{
  "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": 57,
  "pageCount": 94,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 22,
  "notes": "Includes a preemptive rebuttal box clarifying that Trian is not advocating for R&D cuts.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-5b8745c248b4/57",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-5b8745c248b4#slide-57",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.58,
        "x": 0.345,
        "y": 0.375
      },
      "kind": "callout",
      "text": "Trian is NOT advocating that P&G reduce R&D, but rather that the Company address the root-cause issues driving continued market share losses. At Heinz and Mondelez, R&D increased as a percentage of sales while Nelson Peltz was on the Board",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b346ad3-17e7-4c4d-bf47-438e598d8715",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Trian is NOT advocating that P&G reduce R&D, but rather that the Company address the root-cause issues driving continued market share losses.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b79e-94041d12c56a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.88,
        "x": 0.06,
        "y": 0.28
      },
      "kind": "chart",
      "text": "P&G R&D Expense vs. Peer Group – Last Fiscal Year End ($mm)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d056311-0637-4deb-a209-3ab612cfec2b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.06,
        "y": 0.11
      },
      "kind": "list",
      "text": "P&G spends $1.9bn on R&D per year, more than Henkel, Kimberly-Clark, Colgate-Palmolive, Beiersdorf, Reckitt Benckiser, Clorox, Church & Dwight and Edgewell combined. While there have been successes (e.g., Tide Pods in 2012), P&G has not driven consistent growth.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a568bd90-b2d7-46e7-9813-dc99ba9b2834",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "R&D Expense: $1,874",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b79e-9858781dbf56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.06,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: SEC filings and annual reports.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bedc1b6d-f420-4506-bbf2-cf96421b0b45",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.88,
        "x": 0.06,
        "y": 0.84
      },
      "kind": "table",
      "text": "Organic Growth CAGR: 2011-2017",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1818844-c222-4be7-8a56-2839daf10e3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.06,
        "y": 0.03
      },
      "kind": "title",
      "text": "Trian Strategic Initiative: Fix the Innovation Machine",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ecf67a7-06fa-4132-a63c-eda627ae6416",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "0d859e14-c572-4345-9b48-3d2fbd2b7aa0",
      "evidence": "The callout box explicitly addresses a potential counter-argument regarding R&D cuts.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}