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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\". 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the time the largest proxy fight in history (~$100mm of advisor fees cited). Distinctive 'What We Are NOT Recommending' framing on p.4 (no break-up, no CEO replacement, no director removal, no leverage, no R&D/marketing cuts) is a deliberate disarm-the-counter-attack rhetorical device. Heavy use of David Taylor's own quotes to expose contradictions (ad-spend commitment vs. cut; 'agents of change' Board vs. tenure-during-underperformance table). Custom 'VOTE THE WHITE PROXY CARD' campaign branding on cover. No SOTP or DCF — argument is operating-performance and governance, benchmarked against a defined peer set (p.18). Stake size not disclosed as a percentage in this document (Trian held ~$3.5bn).", "kpisCited": [ { "detail": "P&G 1.5% vs. 3.0% peer average — 150bps annual underperformance", "metric": "Organic sales growth (FY15-FY17)" }, { "detail": "P&G -1.3% vs. 6.6% peer average — 790bps annual underperformance", "metric": "Annual EPS growth (FY15-FY17)" }, { "detail": "P&G 2.0% vs. 7.4% peer average; reported core EPS CAGR -0.1%", "metric": "Core EPS CAGR (FY11-FY17)" }, { "detail": "P&G -1.3% vs. 2.6% peer average", "metric": "Net sales CAGR (FY11-FY17)" }, { "detail": "P&G 93% vs. peer avg 210% (P&G ranked second-to-last)", "metric": "10-year TSR" }, { "detail": "P&G 67% vs. peer avg 118% (5th percentile bonus payout still 98% of target)", "metric": "5-year TSR" }, { "detail": "9 of 10 independent Directors saw P&G underperform peers; gaps from -16% to -346%", "metric": "Director TSR vs. peers during tenure" }, { "detail": "Management paid 101% of target despite 14th-percentile TSR", "metric": "Annual bonus payout (10-year)" }, { "detail": "~$96bn invested with volumes growing <1% annually and market share declining", "metric": "Cumulative invested capital (R&D, A&P, capex) since FY2011" }, { "detail": "Cut $125mm (-2%) despite prior commitment to grow brand support; Q4 ad spend down 6%", "metric": "FY2017 advertising spend" }, { "detail": "2.8% organic sales growth — below management's own stated 3-3.5% market growth", "metric": "Long-term compensation target (2016-2019)" }, { "detail": "P&G spends more on R&D than Henkel, Kimberly-Clark, Colgate, Beiersdorf, Reckitt, Clorox, Church & Dwight and Edgewell combined, yet has not created a leading new brand in ~20 years", "metric": "R&D vs. peers" } ], "closingAsk": "Vote the WHITE proxy card to elect Nelson Peltz to the P&G Board so a shareholder voice is added to the boardroom alongside the existing directors.", "extraction": { "at": "2026-04-22 16:43:02+00", "model": "unknown-legacy", "runId": null, "seconds": 196.07259, "promptVersion": null }, "scqaReward": "Trian's prior consumer engagements (Heinz, Mondelez, Wendy's, Sysco) outperformed the S&P 500 by +780bps EPS and +880bps TSR annually on average; replicating that playbook would close P&G's decade-long peer gap and re-rate the stock.", "thesisTypes": [ "governance_board", "operational_turnaround", "strategic_pivot" ], "top3Reasons": [ "P&G lost share in 5 of 5 segments in FY17 and trailed peer TSR over every 1-, 2-, 3-, 4-, 5- and 10-year window.", "Board paid management ~100% of target bonus and added a 'Transformation Factor' while EPS landed in the bottom quartile.", "Trian's prior consumer boards (Heinz, Mondelez, Wendy's, Sysco) outperformed the S&P 500 by +780bps EPS and +880bps TSR annually." ], "scqaSituation": "Procter & Gamble is a ~$65bn consumer-staples giant operating across beauty, grooming, health, fabric, home, baby, feminine and family care under a three-dimensional matrix of GBUs, Selling & Market Operations and corporate functions headquartered in Cincinnati.", "thesisSummary": "Procter & Gamble has lost share in 5 of 5 segments, posted bottom-quartile EPS growth and trailed peers on TSR over every measurement window from one to ten years, yet the long-tenured Board has paid management ~100% of target bonus and rejected Nelson Peltz's request for a seat without convening the full Board. Trian argues the suffocating three-dimensional matrix, two unmet productivity plans totaling $23bn, a broken innovation engine, neglect of small and local brands, and insular Cincinnati culture together explain the decade-long underperformance. The remedy is explicitly not a break-up, CEO change or director removal: it is one shareholder voice in the boardroom to push reorganization into three standalone GBUs, ensure the $12-$13bn productivity plan funds reinvestment, professionalize small-brand M&A, win in digital and tie compensation to peer-relative performance, replicating the Heinz, Mondelez, Wendy's and Sysco playbook.", "primaryDemands": [ "Elect Nelson Peltz to the existing P&G Board (vote the WHITE proxy card)", "Reorganize P&G into three standalone Global Business Units (Beauty/Grooming/Health $26bn; Fabric & Home Care $21bn; Baby/Feminine/Family Care $18bn) under a lean holding company", "Ensure the announced $12-$13bn productivity plan actually funds volume-generating reinvestment rather than near-term EPS", "Fix the innovation machine and make M&A in small/mid-size/local brands a core competency", "Address insular Cincinnati culture by bringing in external senior talent", "Improve corporate governance and tie long-term compensation to peer-relative performance" ], "scqaResolution": "Vote the WHITE proxy card to elect Nelson Peltz to the existing 11-person Board so he can push reorganization into three standalone GBUs, enforce the $12-$13bn productivity plan, fix innovation, embrace small-brand M&A and align compensation to peer-relative performance.", "thesisOneLiner": "P&G's long-tenured Board has rewarded a decade of market-share loss and bottom-quartile EPS growth; electing Nelson Peltz adds the shareholder voice needed to fix