55-9132-4b9f-8268-10fe28fbc49e", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "4eab4805-c4b0-49fd-a304-55c189517450", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "05addb65-63b1-4405-a0e3-a36336c3f52c", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "c4764d89-0f21-4ebf-b8be-b66238970779", "evidence": "Ellen Kullman (CEO) and the DuPont Board of Directors", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "903f2b2e-228c-46e2-9f65-c3702be8c047", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. 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Distinctive rhetorical moves: (1) 'Did DuPont Learn Anything From Heinz?' slide (p11/37) uses a three-column table to preempt management's standard anti-activist playbook by showing their 2014 claims almost verbatim match Heinz's 2006 claims that were later proven wrong. (2) Coatings/Axalta case study (p13/70) is a devastating natural experiment — same segment, same year, different owners, +68% EBITDA. (3) Peer-gap charts presented across multiple timeframes (latest cycle, 10-year, 20-year) on pp. 43-44 to preempt cycle-selection objections. Deck is explicit that Trian is 'open-minded' about separation vs. fixing current structure — hedged demand. Stake disclosed as ~$1.9bn dollar value, not as a percentage. Consistent 'DuPont Can Be Great' yellow watermark throughout. Trian ultimately lost the May 2015 proxy vote narrowly, but the thesis was largely vindicated by the subsequent Dow-DuPont merger/breakup.", "kpisCited": [ { "detail": "DuPont -10%, bottom-quartile vs both proxy peers (range -15% to +51%) and diversified industrials/chemicals peers (range -15% to +32%)", "metric": "EPS growth 2011-2013 vs peers" }, { "detail": "Trian estimates $2-4bn annually; ~$907m of publicly disclosed unallocated corporate costs", "metric": "Excess corporate costs" }, { "detail": "$339m under DuPont (2011A) vs $852m LTM 9/30/14 under PE (+150%); S-1 disclosed $229m of excess corporate costs burdened on the segment", "metric": "Coatings / Axalta EBITDA" }, { "detail": "DuPont 327% — lowest among diversified industrials/chemicals peer set (DHR 2,671%, BASF 1,944%, UTX 1,882%)", "metric": "Total Shareholder Return (20-year)" }, { "detail": "3.1% actual vs 8-10% 2011 long-term target; Nutrition & Industrial Biosciences EBIT margins down 33% since 2010PF", "metric": "Danisco organic growth" }, { "detail": "~$5bn R&D over 5 years produced no significant new biotech traits; $1bn Monsanto patent verdict; $1.2bn Imprelis charges on ~$7m of sales", "metric": "Agriculture R&D productivity" }, { "detail": "STI payouts 86-87% in 2012-2013 despite revenue and EPS growth far below long-term targets", "metric": "Short-term incentive payouts vs performance" }, { "detail": "Kullman sold 23% of her equity position ($49m+) after Trian white paper released, at 15-year share price high", "metric": "CEO insider selling" } ], "closingAsk": "Vote for Trian's four-nominee minority slate (Peltz, Myers, Winkleblack, Zatta) at the 2015 DuPont Annual Meeting to bring new perspectives, robust oversight, and enhanced dialogue to the Board.", "extraction": { "at": "2026-04-22 16:39:46+00", "model": "unknown-legacy", "runId": null, "seconds": 277.08508, "promptVersion": null }, "scqaReward": "Precedent spin-offs (PPG re-rated 33%, Ingersoll-Rand/Allegion multiple +113%, Axalta EBITDA +150%) show the upside; Trian argues DuPont's ~53% share rise since their investment already prices in their involvement.", "thesisTypes": [ "governance_board", "breakup_spinoff", "cost_cutting", "operational_turnaround", "capital_return" ], "top3Reasons": [ "DuPont has missed guidance three straight years and posted bottom-quartile EPS growth versus every relevant peer group", "Conglomerate complexity hides $2-4bn of excess corporate costs — Coatings EBITDA grew 150% after DuPont sold it as Axalta", "Independent directors own only ~$20m of stock and have failed to hold management accountable; Trian's four nominees bring ownership mentality" ], "scqaSituation": "DuPont is a ~$35bn revenue diversified chemicals and industrials conglomerate with seven segments under CEO Ellen Kullman, positioned by management as a transforming higher-growth, higher-value science company.", "thesisSummary": "Trian, with ~$1.9bn invested making it one of DuPont's largest shareholders, seeks four minority board seats after two years of rejected settlement offers and three consecutive years of missed guidance. The deck argues DuPont's 'state of perpetual transformation' — 16 years of divestitures with no stock price progress, bottom-quartile EPS growth versus every peer set, and margins trailing peers in five of seven segments — stems from an overly complex conglomerate burdened with an estimated $2-4bn of excess corporate costs, vividly evidenced by Coatings EBITDA growing 150% after leaving DuPont's umbrella as Axalta. Trian's four nominees (Peltz, Myers, Winkleblack, Zatta) will assess whether best-in-class performance is achievable in the current structure or requires separation, eliminate excess costs, re-examine capital allocation, and install the ownership mentality missing from a Board whose independent directors collectively own just $20m of stock.", "primaryDemands": [ "Elect Trian's four nominees (Nelson Peltz, John H. Myers, Arthur B. Winkleblack, Robert J. Zatta) as a minority slate on the DuPont Board", "Assess corporate structure and determine whether separation of the portfolio is required to achieve best-in-class revenue growth and margins", "Eliminate excess corporate costs (Trian estimates $2-4bn annually) and implement zero-based budgeting", "Re-evaluate capital allocation including R&D, M&A discipline, balance sheet leverage, and capital return policies (including increasing dividends)", "Enhance corporate governance: increase transparency, fix the entrenched Chemours spin-off governance, and align compensation with actual performance" ], "scqaResolution": "Elect Trian's four minority nominees (Peltz, Myers, Winkleblack, Zatta) to assess potential separation, eliminate excess corporate costs, re-examine