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Structured as a one-page cover letter followed by an eight-page appendix titled 'Material Data Errors and Misrepresentations in P&G's Presentation' organized into two sections (I. Data Errors; II. Data Manipulation / Misrepresentations). Strong specimen of activist-counter-rebuttal rhetoric: tabulates 50+ specific errors, reproduces P&G's own chart with methodology teardown (simple vs market-cap weighted average), and uses a reproduced Irene Rosenfeld clarification to expose P&G's out-of-context quote. No named individual signatory — issued by Trian Partners as a firm. White Paper (filed Sept 6, 2017 at RevitalizePG.com) is the primary thesis document; this filing is tactical support fire.", "kpisCited": [ { "detail": "Sysco +36%, Mondelez +148%, Wendy's +341%, Heinz +117%, Ingersoll Rand +86%, Legg Mason +20%", "metric": "Trian TSR vs P&G TSR (all Peltz-board investments)" }, { "detail": "+490bps annually overall, +880bps annually on consumer investments with Peltz on board", "metric": "Trian median outperformance vs S&P 500" }, { "detail": "Declined from $4.02 to $3.92 since David Taylor became CEO", "metric": "P&G core EPS" }, { "detail": "5 of 7 percentage points came from buybacks, divestitures, and $125mm ad-spend cuts", "metric": "P&G FY17 EPS growth composition" }, { "detail": "+470bps from 2013-2016 (best-in-class vs peers)", "metric": "Mondelez EBIT margin improvement" }, { "detail": "+8.7% per year vs P&G -2.4% per year", "metric": "Mondelez EPS CAGR (since 2013)" }, { "detail": "Increased 440bps from 14.8% to 19.2% (FY06-FY12)", "metric": "Heinz ROIC under Peltz" }, { "detail": "3.9% post-Peltz vs 3.1% prior; 32 consecutive quarters of organic growth", "metric": "Heinz organic sales growth under Peltz" }, { "detail": "Increased 96%, contradicting P&G's claim of 'no major increase'", "metric": "Heinz advertising spend under Peltz" }, { "detail": "9 of 10 directors have underperformed peers — e.g. Scott Cook -346%, Zedillo -281%, McNerney -303%", "metric": "P&G TSR under long-tenured independent directors" }, { "detail": "7 years and growing (vs P&G's selectively calculated 0.8-year median)", "metric": "Trian holding period on Peltz-board companies" }, { "detail": "Outperformed McDonald's and Burger King by 280bps since 2011 in North America", "metric": "Wendy's same-store sales vs peers" } ], "closingAsk": "Shareholders must hold the Company accountable by voting the WHITE proxy card on October 10 and electing Nelson Peltz to the Board.", "extraction": { "at": "2026-04-22 16:58:38+00", "model": "unknown-legacy", "runId": null, "seconds": 99.924934, "promptVersion": null }, "scqaReward": "Every Trian investment with Peltz on the board has outperformed P&G by 20-341 percentage points; closing that governance gap positions P&G to regain lost share and restore best-in-class returns.", "thesisTypes": [ "governance_board", "operational_turnaround" ], "top3Reasons": [ "Trian identified 50+ material data errors and misrepresentations in P&G's September 19 presentation", "Every Trian investment with Peltz on the board has outperformed P&G over Trian's holding period", "5 of P&G's 7% EPS growth came from buybacks, divestitures and $125mm ad-spend cuts — not real performance" ], "scqaSituation": "P&G is a consumer-staples giant that has been losing market share in every reportable segment under CEO David Taylor while delivering bottom-quartile shareholder returns relative to peers.", "thesisSummary": "This DFAN14A filing rebuts P&G's September 19, 2017 presentation by cataloguing more than 50 data errors and methodological manipulations used to discredit Nelson Peltz's track record. Trian shows that every company where Peltz served as a director — Sysco, Mondelez, Wendy's, Heinz, Ingersoll Rand, Legg Mason — outperformed P&G by 20-341 percentage points over Trian's holding period, and that P&G miscalculated Mondelez, DuPont, Ingersoll Rand, State Street, Tiffany and Wendy's returns to understate outperformance. The filing argues P&G used inconsistent simple-vs-market-cap-weighted averages, arbitrary time frames favoring David Taylor's tenure, and a misquoted Irene Rosenfeld statement. Trian reiterates its request for one of twelve board seats and urges shareholders to vote the WHITE proxy card on October 10.", "primaryDemands": [ "Elect Nelson Peltz to one of 12 seats on P&G's Board of Directors", "Vote the WHITE proxy card at the October 10, 2017 annual meeting", "Hold management accountable for ongoing market share losses and bottom-quartile shareholder returns", "Adopt the eight strategic initiatives detailed in Trian's White Paper" ], "scqaResolution": "Correct the record, add Nelson Peltz to one of twelve board seats — not replace David Taylor — and adopt the eight strategic initiatives in Trian's White Paper; shareholders should vote the WHITE proxy card.", "thesisOneLiner": "P&G's rebuttal deck is riddled with 50+ data errors designed to discredit Peltz; the real issue is ongoing market-share losses and bottom-quartile TSR that only a board seat can fix.", "precedentsCited": [ "Sysco (Peltz director, +36% TSR vs PG)", "Mondelez (Peltz director, +148% TSR vs PG)", "Wendy's (Peltz chairman since 2008, +341% TSR vs PG)", "Heinz (Peltz director 2006-2013, +117% TSR vs PG)", "Ingersoll Rand (Peltz director, +86% TSR vs PG)", "Legg Mason (Peltz director, +20% TSR vs PG)", "DuPont / Chemours spin", "Ingersoll Rand / Allegion spin", "Kraft-Heinz transaction" ], "scqaComplication": "Rather than engage on performance, P&G's September 19 deck used 50+ data errors, inconsistent methodologies and an out-of-context Rosenfeld quote to discredit Peltz's 12-year track record of value creation at Trian portfolio companies.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 4, 7 ], "peerCompaniesCited": [ "Sysco", "Mondelez", "Wendy's", "Heinz", "Ingersoll Rand", "Legg Mason", "DuPont", "State Street", "Tiffany & Co.", "PepsiCo", "Lazard", "Family Dollar", "Dr Pepper Snapple", "Cadbury", "Chemtura", "Hershey", "Nestle", "Colgate-Palmolive", "Kimberly-Clark", "L'Oreal", "Reckitt Benckiser", "Unilever", "Church & Dwight", "Clorox", "Edgewell Personal Care", "McDonald's", "Burger King" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide uses a red box to highlight the performance delta between Trian investments and P&G.", "function": "expose_contradiction", "imagePath": "https://imgproxy.kitesheet.com/Lu8s6PdDqrC570ZryW2Qbq7ZhMNABzHKFjQK94DeiPg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83ZDkwNTM4NzJkMzAvcDAwMS5wbmc", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 871, "nDataPoints": 30, "notes": "The slide uses a red box to highlight the performance delta between Trian investments and P&G.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:46.404+00", "seconds": 2.51, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-9c607a13b597/1", "deck": "/decks/019dd923-622b-71dc-a6db-9c607a13b597", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-9c607a13b597#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6db-9c607a13b597.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The reality is, Nelson Peltz's track record speaks for itself - 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