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  "docSlug": "f306ccfd77a7",
  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2013-07-01 00:00:00",
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  "pageNumber": 26,
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  "notes": "The slide uses a clear problem-solution structure, identifying structural underperformance as the catalyst for the proposed separation.",
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      "text": "Structural problems require structural solutions: we believe superior shareholder value can be attained at PepsiCo by separating into standalone snacks and beverages companies",
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      "text": "Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance or guarantee that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security.",
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      "text": "Structural problems require structural solutions: we believe superior shareholder value can be attained at PepsiCo by separating into standalone snacks and beverages companies",
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      "text": "Trian has recommended to PepsiCo that it pursue one of two strategic alternatives, each of which entails a separation of beverages:",
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      "text": "Trian believes the challenges facing PepsiCo are structural in nature, rendering the company increasingly unmanageable as evidenced by the long record of underperformance",
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      "text": "The Time Is Right: Separate Snacks / Beverages",
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