{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-96363f3635d5", "slug": "96abbaf09d0b", "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": "portrait", "aspectRatio": 0.77272725, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "document": { "id": "019dd923-622b-71dc-a6db-96363f3635d5", "slug": "96abbaf09d0b", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "rawTitle": "c81085 ex1", "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": "c81085_ex1.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001345471&type=DFAN14A", "sourceDate": "2015-04-21 00:00:00", "presentationDate": "2015-04-21 00:00:00", "ingestedAt": "2026-04-22 16:57:35+00", "status": "ready", "pageCount": 87, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "metadata": { "local_root": "/tmp/legacy-images/96abbaf09d0b", "activist_firm": "Trian Fund Management", "origin_corpus": "contrarian", "extraction_seconds": 219.06292724609375 } }, "coverage": { "pageCount": 87, "pagesIndexed": 87, "pagesWithImages": 87, "pagesWithMetadata": 87, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 496, "chartCount": 35, "metricSlides": 0, "toolMatches": 17, "documentToolMatches": 6, "frameworkMatches": 48, "arcMatches": 1, "beatMatches": 3, "loopMatches": 3, "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": "971260f6-263a-44db-918b-04d209b01f31", "evidence": "The deck follows a clear problem-agitate-solution structure, highlighting DuPont's issues, the need for change, and Trian's proposed solution.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:27.480545+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 5, "name": "Problem", "beatId": "815c4657-dacb-4824-9e3d-5f34a6a8a191", "matchId": "971260f6-263a-44db-918b-04d209b01f31", "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 deck identifies DuPont's underperformance and various issues, such as lack of growth and poor governance.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 37, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 21, "name": "Agitate", "beatId": "0a8a3a82-fba6-4f03-a8cb-8990128795d2", "matchId": "971260f6-263a-44db-918b-04d209b01f31", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck highlights the consequences of DuPont's underperformance and poor governance, including lack of transparency and value destruction.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "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": "9bde39d3-2792-47e1-b94e-1ea5ed3b8bf2", "evidence": "The deck uses various slides to expose contradictions and highlight DuPont's underperformance.", "position": 0, "objective": "Reveal the underlying issues at DuPont", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:27.637923+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 37, "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": "3b4504be-7163-472d-958e-55a976db9700", "evidence": "The deck emphasizes the negative consequences of DuPont's underperformance and poor governance.", "position": 1, "objective": "Highlight the consequences of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:27.679408+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 80, "from": 38, "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": "2207c661-0976-476c-9b93-e7e651f448dd", "evidence": "The deck presents Trian's nominees and strategy as a solution with a track record of success.", "position": 2, "objective": "Present Trian's solution as a quick win and big bet", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:27.723842+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": "2ec17fc5-4408-4668-9273-17025358a111", "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": "cfd4975d-9458-4f78-b5fc-408c55beeae6", "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": "e3b0e261-0542-4ae0-9129-02227c05bc9b", "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. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "3008d267-6949-41a1-beaa-9dbfded53272", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "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 forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "56be8cee-f332-44ae-87ae-202920c92f0e", "evidence": "Ellen Kullman (CEO) and Alexander Cutler (Lead Director) — DuPont board accused of 'crony' compensation and tolerating chronic underperformance", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "4d1cce48-5183-4923-aa1f-81e23708b441", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "b9bb6b89-3267-4a40-a0e9-4a9c03dff1aa", "evidence": "The slide is clearly a cover slide, with a title and logo.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:52:32.773895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "64717ded-0ced-4881-97e3-9ec4f12ed672", "evidence": "The slide is a section divider, with a clear title and no other content.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:52:32.92471+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? 