{
  "docId": "019dd923-622b-71dc-a6db-4e5c6908a228",
  "docSlug": "e685a047c782",
  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-02-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 41,
  "pageCount": 95,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses a bar chart to highlight a specific period of underperformance to challenge management's narrative.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-4e5c6908a228/41",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228#slide-41",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.75
      },
      "kind": "callout",
      "text": "Trian finds it inconsistent for management to take credit for the sharp snapback after the Great Recession while not also accounting for DuPont’s performance into the trough",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "091684c8-1b2e-4b91-8a04-0ffbfb906ba6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Trian finds it inconsistent for management to take credit for the sharp snapback after the Great Recession while not also accounting for DuPont's performance into the trough",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3c2-c9fcd649eb07",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.72,
        "x": 0.14,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Total Shareholder Return: 06/30/08-12/31/08. Proxy Peer Average -28%, S&P 500 -28%, DuPont -40%. ~ -1,100bps of underperformance.",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ea22337-768e-496a-bff6-7ba46423b414",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.88,
        "x": 0.06,
        "y": 0.14
      },
      "kind": "list",
      "text": "DuPont uses the beginning of management’s tenure to assess total shareholder return (TSR) performance. Ellen Kullman became CEO on January 1, 2009, at the trough of the financial market collapse. Going into the recession (i.e., in 2008), DuPont’s total shareholder return underperformed both its proxy peers and the S&P 500 by ~1,100 basis points(1)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "95f93520-9e37-42d4-8b15-91520bf71114",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return: -1,100bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3c2-ce273a1c8169",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.09,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "(1) Source: Bloomberg from 06/30/08-12/31/08",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10af2e13-dcce-4e3c-ae66-1d34e842dc80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.06,
        "y": 0.03
      },
      "kind": "title",
      "text": "While Subjective, Trian Believes DuPont Should Take 2008 Into Account",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59885348-4c28-438f-8e98-ba76996e1b47",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "f0b6ecbe-776b-4acf-9277-3698897a91b2",
      "evidence": "Contrasts management's selective performance reporting with a specific period of underperformance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}