{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-516972bd61b4", "slug": "8aba66576764", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "subtitle": "Nelson Peltz · 2015-04", "author": "Nelson Peltz", "date": "2015-04-21 00:00:00", "pageCount": 87, "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-516972bd61b4", "slug": "8aba66576764", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "rawTitle": "Trian DuPont Presentation Apr 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": "2015-04-Trian-DuPont-Presentation-Apr-2015.pdf", "sourceUrl": "https://trianpartners.com/wp-content/uploads/Trian-DuPont-Presentation-Apr-2015.pdf", "sourceDate": "2015-04-21 00:00:00", "presentationDate": "2015-04-21 00:00:00", "ingestedAt": "2026-04-22 16:41:01+00", "status": "ready", "pageCount": 87, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "metadata": { "local_root": "/tmp/legacy-images/8aba66576764", "activist_firm": "Trian Fund Management", "origin_corpus": "contrarian", "extraction_seconds": 172.2729470729828 } }, "coverage": { "pageCount": 87, "pagesIndexed": 87, "pagesWithImages": 87, "pagesWithMetadata": 87, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 506, "chartCount": 35, "metricSlides": 0, "toolMatches": 44, "documentToolMatches": 6, "frameworkMatches": 47, "arcMatches": 1, "beatMatches": 4, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "6fd96aff-9ac5-4c99-9992-018372d8bd09", "evidence": "The presentation frames DuPont's underperformance as a problem to be overcome", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:04.210395+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 11, "name": "The Problem", "beatId": "0ec5af30-7142-407e-a136-80f18cd0f546", "matchId": "6fd96aff-9ac5-4c99-9992-018372d8bd09", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "Slides expose DuPont's track record of underperformance and contradictions in their strategy", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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null, "activistThesis": { "tone": "adversarial", "notes": "Classic Trian proxy-fight deck for the landmark 2015 DuPont contest — one of the largest proxy fights ever by market cap and narrowly lost on the day (though Kullman resigned within months and DuPont later merged with Dow). Title is 'Trian's Discussion Points.' Every page bears the 'VOTE THE GOLD PROXY CARD' call-to-action. Rather than presenting a hard breakup thesis, Trian strategically frames itself as 'open-minded' about separation — the ask is board seats, not a specific spin. Explicit $120+ target and 21% IRR are referenced from Trian's September 2014 White Paper (at DuPontCanBeGreat.com). CEO-quote contradictions used extensively (2003 INVISTA press release; 2013 Investor Day margin targets). Stake of 2.7% inferred from the Trian track record table on p.41 which lists 'DuPont — 2.7% highest % of company owned by Trian'. Nelson Peltz identified as author/cover signatory on p.7 as lead nominee and CEO of Trian. The 'Saga of DuPont's 2011 EPS' slide (p.35) with nine different EPS figures and the CEO insider-selling slide (p.10) are the deck's most quotable rhetorical set-pieces.", "kpisCited": [ { "detail": ">$120, vs. $72.25 reference — 21% IRR", "metric": "Implied target share price (2017)" }, { "detail": "DuPont 30% vs. peer median ~55%; 20-year: 100% vs. peers 237-1,745%", "metric": "EPS growth, latest cycle (2007-2014)" }, { "detail": "Trails peers in 5 of 7 segments covering ~71% of revenue", "metric": "Organic revenue growth vs. peers" }, { "detail": "Trails peers in 5 of 7 segments covering ~64% of revenue", "metric": "EBITDA margin vs. peers" }, { "detail": "Estimated $2-4bn annually above peer-normalized base", "metric": "Excess corporate costs" }, { "detail": "5.0% vs. 8.4% WACC — 40% below cost of capital on 68% of revenues", "metric": "ROIC ex-Ag & Pharma" }, { "detail": "$5bn spent over 5 years, $1bn jury verdict, $1.2bn Imprelis charges, zero significant new traits", "metric": "R&D productivity in Agriculture" }, { "detail": "Ellen Kullman sold ~54% of her stock (~$80m) since Trian invested; 23% sold in week after Trian White Paper", "metric": "CEO insider selling" }, { "detail": "113% of target despite TSR in the 25th percentile of peers", "metric": "Long-term incentive payout 2013" }, { "detail": "-1% Y/Y; operating