{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-91fb14eb885a", "slug": "7fff9fc593d2", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "subtitle": "Trian Partners · 2015-04", "author": "Trian Partners", "date": "2015-04-17 00:00:00", "pageCount": 45, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "document": { "id": "019dd923-622b-71dc-a6db-91fb14eb885a", "slug": "7fff9fc593d2", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "rawTitle": "c81061 ex 1", "authorId": "06_Trian_Partners", "authorName": "Trian Partners", "authorDisplay": "Trian Partners", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "c81061_ex-1.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001345471&type=DFAN14A", "sourceDate": "2015-04-17 00:00:00", "presentationDate": "2015-04-17 00:00:00", "ingestedAt": "2026-04-22 16:57:29+00", "status": "ready", "pageCount": 45, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "metadata": { "local_root": "/tmp/legacy-images/7fff9fc593d2", "activist_firm": "Trian Fund Management", "origin_corpus": "contrarian", "extraction_seconds": 219.04108214378357 } }, "coverage": { "pageCount": 45, "pagesIndexed": 45, "pagesWithImages": 45, "pagesWithMetadata": 45, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 242, "chartCount": 21, "metricSlides": 0, "toolMatches": 14, "documentToolMatches": 6, "frameworkMatches": 26, "arcMatches": 1, "beatMatches": 3, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "b329520e-ae8a-4353-9d8d-c52aaa9527eb", "evidence": "The document follows a clear problem-agitate-solution arc, presenting DuPont's underperformance as a problem, agitating it by highlighting the CEO's contradictions and the company's failures, and offering a solution through Trian Partners' nominees and plans.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:27.987365+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 14, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 10, "name": "Problem", "beatId": "b21f68e1-6643-460e-93f2-2bfca34905c0", "matchId": "b329520e-ae8a-4353-9d8d-c52aaa9527eb", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The document identifies DuPont's underperformance as a problem, highlighting the company's track record and failures.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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Campaign-defining deck in the most-watched activist proxy fight of the year; Trian nominated Peltz, Myers, Winkleblack, Zatta (Ed Garden as alternate). Custom 'DuPont Can Be Great' branding and microsite. Stake figure (2.7%) taken from slide 36's Trian track-record table — deck does not restate it explicitly on a dedicated slide. Thesis is primarily governance + operational + cost-cutting rather than breakup — Trian is expressly 'open-minded' on portfolio separation (slide 29) even though it diagnoses conglomerate complexity. Strong use of CEO-quote-contradiction (slide 29 'Rhetoric vs Reality'), before/after framing (Coatings/Axalta, slide 21), and peer-gap charts (slides 12-13, 16-17). Trian lost the proxy vote on 13 May 2015; Kullman stepped down later that year and the Dow-DuPont merger followed in December 2015 — outcome context (not in document).", "kpisCited": [ { "detail": "DuPont -7% vs proxy-peer median ~18%; bottom quartile on 3-, 10- and 20-year windows", "metric": "EPS growth 2011-2014" }, { "detail": "DuPont trails peers in 5 of 7 segments (~64% of revenue) — e.g., Nutrition 16% vs peers 24%, Industrial Biosciences 21% vs Novozymes 35%", "metric": "EBITDA margin vs peers" }, { "detail": "DuPont trails peers in 5 of 7 segments (~71% of revenue); Performance Chemicals 1.3% vs peers 3.4%, Safety -0.2% vs 3M 3.2%", "metric": "Organic revenue growth vs peers" }, { "detail": "5.0% actual vs 8.4% WACC — 40% below cost of capital on 2/3 of the revenue base", "metric": "Return on Invested Capital (ex Ag & Pharma)" }, { "detail": "$2-4bn estimated burden; Coatings case implies 26-55% of incremental shareholder value", "metric": "Excess corporate costs" }, { "detail": "$568m (Axalta S-1) vs $339m (DuPont reported) — +68% under new ownership", "metric": "Axalta EBITDA vs DuPont Coatings (2011, same year)" }, { "detail": "54% of equity position (~$80m) sold, incl. 23% in the week after Trian's White Paper at a 15-year high of $72.83", "metric": "CEO stock sales since Trian invested" }, { "detail": "Nine different versions between $2.03 and $4.32 filed across 10-Ks, 8-Ks and DEFA14A from 2012-2015", "metric": "2011 EPS figures reported by DuPont" }, { "detail": "DuPont 55% vs S&P 500 144% vs S&P Chemicals 257%", "metric": "Unaffected 16-year TSR (5/98-9/14)" }, { "detail": "+506bps on Trian White Paper release (9/17/14), +499bps on Trian stake first reported (7/17/13)", "metric": "Top-day DuPont outperformance since 2009" }, { "detail": "9.9x blended NTM EV/EBITDA implying $120/share and 21% IRR to end-2017", "metric": "Target valuation multiple" }, { "detail": "Long-term incentive paid out 113% of target despite 25th-percentile TSR; 2014 individual rating 80-100% despite 0% corporate rating", "metric": "2013 compensation payout vs performance" } ], "closingAsk": "Vote for Trian's four nominees on the WHITE proxy card at the 2015 DuPont Annual Meeting to eliminate management's information advantage and unlock the remaining shareholder value.", "extraction": { "at": "2026-04-22 16:57:29+00", "model": "unknown-legacy", "runId": null, "seconds": 219.04108, "promptVersion": null }, "scqaReward": "Implied target of $120/share by year-end 2017, a 21% IRR, based on 9.9x NTM EV/EBITDA with peer-level margins, prudent leverage, 10% dividend CAGR and full excess-cost recovery.", "thesisTypes": [ "governance_board", "cost_cutting", "operational_turnaround", "management_change" ], "top3Reasons": [ "DuPont is bottom-quartile EPS growth vs peers over 3-, 10- and 20-year horizons", "Axalta's EBITDA jumped 68% post-spin in the same year — DuPont carries $2-4bn of excess corporate costs", "CEO Kullman sold 54% of her DuPont stock — she doesn't believe her own 'higher growth' strategy" ], "scqaSituation": "DuPont is a 212-year-old diversified chemicals and industrials conglomerate operating seven segments spanning agriculture, nutrition, performance materials, electronics, safety and industrial biosciences, with a ~$35bn revenue base.", "thesisSummary": "DuPont has delivered bottom-quartile EPS growth versus its peers over 3-, 10- and 20-year horizons, and the 16-year unaffected stock decline reveals that CEO Ellen Kullman's 'higher growth, higher value' strategy has failed despite >$34bn of divestitures. Trian argues the root cause is conglomerate complexity: five of seven segments trail peers on both organic growth and EBITDA margins, while $2-4bn of excess corporate costs burden the business — evidenced by Axalta (the former Coatings segment) generating 68% more EBITDA under private-equity owners in the same year. With the CEO having sold 54% of her stock and management reporting nine different 2011 EPS figures, Trian seeks four board seats led by Nelson Peltz to eliminate bloat, rationalize the portfolio, and restore accountability. 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Were DuPont’s independent directors aware of this? Trian’s nominees will seek to ensure that the board holds management accountable.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "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 23:16:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d8-75c0-8c7b-27fe74410ab7", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.52 }, "kind": "list", "text": "It took prodding from a research analyst during the Q&A for DuPont to admit that certain margin targets were lowered: “...Safety and Protection margin [targets] that you show are 21% to 23% which is what they were 18 months ago. 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