capital allocation, and restore accountability — after settlement offers since 2013 were rejected.", "thesisOneLiner": "DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.", "precedentsCited": [ "Heinz (Trian 2006 proxy contest, 178% TSR through 2013 sale)", "Ingersoll-Rand / Allegion spin-off (2012-2014)", "PPG Industries commodity chemicals spin-off (2012-2013)", "Axalta (ex-DuPont Coatings under PE — EBITDA +150%)", "Rockwood Holdings (Bob Zatta case study)", "Triangle Industries / American National Can (Peltz case study)", "Snapple turnaround (Triarc, Harvard Business School case)" ], "scqaComplication": "DuPont has missed guidance three straight years, delivered bottom-quartile EPS growth versus every peer set, and carries an estimated $2-4bn in excess corporate costs — Trian argues conglomerate complexity is the root cause.", "narrativeInterest": 5, "notableSlidePages": [ 6, 9, 11, 13, 43, 95 ], "peerCompaniesCited": [ "FMC", "Eastman Chemical (EMN)", "BASF", "Danaher (DHR)", "Dow Chemical (DOW)", "3M (MMM)", "Honeywell (HON)", "United Technologies (UTX)", "Dover (DOV)", "Ingersoll-Rand (IR)", "Emerson (EMR)", "GE", "Celanese (CE)", "Monsanto", "Syngenta", "Novozymes", "PPG Industries", "Rockwood Holdings", "Axalta" ], "valuationFrameworks": [ "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Includes Trian Partners logo and DuPont logo.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/AcfWZbFw6zOox8iEjOIG3om0LJpHqJj9xDliRJmbjaA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9lNjg1YTA0N2M3ODIvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 6, "textChars": 167, "nDataPoints": 0, "notes": "Includes Trian Partners logo and DuPont logo.", "elementsJson": [ "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:05:49.318+00", "seconds": 2.178, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-4e5c6908a228/1", "deck": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.2, "x": 0.75, "y": 0.92 }, "kind": "callout", "text": "DuPont Can Be Great", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:49.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0af3e56-a8ec-4a78-8420-82f923f5e0ed", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.44, "x": 0.28, "y": 0.82 }, "kind": "disclaimer", "text": "© 2015 Trian Fund Management, L.P. 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(\"Trian\"), Trian Partners, L.P., Trian Partners Strategic Investment Fund, L.P., Trian Partners Strategic Investment Fund II, L.P., Trian Partners Master Fund, L.P., Trian Partners Parallel Fund I, L.P., Trian Partners Master Fund (ERISA), L.P., Trian Partners Strategic Investment Fund-A, L.P., Trian Partners Strategic Investment Fund-D, L.P., Trian Partners Strategic Investment Fund-N, L.P., Trian SPV (SUB) VIII, L.P., Trian Partners Fund (Sub)-G, L.P., Trian Partners Fund (Sub)-G II, L.P., Trian Fund Management GP, LLC, Nelson Peltz, Peter W. May, Edward P. Garden, John H. Myers, Arthur B. Winkleblack and Robert J. 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While DuPont boasts about its total return, 116% of that return resulted from share price appreciation after Trian invested. We believe DuPont's recent share price performance reflects the market's desire for Trian's involvement.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:51.216+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed3181d4-8d3c-4260-95c6-058c2e483859", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS: 53%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:46:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5374-767b-b3bf-7874f2fe94b4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.89 }, "kind": "source-note", "text": "Source: Capital IQ, DuPont Press Releases and transcripts of earnings release conference calls. (1) Source: DuPont presentation filed 1/9/15. (2) While Trian believes that such share price appreciation is attributable to Trian's involvement... (3) Represents announcement of Fresh Start Initiative...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In fact, many of the company’s allegations almost exactly match what Heinz said about Trian in 2006 – allegations that were proven wrong over time", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:56.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "551fe895-89ad-4def-858e-f41beaa1de94", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan\" — DuPont Press Release, 1/8/15; \"Trian’s presence on the Board will create substantial risk in Heinz’s ability to deliver value to all shareholders\" — Heinz (6/06); \"I said to another CEO that if I were to form a board today, Nelson [Peltz] would be one of the first directors I’d ask to serve... 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Key metrics from FY 2006-2012 as company doesn’t disclose marketing spend in 2013. (1) Represents annualized cost savings as calculated on a run-rate basis from most recently available Heinz financials (3 month period ended Sept 28, 2014). SG&A savings estimate based on comparison to SG&A levels in FY 2013.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:46:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5374-767b-b3bf-d41e3c11802f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.88, "x": 0.06, "y": 0.38 }, "kind": "chart", "text": "Stock price performance from 1998 to 2015 with annotations for major corporate events.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": 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(1)-(5) footnotes regarding revenue, TSR, and share price calculations.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:55.297+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37e8bc17-8cc7-49df-94fa-00e0b389a17c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.14 }, "kind": "list", "text": "Since ’98, DuPont has continually restructured the portfolio to no avail. Divested >$34bn in revenue vs DuPont’s current ~$35bn revenue base. Yet, DuPont’s stock price has declined over a 16 year period.