{
  "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": 86,
  "pageCount": 95,
  "prevPage": 85,
  "nextPage": 87,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses a numbered list to detail specific accounting and reporting inconsistencies.",
  "elementsJson": [
    "headline_text",
    "numbered_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-4e5c6908a228/86",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228#slide-86",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Management confused the research community when it revised long-term margin targets and simultaneously added back pension/OPEB expenses. During this process, management brought down long-term targets but never made that clear to stockholders",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3c7-5485b1e15827",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.06,
        "y": 0.79
      },
      "kind": "disclaimer",
      "text": "Source: Company Press Releases, SEC Filings, 2006 Data Book, Q3 2013 presentation. (1)-(7) detailed footnotes.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3dc5d1d-f249-481a-98b8-67f8d333596b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.9,
        "x": 0.06,
        "y": 0.13
      },
      "kind": "list",
      "text": "1. DuPont “shuffles the deck chairs” with operating segments\n2. DuPont “shuffles the deck chairs” with operating costs in the consolidated P&L\n3. Management stopped reporting new product cannibalization entirely in 2007\n4. DuPont lacks a consistent reporting methodology for M&A activity\n5. Management confused the research community when it revised long-term margin targets and simultaneously added back pension/OPEB expenses.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1d86407-4642-4137-a482-ea18947151a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.06,
        "y": 0.07
      },
      "kind": "title",
      "text": "Consistent Lack Of Transparency",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "024749f8-c8ff-4b79-bb36-5e905db1509f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "d22b1437-31f3-4adf-b17b-2b037a74995c",
      "evidence": "The slide systematically lists accounting inconsistencies to build a case against management transparency.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 95,
      "from": 60,
      "beatId": "17930cb1-5e44-4ce1-932b-8378590408cd",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The presentation outlines the potential impact of Trian's initiatives and the next steps for DuPont.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 90,
      "from": 80,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "87c49668-9446-49b6-baee-ded354812320",
      "evidence": "The presentation outlines potential quick wins and big bets for DuPont, including improving corporate governance.",
      "position": 3,
      "objective": "What are the potential quick wins and big bets for DuPont?",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.6,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}