{
  "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": 54,
  "pageCount": 94,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Uses a before-after framing to contrast current failure with proposed board-level oversight.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "numbered_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-5b8745c248b4/54",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4#slide-54",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "callout",
      "text": "Current Productivity Plan Not Driving Differentiated Results",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "245cadf5-1b8e-4c9c-998e-fe422f02d633",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "callout",
      "text": "With Nelson on the Board",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c66f9597-4505-42a8-8ad1-9b33b2961a41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Nelson will seek to ensure that P&G actually delivers on its $12-$13bn of productivity savings, and that these savings: i. Are reinvested into volume generating investments (marketing, pricing, promotion, R&D) ii. These investments actually grow operating profit",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b79e-6d2d394957d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.2,
        "x": 0.4,
        "y": 0.35
      },
      "kind": "diagram",
      "text": "Red arrow pointing down",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "301f1e32-6165-49f7-ad8b-c3252096939c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.52
      },
      "kind": "list",
      "text": "Nelson will seek to ensure that P&G actually delivers on its $12-$13bn of productivity savings, and that these savings: i. Are reinvested into volume generating investments (marketing, pricing, promotion, R&D) ii. These investments actually grow operating profit",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6541781f-628f-45f9-a334-305e85cd82ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "list",
      "text": "With $12-$13bn of productivity identified, there is no reason, in our mind, that P&G should not be targeting: i. Sales growth at least as fast as the market ii. Best-in-class EPS growth",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fd4ef8c-0e6f-441e-8118-7c0bd200fbf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "list",
      "text": "Despite $12-$13bn of claimed productivity, management is still targeting market share losses through 2019, and bottom-quartile EPS growth vs. peers. Targeting 2.8% organic sales growth vs. expected market growth of 3-4%. Targeting 6.0% EPS growth vs. peer average of 8.0% and best-in-class of 9-11%.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bfa87e3f-43d2-403f-96ef-84600b29b625",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EPS growth: 6.0%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b79e-712a33961106",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: SEC filings. (1) Expected market growth for P&G categories per P&G management (3-3.5% as of November 2016 Analyst Day near the time targets were set) and recent Wall Street research (~4%).",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed4d3800-6a4a-4010-9c7a-3f5a3e9bc0c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "As a Board Member, Nelson Will Seek to Ensure that Productivity Delivers Improved Operating Results",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1335d83e-a32f-440a-bebe-d8c43227743b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "eaef1d39-46f0-42c8-876c-5237df3cfbaf",
      "evidence": "Contrasts current state of productivity plan with proposed state under Nelson's board oversight.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}