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:55.297+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9714cfd9-069d-413a-9d28-072028b5919d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TSR: 55%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:46:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5374-767b-b3bf-d9b4de97a6e7", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.43, "x": 0.51, "y": 0.39 }, "kind": "table", "text": "TSR comparison: DuPont 55%, S&P 500 144%, S&P Chem 257%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:55.297+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4db91532-f0f9-416b-8782-36b4d2300884", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "DuPont’s State Of Perpetual Transformation Has, In Our View, Led To A 16-Year Stock Price Decline", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:55.297+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0af466ae-8155-4016-8a0a-5f2212b4f8c2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6c278b70-2fd1-44c2-bc10-d65d0cafe05f", "evidence": "The slide frames DuPont's management strategy as the 'villain' causing long-term value destruction.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:05:55.297+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 10, "name": "Agitate", "beatId": "b12e1055-e269-4bb1-b8b7-b9eb23032f52", "matchId": "f4000a39-da40-4eea-a457-72cdb1761df5", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The presentation agitates the problems with DuPont's management and corporate structure.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "tension", "title": "Uses a series of bar charts to illustrate the 'hidden' EBITDA and the impact of corporate cost allocation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 66, "componentCount": 7, "textChars": 1140, "nDataPoints": 6, "notes": "Uses a series of bar charts to illustrate the 'hidden' EBITDA and the impact of corporate cost 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Ellen Kullman became CEO on January 1, 2009, at the trough of the financial market collapse. 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The independent directors... have repeatedly failed to hold management accountable...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:02.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38ecee80-1a21-4195-89ed-b1cc898a9a8f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The independent directors of DuPont, who own very little stock (collectively ~$20mm in shares(1)), have repeatedly failed to hold management accountable for missing its publicly stated financial targets; it is time for an \"ownership mentality\" in the Boardroom", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:46:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5374-767b-b3c8-359787d7a681", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.18 }, "kind": "quote", "text": "…we are skeptical that management will be able to deliver on the promise of a “higher growth, higher value” DuPont and achieve the promised 7% top line and 12% EPS...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:02.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "730264ed-d460-40d1-a412-9ac3214b7b8d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.47 }, "kind": "quote", "text": "To clarify our discussion that day... we continue to believe these goals are both appropriate and achievable. We fully endorse management’s plan and are encouraged by the progress against them.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:02.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e01d5bd8-82fd-4d97-9e17-749445da7a32", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"...we are skeptical that management will be able to deliver on the promise of a \"higher growth, higher value\" DuPont and achieve the promised 7% top line and 12% EPS...[and] we are concerned that management will continue to miss promised performance targets as \"new DuPont\" remains an inherently complex collection of disparate businesses with a high-cost corporate overhead structure and that it will trade at a conglomerate discount as it will be neither a growth play, nor a recovery play.\" — Trian Fund Management (February 2014 letter to DuPont's Lead Director). \"To clarify our discussion that day [Trian's meeting with Sandy and management in December 2013] relative to our five year, long-term rolling growth targets of 7 percent revenue growth and 12 percent operating earnings growth, which were announced publically on December 9, 2010 at our Investor Day, we continue to believe these goals are both appropriate and achievable. 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(1) Estimates based on SEC filings and Bloomberg. Excludes CEO who is not considered an \"independent\" director. Assumes closing stock price on 2/6/15 ($76.10).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Brown (who will be Non-Executive Chairman of Chemours), to the Chemours’ Board. Both of these directors received the most “Against” votes for re-election at DuPont’s 2014 annual meeting (excluding DuPont’s CEO and the Lead Director)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:03.066+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b89d68bf-82d1-4d6b-aaa0-0439aec7b840", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.22 }, "kind": "list", "text": "Boards recognize that stockholders do not want entrenched directors and poor governance at spinoffs; Kraft (from Mondelēz), Time Inc. 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(1) DGCL Section 203 covers business combinations with “interested stockholders.” Section 203 of the DGCL prohibits a corporation that has publicly traded stock from engaging in certain business combinations with an interested stockholder (defined as the owner of 15% or more of the corporation’s voting stock), or an interested stockholder’s affiliates or associates, for a three-year period unless, among other exceptions, approval of the board of directors (and, in some cases, the disinterested stockholders) is received.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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