{ "docId": "019dd923-622b-71dc-a6db-5b8745c248b4", "docSlug": "61f9ed76fe8f", "documentTitle": "The Procter & Gamble Company (PG)", "authorId": "06_Trian_Partners", "authorName": "Nelson Peltz", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2017-09-06 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 17, "pageCount": 94, "prevPage": 16, "nextPage": 18, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a 'before and after' framing to demonstrate that initial resistance from management turns into positive collaboration.", "elementsJson": [ "headline_text", "bullet_list", "logo_grid", "comparison_table" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-5b8745c248b4/17", "deckHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4", "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4#slide-17", "components": [ { "bbox": null, "kind": "callout", "text": "In all three, we heard substantially the same rhetoric from the companies and their advisors prior to the proxy contest. However, at Heinz and DuPont, management’s views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0934-771a-b79b-05456a31f0d9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.3, "y": 0.35 }, "kind": "image", "text": "Heinz, DuPont, P&G logos", "attrs": null, "subkind": "logo-grid", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b4403436-d8e5-497b-a372-8fbb9d949cb0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "paragraph", "text": "Trian has been involved in three proxy contests in its history: (i) Heinz in 2006; (ii) DuPont in 2015; and (iii) P&G in 2017. In all three, we heard substantially the same rhetoric from the companies and their advisors prior to the proxy contest.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "520725cd-eee6-428d-a760-b78e29f1cdb7", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment.\" — Heinz, June 2006; \"Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan\" — DuPont Press Release, Jan 2015; \"[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement.\" — David Taylor, August 1, 2017; \"I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director.\" — Bill Johnson, Heinz CEO, Mar 2008; \"I have the highest regard for Nelson Peltz and Ed Garden. Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us.\" — Ed Breen, DuPont CEO, July 2017", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0934-771a-b79b-09cc89a5bbf1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings and press releases.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1ada5973-4050-44be-85b0-31c6f11679d7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "table", "text": "Comparison table of quotes from Heinz, DuPont, and P&G leadership before and after Trian involvement.", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b6cd6185-2434-429e-a17c-593e6f2cc637", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Trian Has Developed Strong Relationships with Company Boards and Management Teams Following Prior Proxy Contests", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "56852e56-1596-48cb-ab53-167eb1829e54", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "97b19e4f-cd4e-4c39-9e39-cb5a4b2a8190", "evidence": "The slide includes a table comparing quotes from Heinz, DuPont, and P&G leadership before and after Trian involvement.", "confidence": 0.7 } ], "frameworks": [ { "name": "before-after-framing", "slug": null, "matchId": "d616a0ca-1528-49af-b446-44d7ec596564", "evidence": "The slide explicitly contrasts 'PRIOR to Vote' and 'AFTER Trian Involvement' to show a change in sentiment.", "confidence": 1 }, { "name": "expose_contradiction", "slug": null, "matchId": "db092f81-5210-4f23-b3ce-e7ddf39585d4", "evidence": "The slide highlights the contradiction between pre-contest rhetoric and post-contest praise.", "confidence": 0.95 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }