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  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2017-09-06 00:00:00",
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  "notes": "Uses a 'three reasons' structure to build a case against management's track record.",
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      "text": "As a Board member, Nelson will seek to ensure that management actually delivers on its $12-$13bn “productivity” commitment. Specifically, as a Director Nelson will work to ensure that 1) $12-$13bn of unproductive spending... is largely re-directed towards volume generating investments and 2) that those investments actually grow operating profit: 1) Marketing 2) Pricing 3) Promotion 4) R&D",
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      "text": "As a Board member, Nelson will seek to ensure that management actually delivers on its $12-$13bn “productivity” commitment.",
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      "text": "Management's latest productivity plan targets $12-$13 billon of gross cost reduction through 2021. Trian believes that management lacks credibility for three reasons:",
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      "text": "1) Management has announced two major “productivity plans” since 2012 which total $23bn. 2) The first $10bn productivity plan from 2012 never showed up on the income statement. 3) Once again, management is making bold claims but not willing to provide an explicit commitment.",
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      "text": "(1) Source: Investor call transcripts. Assumes P&G will generate 30-40% incremental margins on volume growth",
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      "kind": "title",
      "text": "Regain Lost Market Share By Ensuring P&G’s “Productivity Plan” Actually Delivers Volume Generating Investments",
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