innovation, productivity, M&A and governance.", "precedentsCited": [ "Snapple turnaround (1997-2000)", "Heinz (Trian on Board 2006-2013, post-proxy contest)", "Cadbury", "Dr Pepper Snapple", "Wendy's (2005-today)", "Mondelez (2012-today)", "Sysco (2015-today)", "DuPont proxy contest (2015)" ], "scqaComplication": "P&G has lost market share in five of five segments, posted bottom-quartile EPS growth and trailed peer TSR for a decade, yet the long-tenured Board lowers targets, pays management full bonuses and even cut FY17 advertising by $125mm to flatter near-term earnings.", "narrativeInterest": 5, "notableSlidePages": [ 1, 4, 9, 11, 16, 85 ], "peerCompaniesCited": [ "Unilever", "Henkel", "Reckitt Benckiser", "L'Oreal", "Colgate-Palmolive", "Kimberly-Clark", "Clorox", "Church & Dwight", "Beiersdorf", "Edgewell Personal Care" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/2yAGxZUDxfe1LBZW2DpDGgvKTtTiZD-cff1E0snMaw0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82MWY5ZWQ3NmZlOGYvcDAwMS5wbmc", "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": 15, "componentCount": 5, "textChars": 134, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:05:13.784+00", "seconds": 2.824, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-5b8745c248b4/1", "deck": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.3, "x": 0.35, "y": 0.48 }, "kind": "callout", "text": "VOTE THE WHITE PROXY CARD", "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 21:05:13.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fe943f7-6c79-4983-a3a4-2e2839ba4aa4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.97 }, "kind": "disclaimer", "text": "© 2017 Trian Fund Management, L.P. 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"kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:16.658+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6014f305-2dd6-4f18-9899-7789428ea7de", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.06, "y": 0.15 }, "kind": "list", "text": "P&G once again lost market share in FY 2017 (5 out of 5 segments lost market share)\nEPS growth of 7% was in the bottom third of its peer group (peer average of 11%)\nAdjusted for the share count reductions from the Coty 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The fourth quarter we increased meaningfully our media investment versus previous year and we’re going to continue that in FY17” – Q4 ‘16 Earnings Call", "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 21:05:17.588+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e48a098-e24a-453b-a958-6bac5b98078a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.13, "y": 0.85 }, "kind": "quote", "text": "“We’ve stepped up digital [advertising]. Why? 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The fourth quarter we increased meaningfully our media investment versus previous year and we’re going to continue that in FY17” — Q4 '16 Earnings Call; “We’ve stepped up digital [advertising]. Why? 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Mr. Taylor's letter and methodology are highly misleading for the following reasons:", "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 21:05:16.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f953b285-ab66-451c-95cd-7f388b4515a1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Since the CEO transition on November 1, 2015, our team has delivered total shareholder return (“TSR”) of 27%...the weighted average return of the companies where Mr. Peltz serves as a Board member has been only 8%” — Letter From David Taylor to Shareholders, 8/14/17", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:09:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b79a-d3350be0caf3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Bloomberg. TSR calculated from date of Trian investment through the earlier of 6/15/2017...", "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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However, at Heinz and DuPont, management’s views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value", "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 23:09:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b79b-05456a31f0d9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.3, "y": 0.35 }, "kind": "image", "text": "Heinz, DuPont, P&G logos", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:17.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4403436-d8e5-497b-a372-8fbb9d949cb0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "paragraph", "text": "Trian has been involved in three proxy contests in its history: (i) Heinz in 2006; (ii) DuPont in 2015; and (iii) P&G in 2017. In all three, we heard substantially the same rhetoric from the companies and their advisors prior to the proxy contest.", "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 21:05:17.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "520725cd-eee6-428d-a760-b78e29f1cdb7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment.\" — Heinz, June 2006; \"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, Jan 2015; \"[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement.\" — David Taylor, August 1, 2017; \"I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director.\" — Bill Johnson, Heinz CEO, Mar 2008; \"I have the highest regard for Nelson Peltz and Ed Garden. 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At the same time, EPS growth has been flat, resulting in a payout ratio that is the highest in the industry. We are not suggesting that P&G cut its dividend. 