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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-04-21 00:00:00",
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  "notes": "Uses the 'put your money where your mouth is' rhetorical device to frame the CEO's actions as hypocritical.",
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      "kind": "callout",
      "text": "Ask yourself: If the CEO and Board members truly believed in their strategy wouldn’t they be buying stock?",
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      "kind": "disclaimer",
      "text": "Source: Capital IQ, Bloomberg and SEC Filings. (1) Information based on Form 4 filings... (2) Information based on DuPont Form 4 filings...",
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      "text": "The CEO sold ~54%(1) of her stock (~$80m)(2) after Trian first invested. 23%(1) of her equity position was sold in the week after the release of Trian’s Summary White Paper (September 2014), when the stock hit a new 15-year-high of $72.83.",
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      "text": "Despite rhetoric about a “higher growth, higher value strategy,” the CEO is not willing to “put her money where her mouth is”. Sold from long-term incentives and from stock options she had been granted, most of which did not expire until 2016 or 2017.",
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      "text": "We believe the reason management receives equity as part of compensation is to ensure their interests are aligned with the long-term interests of shareholders. The intention is not for management to sell prematurely.",
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      "text": "CEO stock sales: ~$80m",
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      "text": "Actions Speak Louder Than Words: The CEO Seems to Lack Confidence In DuPont’s Share Price",
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