EPS down 15%; full-year guide cut to low end of $4.00-$4.20", "metric": "2015 Q1 organic revenue growth" }, { "detail": "~29%", "metric": "Implied Q2-Q4 2015 core EPS growth needed to hit guidance" }, { "detail": "DuPont 55% vs. S&P 500 144%, S&P Chem 257%", "metric": "Unaffected TSR since Conoco separation (5/98-9/14)" }, { "detail": ">$34bn of revenue divested and >$11bn acquired since 1998 against current $35bn base", "metric": "Portfolio restructuring history" }, { "detail": "Nine different figures ranging from $2.03 to $4.32", "metric": "Versions of 2011 EPS disclosed by DuPont" } ], "closingAsk": "Vote the GOLD proxy card to elect Trian's four nominees so DuPont can be great.", "extraction": { "at": "2026-04-22 16:41:01+00", "model": "unknown-legacy", "runId": null, "seconds": 172.27295, "promptVersion": null }, "scqaReward": "Trian's White Paper implies a target value exceeding $120 per share by year-end 2017 — a 21% IRR — with additional upside from $2-4bn of excess cost elimination beyond the base case.", "thesisTypes": [ "operational_turnaround", "governance_board", "cost_cutting", "breakup_spinoff", "capital_return" ], "top3Reasons": [ "DuPont's EPS growth is bottom-quartile vs. every peer set over 3, 7, 10 and 20-year horizons", "Conglomerate complexity and ~$2-4bn of excess corporate costs mask a weak core business", "Trian's White Paper target of $120+/share by 2017 implies a 21% IRR with Trian on the board" ], "scqaSituation": "DuPont is a 200-year-old diversified chemicals and agriculture conglomerate operating seven segments, yet since 1998 it has continually restructured the portfolio while total shareholder return has trailed the S&P 500 and S&P Chemicals by 89 and 202 points.", "thesisSummary": "Trian argues DuPont has been a bottom-quartile earner versus every relevant peer set for more than two decades, with EPS below 2011 levels and organic growth and margins trailing peers in five of seven segments. The root cause is conglomerate complexity layered with $2-4bn of excess corporate overhead, dilutive M&A (Danisco), uneconomic ROIC in two-thirds of the revenue base, and a board that rewards management for missed targets while CEO Ellen Kullman sells 54% of her own stock. Trian's White Paper math implies a target of over $120 per share by year-end 2017 — a 21% IRR — assuming peer-level growth and margins, 2x leverage, a 9.9x NTM EV/EBITDA multiple and full return of excess free cash flow. The ask: vote the GOLD proxy card to elect Peltz, Myers, Winkleblack and Zatta, who will push to assess corporate structure, strip out excess costs, fix capital allocation, and restore accountability.", "primaryDemands": [ "Elect Trian's four nominees (Nelson Peltz, John Myers, Arthur Winkleblack, Robert Zatta) to the DuPont board", "Assess whether the existing conglomerate portfolio should be separated", "Eliminate $2-4bn of excess corporate costs and ensure productivity savings flow to the bottom line", "Overhaul capital allocation: rationalize R&D/capex, grow the dividend, return excess FCF to shareholders", "Fix corporate governance at Chemours spin-off and end 'crony' compensation that pays for missed targets", "Vote the GOLD proxy card at the 2015 Annual Meeting" ], "scqaResolution": "Elect Trian's four independent nominees via the GOLD proxy card so the board can assess whether the portfolio should be separated, strip out excess costs, overhaul capital allocation, fix Chemours' governance and align pay with performance.", "thesisOneLiner": "DuPont is a chronically underperforming conglomerate bloated with $2-4bn of excess costs; putting Trian on the board unlocks a $120+/share, 21% IRR path by 2017.", "precedentsCited": [ "Heinz (Trian on board 2006-2013 through 3G/Berkshire acquisition)", "Ingersoll-Rand / Allegion spin-off", "Mondelez / Kraft Foods split", "Wendy's / Tim Hortons", "Cadbury / Dr Pepper Snapple", "Family Dollar", "Snapple turnaround (HBS case study)", "Kraft governance from Mondelez spin", "Time Inc. spin governance", "PayPal / eBay spin governance" ], "scqaComplication": "EPS is bottom-quartile versus every peer group, organic growth and margins trail peers in five of seven segments, and ~$2-4bn of excess corporate costs, uneconomic R&D and 'crony' compensation are masked by conglomerate complexity and opaque, ever-shifting disclosure.", "narrativeInterest": 5, "notableSlidePages": [ 9, 12, 15, 17, 28, 35, 38 ], "peerCompaniesCited": [ "Monsanto", "Boeing", "Ingersoll-Rand", "Johnson Controls", "Honeywell", "United Technologies", "Dow Chemical", "3M", "Johnson & Johnson", "Emerson", "Kimberly-Clark", "Baxter", "Procter & Gamble", "Air Products", "Syngenta", "Merck", "Caterpillar", "Eastman Chemical", "FMC", "Huntsman", "Danaher", "GE", "BASF", "Celanese", "Eaton", "Novozymes", "Chr. 