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sales growth in fiscal '18? And does that really signal that the ultimate payoff from all these areas is unlikely to move P&G above that 2% to 3% range longer term? I guess, to put it simply, [is P&G] now a structurally lower top line growth company, more in that 2% to 3% range?", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:18.415+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f966f613-9888-4b43-ae9a-addef82626df", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Why do you only expect 2% to 3% organic sales growth in fiscal '18? And does that really signal that the ultimate payoff from all these areas is unlikely to move P&G above that 2% to 3% range longer term? I guess, to put it simply, [is P&G] now a structurally lower top line growth company, more in that 2% to 3% range? — Dara Mohsenian, Morgan Stanley Analyst, 7/27/2017", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:09:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b79c-022b30bb0c82", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.95, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Company filings, presentations, and investor calls. 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Organize in Way That Promotes Accountability\nb. Ensure Management’s $12-$13bn “Productivity Plan” Delivers Results\nc. Fix The Innovation Machine\nd. Develop Small, Mid-Size & Local Brands\ne. Make M&A a Growth Strategy and a Core Competency\nf. Win in Digital\ng. Address Insular Culture\nh. Improve Corporate Governance", "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 21:05:17.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bf7a288-c1a7-4cd2-984e-53dbb8204fb3", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "list", "text": "I. A Record of Underperformance\nII. Trian Strategic Initiatives: Regain Lost Market Share\nIII. 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America SMO\nMatthew Price - President of Greater China SMO\nMohamed Samir - President of India, Middle East, and Africa SMO\nMagesvaran Suranjan - President of Asia Pacific SMO", "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 21:05:20.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20dd4f02-1cf5-40f8-bc70-81ecdc22b0a9", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.87, "x": 0.08, "y": 0.16 }, "kind": "list", "text": "Selling & Market Operations (SMOs) sit outside the Global Business Units (GBUs), creating three dimensions to P&G's matrix structure - GBUs, SMOs and Corporate Functions / Global Business Services (GBS)\nCorporate Functions and GBS report to Corporate, not the GBUs; resources within those organizations often have dual-line reporting", "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 21:05:20.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "988bcd9f-43f7-438a-8bc5-b364bf1a6355", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.87, "x": 0.08, "y": 0.35 }, "kind": "list", "text": "GBU leaders are allocated significant costs from corporate, diminishing \"End-to-End\" accountability\nIf GBUs truly \"control\" the sales force as P&G suggests, which GBUs do the following executive officers named in P&G's 2017 Annual Report report to?", "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 21:05:20.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fa6b0f7-3c25-4f4b-a7fa-0793ecb3cd76", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.87, "x": 0.08, "y": 0.58 }, "kind": "list", "text": "If sales resources report \"hard-line\" into GBUs then why do SMO Presidents and SMOs themselves exist?\nIf they do not report into GBUs or there is \"dual-line\" reporting, then there is not \"End-to-End\" accountability\nGiven limited transparency and public disclosure on P&G's matrix structure, it is impossible to know what reality is from the outside (this is another reason why we are seeking a seat on the Board for Nelson Peltz)\nWhat we do know is that market share losses continue. Moreover, extensive due diligence and unsolicited feedback from recently retired P&G executives suggest changes are \"incremental\" at best:", "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 21:05:20.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2f630a7-2e3a-48ab-939a-44f08aa9ddb1", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.9, "x": 0.05, "y": 0.81 }, "kind": "quote", "text": "\"PG is working on how to fine tune the Modus Operandi to create 'more End to End' that in reality is still a highly matrixed operation with plenty of shared services and shared accountability. This leads to a very long time for decisions to be made as many people need to input... Several people at the General Manager level have confirmed to me that while there is a push for change it all feels in reality 'business as usual'\" - Recently Retired GBU President, July 2017", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:20.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ab35acc-2b70-454f-8852-3517d839fa1e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“PG is working on how to fine tune the Modus Operandi to create ‘more End to End’ that in reality is still a highly matrixed operation with plenty of shared services and shared accountability. This leads to a very long time for decisions to be made as many people need to input... 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full P&L ownership including sales, marketing, manufacturing, distribution & logistics, G&A (excl. shared services), etc. Oversight at GBU level that includes global brand management and R&D\nLean holding company (\"HoldCo\") corporate staff\nCEO oversees 3 GBU Presidents to ensure best-practices cross-GBU\nHoldCo controls public company functions and costs\nBack-office / shared services that are agreed to by GBU leaders", "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 21:05:19.448+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": 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"bbox": null, "kind": "metric", "text": "Operating Margins: 22.1%", "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 23:09:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b79c-76c09a8aad43", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings, annual and quarterly 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Achieve Top Third: $4.1bn", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:09:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b79c-c69e358749aa", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.52, "y": 0.4 }, "kind": "chart", "text": "International Operating Margins vs. Peers", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:19.