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"review": null, "activistThesis": { "tone": "mixed", "notes": "April 21, 2015 proxy-fight 'Discussion Points' deck — every page footer carries the 'VOTE THE GOLD PROXY CARD' badge. Closing branded slide is page 40 ('DuPont Can Be Great'); the deck then continues 41-87 with appendices (director credentials, stock-price attribution, third-party perspectives, excess-cost methodology). Stake of 2.7% inferred from Appendix C activity table (page 39, 'Highest % of Total Company Owned by Trian'); not stated as a current SEC-filed beneficial ownership %. Outcome (filled later): Trian narrowly lost the May 2015 proxy vote but Kullman resigned in October 2015 and DowDuPont merger followed in 2017 — campaign widely seen as a partial/delayed win. Notable rhetorical devices: 'Rhetoric vs Reality' two-column page (31), 'Saga of DuPont's 2011 EPS' showing 9 different figures (33), and the 0% vs 80-100% bonus juxtaposition (26).", "kpisCited": [ { "detail": "-7%, bottom quartile vs proxy peers (median ~20%) and chemicals/industrials peers (median ~24%)", "metric": "DuPont EPS growth 2011-2014" }, { "detail": "Lag peers in 5 of 7 segments (~64% of revenues): e.g. Nutrition 16% vs 24% peers; Industrial Biosciences 21% vs 35% Novozymes", "metric": "Segment EBITDA margins vs peers" }, { "detail": "5.0% actual vs 8.4% WACC — 40% below cost of capital on ~2/3 of revenue base", "metric": "ROIC ex Agriculture & Pharma" }, { "detail": "$2-4bn estimated by Trian via Coatings/Axalta extrapolation; even DuPont's own methodology implies $1.7bn", "metric": "Excess corporate costs" }, { "detail": "$339m as reported by DuPont (2011) vs $568m as reported by Axalta S-1 (+68%)", "metric": "Coatings EBITDA: same business, same year" }, { "detail": ">$120/share by year-end 2017 — 21% IRR — at 9.9x blended NTM EV/EBITDA", "metric": "Implied target value" }, { "detail": "113% of target despite TSR in 25th percentile of peers", "metric": "Long-term incentive plan payout 2013" }, { "detail": "0% corporate-performance factor BUT 80-100% individual-performance factor", "metric": "2014 short-term comp" }, { "detail": "Sold ~54% (~$80m) of her stock since Trian first invested; 23% in the week after Trian's White Paper", "metric": "CEO Kullman stock sales" }, { "detail": "Nine — ranging from $2.03 to $4.32 across filings since 2012", "metric": "Different '2011 EPS' figures DuPont has reported" }, { "detail": "0% revenue CAGR; 2.5% adj. PTOI CAGR (and flat ex-ethylene-spread tailwind)", "metric": "Sales CAGR 'New DuPont' (ex-PChem) 2007-2014" }, { "detail": "12% vs 66% for proxy peers", "metric": "Dividend growth under current management" } ], "closingAsk": "Vote the GOLD proxy card to elect Trian's four highly qualified nominees — Peltz, Myers, Winkleblack and Zatta — to the DuPont board.", "extraction": { "at": "2026-04-22 16:57:35+00", "model": "unknown-legacy", "runId": null, "seconds": 219.06293, "promptVersion": null }, "scqaReward": "Trian's Summary White Paper implies a target value in excess of $120 per share by year-end 2017 — a 21% IRR — with additional upside if the $2-4bn of excess corporate costs is eliminated.", "thesisTypes": [ "operational_turnaround", "cost_cutting", "governance_board", "breakup_spinoff", "management_change" ], "top3Reasons": [ "DuPont's EPS growth has been bottom-quartile vs every peer group (-7% 2011-14 vs ~30% peer median)", "Coatings/Axalta proves $2-4bn of excess corporate costs — same business, +68% EBITDA under PE owners", "Board rewards management for missing targets: 0% corporate-performance score, but 80-100% individual-performance payouts" ], "scqaSituation": "DuPont is a $60bn seven-segment chemicals and agriculture conglomerate with 70,000 employees, led by CEO Ellen Kullman since 2009 and reliant on long-term targets of 7% revenue and 12% EPS growth.", "thesisSummary": "Trian Partners argues that DuPont — a seven-segment chemicals/agriculture conglomerate run by CEO Ellen Kullman since 2009 — has been bottom-quartile on EPS growth since 2011 (-7% vs ~30% peer median), with EBITDA margins lagging peers in 5 of 7 segments and ROIC 40% below cost of capital across two-thirds of the revenue base. The Coatings/Axalta case study, where private-equity owners grew EBITDA 150% after DuPont sold the unit for cash, exposes $2-4bn of excess corporate costs burdening the remaining businesses. Compounding this: a board that paid management 80-100% on 'individual performance' the same year it assigned a 0% 'corporate performance' score, and a Chemours spin loaded with anti-takeover entrenchment. 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null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:51.015+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "014af9f0-e3d1-4870-96e8-8e31379e0885", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.27 }, "kind": "list", "text": "Trian is skeptical given Agriculture's weakness (e.g. operating earnings down 21% in Q1) and historically weak growth in the remaining businesses (declined by 26% from 2011-14(1))", "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 }, 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23:25:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be5f-dd9691daeaec", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.78 }, "kind": "source-note", "text": "Source: Company SEC Filings and Trian Estimates. (1)-(9) Footnotes regarding data methodology.", "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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Required for argumentative arcs." }, "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 }, "matchId": "9bde39d3-2792-47e1-b94e-1ea5ed3b8bf2", "evidence": "The deck uses various slides to expose contradictions and highlight DuPont's underperformance.", "position": 0, "objective": "Reveal the underlying issues at DuPont", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:27.637923+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "setup", "title": "Uses red boxes to highlight DuPont (DD) and green boxes to highlight Trian portfolio companies (IR).", "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": 435, "nDataPoints": 32, "notes": "Uses red boxes to highlight DuPont (DD) and green