{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-8db9eda08bf8", "slug": "80938ee8f28c", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "subtitle": "Nelson Peltz · 2015-04", "author": "Nelson Peltz", "date": "2015-04-22 00:00:00", "pageCount": 88, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.2631578, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "document": { "id": "019dd923-622b-71dc-a6db-8db9eda08bf8", "slug": "80938ee8f28c", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "rawTitle": "c81201 ex2", "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": "c81201_ex2.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001345471&type=DFAN14A", "sourceDate": "2015-04-15 00:00:00", "presentationDate": "2015-04-22 00:00:00", "ingestedAt": "2026-04-22 16:56:58+00", "status": "ready", "pageCount": 88, "orientation": "landscape", "aspectRatio": 1.2631578, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "metadata": { "local_root": "/tmp/legacy-images/80938ee8f28c", "activist_firm": "Trian Fund Management", "origin_corpus": "contrarian", "extraction_seconds": 158.82032918930054 } }, "coverage": { "pageCount": 88, "pagesIndexed": 88, "pagesWithImages": 88, "pagesWithMetadata": 88, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 504, "chartCount": 35, "metricSlides": 0, "toolMatches": 21, "documentToolMatches": 6, "frameworkMatches": 44, "arcMatches": 1, "beatMatches": 5, "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": "e702b229-66c1-4e67-8a44-686f36fdc848", "evidence": "The deck frames DuPont's underperformance as a monster to be overcome, and Trian as the hero", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:22.932153+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 4, "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": 1, "name": "Hook", "beatId": "8322c4a8-d92d-40d9-8fb5-1619af7b8bbe", "matchId": "e702b229-66c1-4e67-8a44-686f36fdc848", "beatType": { "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. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "evidence": "The cover slide and introduction", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "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": "Complication", "beatId": "c6182c7d-251a-4039-b236-d1b4e6da34b3", "matchId": "e702b229-66c1-4e67-8a44-686f36fdc848", "beatType": { "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. Required for argumentative arcs." }, "evidence": "DuPont's track record of underperformance", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 30, "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": 21, "name": "Problem & Complication", "beatId": "4902bd43-8f6a-432e-9a98-ff330420aa55", "matchId": "e702b229-66c1-4e67-8a44-686f36fdc848", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Root cause of DuPont's underperformance", "position": 2, "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 40, "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": 31, "name": "Evidence", "beatId": "13a1f387-ee88-4cf8-b855-d82cdf094e47", "matchId": "e702b229-66c1-4e67-8a44-686f36fdc848", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Trian's credentials and successes", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 50, "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": 42, "name": "Climax", "beatId": "0626fdcf-9dc3-406f-a70b-73e1d0bb6bb1", "matchId": "e702b229-66c1-4e67-8a44-686f36fdc848", "beatType": { "name": "Climax", "slug": "mountain-climax", "status": "active", "canonId": "019dd9b8-1a2a-762e-b86f-73c710f9aa68", "version": 1, "description": null }, "evidence": "Trian's vision for DuPont's future", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "5a6c2ff7-636a-4d16-ad24-7656376c03f6", "evidence": "Exposing contradictions in DuPont's strategy and performance", "position": 0, "objective": "Reveal DuPont's underperformance", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:23.172405+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 30, "from": 21, "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": "05802e52-57d3-4841-85fb-eb2c5315a7a4", "evidence": "Excess corporate costs and poor governance", "position": 1, "objective": "Highlight the cost of inaction", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:23.213243+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 40, "from": 31, "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": "887efb29-3e2e-4ab9-b0cf-d5476ba98151", "evidence": "Trian's successes in other companies", "position": 2, "objective": "Showcase Trian's track record", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:23.253028+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": "441c6bd9-ab41-41d8-8f03-66b337875b05", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+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": "04daa44e-5642-4a33-9d81-945f428c0f58", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+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**. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "4749e848-9192-48b1-adf8-1f2a0638351e", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+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. 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Strong SCQA spine: opens with proxy advisor endorsement and GOLD card branding, builds through underperformance evidence (peer gap charts on multiple horizons), diagnoses root causes (conglomerate complexity, dilutive M&A, excess costs), then closes with governance reform and 'DuPont Can Be Great.' Page 24 (Axalta carve-out) is a standout 'before/after via comp' rhetorical device. Page 33 (Rhetoric vs Reality) is a clean two-column CEO-quote-contradiction format. Page 35 (nine versions of 2011 EPS) is a memorable accountability gotcha. Author attributed to Nelson Peltz as Trian CEO and lead nominee. Stake of 2.7% taken from page 41 TSR table. Outcome (filled later): Trian narrowly lost the May 2015 proxy vote but Kullman resigned in October 2015; the Dow-DuPont merger and subsequent three-way split followed in 2017 — effectively executing Trian's breakup thesis.", "kpisCited": [ { "detail": ">$120 per share by YE2017, implying a 21% IRR", "metric": "Target share price" }, { "detail": "DuPont -7%, vs peer median ~+18%; bottom-quartile across all peer groups", "metric": "EPS growth (2011-2014)" }, { "detail": "DuPont 30%, vs FMC 166%, EMN 156%, DHR 91%", "metric": "EPS growth (2007-2014, latest cycle)" }, { "detail": "DuPont 100%, dead last vs peers (DHR 1,745%, UTX 1,172%)", "metric": "EPS growth (20-year, 1994-2014)" }, { "detail": "Trian estimates $2-4bn of excess corporate costs annually", "metric": "Excess corporate costs" }, { "detail": "$229m higher in 2011 under Axalta vs DuPont (+68% same-year delta)", "metric": "Coatings/Axalta EBITDA" }, { "detail": "DuPont 55% vs S&P 500 144%, S&P Chem 257%", "metric": "Unaffected TSR (since Conoco split, 1998)" }, { "detail": "5.0% actual ROIC vs 8.4% WACC — 40% below cost of capital, ex-Ag/Pharma", "metric": "ROIC vs WACC" }, { "detail": "Ellen Kullman sold ~54% of stock (~$80m) since Trian invested; 23% in week after White Paper", "metric": "CEO insider selling" }, { "detail": "Nutrition & Industrial Biosciences EBIT margins down 33% since acquisition (15.2% PF -> 9.3%)", "metric": "Danisco profitability" }, { "detail": "Nine different EPS figures for 2011 reported by DuPont", "metric": "Versions of 2011 EPS reported" }, { "detail": "2014: 0% corporate performance payout vs 80-100% individual performance payout", "metric": "Compensation misalignment" }, { "detail": "-1% YoY; segment margins contracted ~100bps; operating EPS -15%", "metric": "Q1 2015 organic revenue growth" }, { "detail": "29% Q2-Q4 2015 EPS growth required just to hit lowered $4.00 guidance", "metric": "Implied core EPS growth needed" }, { "detail": "~$11.4bn including callable commitments as of 4/1/15", "metric": "Trian AUM" } ], "closingAsk": "Vote the GOLD proxy card to elect Trian's four nominees and unlock value at DuPont — DuPont Can Be Great.", "extraction": { "at": "2026-04-22 16:56:58+00", "model": "unknown-legacy", "runId": null, "seconds": 158.82033, "promptVersion": null }, "scqaReward": "Trian's Summary White Paper modeled an implied target value above $120 per share by year-end 2017 — a 21% internal rate of return for shareholders, with additional upside from $2-4bn of excess corporate costs.", "thesisTypes": [ "breakup_spinoff", "operational_turnaround", "governance_board", "management_change", "cost_cutting" ], "top3Reasons": [ "DuPont's EPS growth is bottom-quartile vs every peer group over 5, 10 and 20 years", "$2-4bn of excess corporate costs — Axalta proved DuPont was burdening Coatings with $229m of overhead", "Conglomerate complexity and dilutive M&A (Danisco margins down 33%) require board-level intervention" ], "scqaSituation": "DuPont is a 200-year-old diversified industrial and chemicals conglomerate with seven segments, ~$35bn in revenue, and a Chemours spinoff in flight; it has restructured continuously since 1998.", "thesisSummary": "DuPont has delivered bottom-quartile EPS growth versus every peer group over 5, 10 and 20 years, missed long-term targets repeatedly, and seen its unaffected stock price decline 11% over 16 years despite continual portfolio restructuring. Trian's diagnosis: DuPont is an over-complex conglomerate with $2-4bn of excess corporate costs (proven by the Axalta