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37a855f5-5f0b-4994-a927-125d862e7ccb", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.05, "y": 0.4 }, "kind": "chart", "text": "International Sales ($ in billions)", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:19.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66969059-08b9-42f6-8d7e-77635860ca2b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "disclaimer", "text": "Source: SEC filings. 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How may P&G's structure have impacted Gillette?", "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 21:05:21.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7769cfdb-4534-4e4a-b887-80fbbf7831dc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "market share: 1,250 bps", "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 23:09:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b79c-e6d6faf85416", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.06, "y": 0.11 }, "kind": "paragraph", "text": "In 2005, P&G acquired Gillette for $57bn but has lost 1,250 bps of share in the U.S. men's shave category in just 5 years", "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 21:05:21.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07cf737b-1c4e-44d7-a4a9-0a5c6350a475", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.06, "y": 0.97 }, "kind": "source-note", "text": "Source: Euromonitor International Limited 2017 ©, Wall Street research, Gillette website, investor call transcripts and discussions with former Gillette employees.", "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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'Frankly, Gillette should have taken out Dollar Shave [Club] in year one,' Dibadj says. 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Organize in Way That Promotes Accountability\nb. Ensure Management’s $12-$13bn “Productivity Plan” Delivers Results\nc. Fix The Innovation Machine\nd. Develop Small, Mid-Size & Local Brands\ne. Make M&A a Growth Strategy and a Core Competency\nf. Win in Digital\ng. Address Insular Culture\nh. 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These investments actually grow operating profit", "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 21:05:26.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6541781f-628f-45f9-a334-305e85cd82ad", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "list", "text": "With $12-$13bn of productivity identified, there is no reason, in our mind, that P&G should not be targeting: i. Sales growth at least as fast as the market ii. 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Targeting 2.8% organic sales growth vs. expected market growth of 3-4%. Targeting 6.0% EPS growth vs. peer average of 8.0% and best-in-class of 9-11%.", "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 21:05:26.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfa87e3f-43d2-403f-96ef-84600b29b625", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS growth: 6.0%", "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 23:09:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b79e-712a33961106", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings. 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Organize in Way That Promotes Accountability\nb. Ensure Management’s $12-$13bn “Productivity Plan” Delivers Results\nc. Fix The Innovation Machine\nd. Develop Small, Mid-Size & Local Brands\ne. Make M&A a Growth Strategy and a Core Competency\nf. Win in Digital\ng. Address Insular Culture\nh. Improve Corporate Governance", "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 21:05:22.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5e26fed-5d20-448a-a77d-89572d7ccd8d", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.55, "x": 0.07, "y": 0.13 }, "kind": "list", "text": "I. A Record of Underperformance\nII. Trian Strategic Initiatives: Regain Lost Market Share\nIII. Appendix: Trian Overview", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:22.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd980107-cabd-4911-9de2-354fc534a058", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Revitalize P&G – Together", "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 21:05:22.523+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9774919a-9ccb-4f6d-b6aa-a6ce0faa8604", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 64, "type": "setup", "title": "The slide highlights P&G's low M&A activity compared to competitors like Reckitt Benckiser and Henkel.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 459, "nDataPoints": 20, "notes": "The slide highlights P&G's low M&A activity compared to competitors like Reckitt Benckiser and Henkel.", "elementsJson": [ "headline_text", "bar_chart_horizontal", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:05:22.875+00", "seconds": 2.516, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-5b8745c248b4/64", "deck": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4#slide-64", "deckJson": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.45, "x": 0.05, "y": 0.00115 }, "kind": "chart", "text": "Cumulative M&A Spend Since YE 2011", "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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:22.