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  "documentTitle": "The Procter & Gamble Company (PG)",
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  "authorName": "Nelson Peltz",
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  "notes": "The slide uses a comparison table to highlight the composition of two different productivity programs to support the claim of unrealistic targets.",
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      "text": "In Trian’s view, beginning a cost savings program with an unrealistic target based on future numbers and theoretical benchmarks diminishes the probability of achieving the desired result",
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      "text": "$23bn represents ~29% of 2017 gross sales, and ~33% of net sales (excluding trade spend from the savings) – in Trian’s view an unrealistic target",
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      "text": "Trian believes the $23bn number includes a combination of the following, obfuscating the target and result",
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      "text": "P&G has announced two major productivity programs, beginning in fiscal 2012 and running through 2021, for a total of up to $23bn in targeted savings. For context, net sales were only $65bn in 2017",
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      "text": "Source: P&G investor presentations. (1) P&G announced a goal to reduce costs by $10 billion dollars by 2016... in addition, P&G detailed an additional savings opportunity of up to $13 billion...",
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