boxes to highlight Trian portfolio companies (IR).", "elementsJson": [ "headline_text", "bar_chart_vertical", "bar_chart_vertical", "footnote" ], "confidence": 1, 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"description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:50.524+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b29be0a8-7be1-4823-a49a-4955bea525d1", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.19 }, "kind": "chart", "text": "DuPont EPS Growth vs. DuPont Proxy Peers (2011 – 2014)", "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 21:03:50.524+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2b8250d-bfed-4eae-87b5-c589d0f3755d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS Growth: -7%", "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 23:25:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, 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At the time, Coatings generated $339m of EBITDA. Today, that same business, renamed Axalta, generates $851m of EBITDA, an improvement of >150%. In 2014, the new owners filed a Form S-1 to take Axalta public. 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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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\"General Electric deserves to stand as a model of the defined benefit system. Other corporations, as well as public retirement systems ought to examine it for valuable insight in managing their own defined benefit plans\" — Pensions & Investments (1/20/11)", "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 23:25:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be64-a151ecfd380e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.075, "y": 0.875 }, "kind": "source-note", "text": "Source: \"GE Asset Management Leverages its Heritage\"; 4/1/2004, the Business of Running Money, Volume 1, Number 7; GE Boosts Active Management, 3/23/1998, Pension & Investments; \"GE Asset Management's Sweet Spot\", March 2002, Money Management; \"GE Whiz\", December 2003, Institutional Investor (1) \"John Myers, GE Investments\", 5/23/1997, PlanSponsor Magazine and \"Myers Out, Pressman in at GE Asset\", 5/29/2006, Pension & Investments", "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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DuPont's share price declined by $10 cumulatively... Share price has declined in response to 7 of the last 9 Earnings Events...", "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 21:04:01.15+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0dd0c92-3c10-4ede-8f09-b2afae98ddb6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "cumulative share price change: -$10", "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 23:25:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be64-5d3269dcb9ff", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.38, "x": 0.52, "y": 0.25 }, "kind": "paragraph", "text": "DuPont M&A / Portfolio Developments Since 2009 (8 Major Portfolio Announcements)", "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 21:04:01.15+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c15aa107-4be2-4f30-85ea-49162a583e73", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.38, "x": 0.1, "y": 0.25 }, "kind": "paragraph", "text": "DuPont Operational Execution Since 2009 (31 Earnings Events in Total)", "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 21:04:01.15+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f42929dd-2f62-4d6c-8511-3accf0275775", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.07, "y": 0.9 }, "kind": "source-note", "text": "Sources: Capital IQ, Bloomberg, Company SEC Filings, and DuPont website news and press releases.", "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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Strengthened senior management: Replaced 12 of top 17 executives, including CEO and CFO\n2. Created a results-driven culture, focused on profitable growth: Replaced 69 of top 140 managers\n3. Accelerated organic net sales growth\n4. Expanded EBITDA margins: From 8% in 2011 to 20% in 2014\n5. Invested in European manufacturing to reposition the region for growth (expects $100m of incremental EBITDA in 2017)\n6. Generated nearly $200m of working capital funds immediately by creating third party credit terms and improving inventory position", "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 21:04:00.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d2f663b-9f96-489b-b76e-9fd1632be474", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA margin: 20%", "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 23:25:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be65-fb80b0b40e9e", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.804, "x": 0.098, "y": 0.185 }, "kind": "paragraph", "text": "According to the August 2014 Axalta S-1 filing and research reports, the private equity firms that acquired DuPont's Coatings business made the following strategic and operational improvements:", "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 21:04:00.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d530483e-f50a-4fe2-92a9-3bded1f9a2df", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.804, "x": 0.098, "y": 0.815 }, "kind": "source-note", "text": "Source: Axalta Form S-1 filed on 8/20/14, Trian estimates SEC Filings, Robert W Baird report 1/12/14, Bank of America report 12/22/14, Citi report 12/22/14. (1) (2) (3) detailed notes.", "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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