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3ff051f-501b-491a-8eb1-422730fbb1ec", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "M&A spend as % of Enterprise Value: 0.2%", "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 23:09:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b79f-03d423ac5126", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: SEC filings and annual reports. 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"/slides/019dd923-622b-71dc-a6db-5b8745c248b4/65", "deck": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4#slide-65", "deckJson": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Unfortunately P&G's M&A track-record has historically been poor", "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 23:09:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b79f-7270eac50185", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "P&G should be well positioned to acquire small, mid-size & local brands and use its R&D and marketing clout to take those businesses to the next level. Unfortunately P&G's M&A track-record has historically been poor. 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Organize in Way That Promotes Accountability\nb. Ensure Management’s $12-$13bn “Productivity Plan” Delivers Results\nc. Fix The Innovation Machine\nd. Develop Small, Mid-Size & Local Brands\ne. Make M&A a Growth Strategy and a Core Competency\nf. Win in Digital\ng. Address Insular Culture\nh. Improve Corporate Governance", "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 21:05:23+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e2488b8-81f5-44e8-b3f9-82462929da02", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.5, "x": 0.06, "y": 0.13 }, "kind": "list", "text": "I. A Record of Underperformance\nII. Trian Strategic Initiatives: Regain Lost Market Share\nIII. 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It's not just that consumers go to Amazon, search for diapers and Pampers will likely be a result on 'Page 1'. The internet is making an infinite number of products and brands available at the click of a button, no longer requiring expensive retail shelf space. Importantly, the internet neutralizes the power of large brands by allowing consumers to conduct research on small, unknown brands by accessing reviews in one click. Through digital advertising and social media (see next page), many consumers know what they're looking for online and do not rely on online search results", "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 21:05:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50274fdf-a26c-46a5-81fb-c43e362fb733", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.44, "x": 0.06, "y": 0.73 }, "kind": "callout", "text": "Areas of Concern: Harry's and Dollar Shave Club require 'log-ins;' they have taken huge market share from Gillette driven by direct to consumer models and compelling prices. Subscription services are sprouting across P&G's categories. Big Data: Dollar Shave Club (now Unilever) and Amazon are aggregating data on P&G's consumers", "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 21:05:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "877d2437-ac71-4e85-8e9d-733daab444f4", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "P&G management's public tone seems uncomfortably dismissive of the long-term opportunity & threat.", "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 23:09:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0934-771a-b7a0-af7ccfbdfe26", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.06, "y": 0.1 }, "kind": "list", "text": "P&G does not appear to be prioritizing a clear strategy for the new digital ecosystem, beyond reliance primarily on third parties – e.g. Amazon, Alibaba, etc.\nIn our experience, big companies tend to focus on near-term challenges that are easily understood rather than disruptive challenges (and equally important, disruptive opportunities) that take years to materialize. The disruptive changes transform industries and change companies’ fortunes\nWe note that P&G’s online presence globally is bolstered by China mix where overall online penetration is high, but even in China P&G’s online share is still lower than offline\nP&G management’s public tone seems uncomfortably dismissive of the long-term opportunity & threat:", "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 21:05:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5e4cd0e-00e1-4aab-a194-d677ac232bb5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"As relates to [direct-to-consumer], this is an area I think it's important that we frame. first of all, direct to consumer sales in our product categories globally currently represents 0.3% of sales. I'm not saying that to indicate that it's not a potentially important tool for us. I believe it is... Again I do not want this to be taken the wrong way but I don't see a mass move.\" — P&G Conference Call, 10/25/16; \"And we've talked often about the endless shelf. If anything, online consumers look at less brands than more brands, walk a store and a big mass merchandiser and some big categories like Hair Care, you may say 30, 40, 50 brands. When you go to any one of the online opportunity sources, you'll probably look at Page 1, maybe Page 2. 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"arcBeats": [ { "from": 4, "to": 5, "label": "Problem Statement", "description": "Slides 4-5 introduce P&G's challenges and market share loss" }, { "from": 6, "to": 15, "label": "Expose Contradiction", "description": "Slides 6-15 highlight contradictions in P&G's claims and performance" }, { "from": 8, "to": 9, "label": "Propose Solution", "description": "Slides 8-9 introduce Trian's strategic initiatives" } ], "loops": [ { "from": 22, "to": 25, "label": "Pattern Hunter", "description": "Highlight P&G's underperformance in market share and organic sales growth" }, { "from": 28, "to": 30, "label": "Cost Of Inaction", "description": "Emphasize the consequences of not taking action to address P&G's performance issues" } ] }