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(1) The Open Letter to the DuPont Board (Trian Summary White Paper) dated September 16, 2014 is available at www.DuPontCanBeGreat.com. This is not meant to be, nor is it, a prediction of the future trading price or market value of DuPont stock. There can be no assurance or guarantee with respect to the prices at which DuPont stock will trade, and such stock may not trade at prices that may be implied herein. (2) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Assumes 6% increase in the NTM EV/EBITDA multiple based on DuPont’s consensus valuation as of September 2014. (3) Trian estimates that consolidated DuPont is burdened by $2-4bn of excess corporate costs. See pages 71 and 72 of Trian’s White Paper which was filed with the SEC on February 17, 2015 and is available at www.DuPontCanBeGreat.com. 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(1) Source: DuPont presentation filed 1/9/15. 116% accounts for impact of share price appreciation from March 15, 2013 (date of Trian's initial investment) to December 31, 2014. (2) While Trian believes that such share price appreciation is attributable to Trian's involvement as a DuPont stockholder, there is no objective method to confirm what portion of such appreciation was attributable to Trian's involvement and what portion may have been attributable to other factors. (3) Represents announcement of Fresh Start Initiative, a $1bn cost saving plan, at the time, that includes $375m of costs transferred to Performance Chemicals. DuPont increased total program size to $1.3bn on 1/27/2015.", "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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"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 21:05:39.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b44c5652-4405-411c-8e38-df8ff8fc01d9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Operating EPS: 15%", "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": 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But you now exclude your pension cost...[which was] more than 500 basis points.” – JP Morgan analyst(1) DuPont responded: “...You're right, Jeff. The margin is lower between 400 and 500 basis points from that standpoint”", "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 21:05:44.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd82d3cd-de0e-4bf9-82a6-8fed72cd03e0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.33 }, "kind": "list", "text": "The Company suggested the difference between these targets was merely an accounting difference (i.e. the non-operating pension / OPEB adjustment); responding to a question about the Industrial Biosciences and Performance Materials segments, management said the following: “In terms of margins, the accounting change really accounts for the shift that you're seeing. So we have not revised up or revised down our expectations”", "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 21:05:44.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb6a887a-ae29-43c2-b463-ae9989c760e9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"In terms of margins, the accounting change really accounts for the shift that you're seeing. So we have not revised up or revised down our expectations\" — DuPont Management. \"...Safety and Protection margin [targets] that you show are 21% to 23% which is what they were 18 months ago. But you now exclude your pension cost...[which was] more than 500 basis points.\" — Jeff Zeakauskas, JP Morgan. \"...You're right, Jeff. 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DuPont “shuffles the deck chairs” with operating segments\n2. DuPont “shuffles the deck chairs” with the historical income statements\n3. Management stopped reporting new product cannibalization entirely in 2007\n4. 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