carve-out, where the same business added $229m of EBITDA under new owners), dilutive M&A like Danisco (margins down 33%), and uneconomic ROIC of 5.0% versus an 8.4% cost of capital on two-thirds of revenue. Electing four highly qualified nominees — Nelson Peltz, John Myers, Arthur Winkleblack, Robert Zatta — would close management's information advantage, end 'crony' compensation, fix Chemours' poor spin governance, and drive DuPont toward an implied $120+ share price by 2017, a 21% IRR.", "primaryDemands": [ "Elect Trian's four nominees (Nelson Peltz, John Myers, Arthur Winkleblack, Robert Zatta) to the DuPont board", "Assess corporate structure, including potential separation of the conglomerate portfolio", "Eliminate $2-4bn of excess corporate costs and ensure productivity savings flow through to the bottom line", "Reform capital allocation: cut value-destroying R&D, raise dividend, return more capital to shareholders", "Improve corporate governance, transparency of reporting, and alignment of executive compensation with performance", "Fix Chemours spinoff governance (staggered board, supermajority, anti-takeover provisions)" ], "scqaResolution": "Elect Trian's four nominees to the board to assess corporate structure (including separation), strip out $2-4bn of excess corporate costs, fix capital allocation, end 'crony' compensation, and rebuild governance — VOTE THE GOLD PROXY CARD.", "thesisOneLiner": "DuPont is a chronically underperforming conglomerate; electing Trian's four nominees forces structural review, cost cuts, and governance reform to unlock $120+/share by 2017 — a 21% IRR.", "precedentsCited": [ "Axalta / Coatings carve-out (DuPont sold Coatings in 2012; same business EBITDA grew 150% under new owners)", "Heinz transformation (Trian board engagement, 2006-2013)", "Snapple turnaround (Harvard Business School case study)", "Triangle Industries / American National Can (Peltz built Fortune 100 industrial)", "Family Dollar board defense and sale to Dollar Tree", "Ingersoll-Rand / Allegion spin", "Mondelez / Kraft, Time Inc / Time Warner, PayPal / eBay, Gannett (good-governance spin precedents)" ], "scqaComplication": "Despite endless 'higher growth, 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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 21:04:19.351+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1d143b1-fc4d-4edd-9bee-c3ed1ed86054", "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 Zekauskas, JP Morgan. “...You're right, Jeff. 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(since January 2014), The Madison Square Garden Company (since December 2014) and The Wendy's Company, where is he non-executive Chairman (since 2007)\nPreviously served as a director of Ingersoll-Rand plc (2012 to June 2014), H.J. Heinz Company (2006 until June 2013), Legg Mason, Inc. (2009 until December 2014) and National Propane Corporation (1996 to 1999), the managing financial partner of National Propane Partners, L.P., where he was Chairman of the Board\nFormer Chairman and Chief Executive Officer of Triarc Companies, Inc. from 1993 until 2007. 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Heinz Company from January 2002 until June 2013, when the company was sold to Berkshire Hathaway/3G Capital. Serves as a director for Church & Dwight Co., Inc. (since 2008) and RTI International Metals, Inc. (since December 2013) and Performance Food Group, a Blackstone Company (since February 2015). Formerly held senior finance positions at C. Dean Metropoulos & Co., the consumer products arm of Hicks, Muse, Tate and Furst, a private equity firm (1998 until 1999); Six Flags Entertainment Corporation (1996 until 1998); AlliedSignal, Inc. from 1994 until 1996; and PepsiCo, Inc. from 1982 until 1994. Value Proposition: Trian believes Mr. Winkleblack’s substantial executive experience, including almost 12 years of service as Executive Vice President and Chief Financial Officer of H.J. Heinz Company, provides him with knowledgeable perspectives on strategic planning, international operations, acquisitions and divestitures and cost and financial controls. 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(2) Compares 2011 EBITDA reported by DuPont, adjusted for allocated corporate, pension, and non-cash items to 2011 EBITDA reported by Axalta with certain adjustments for non-cash items and pension expense to make comparable with DuPont. (3) According to Axalta cash flow statement in the S-1, the “changes in operating assets and liabilities” provided a source of cash of $199.2m in 2013.", "attrs": { "numbered": true }, "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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