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  "documentTitle": "The Procter & Gamble Company (PG)",
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  "authorName": "Nelson Peltz",
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  "notes": "This slide is part of an activist presentation (Trian Partners) critiquing P&G's management.",
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      "text": "Historically, we believe that P&G’s culture and structure have inhibited successful M&A",
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      "text": "Culture Makes it Difficult for Outsiders to Succeed: P&G lost key leaders from acquired companies. We believe P&G’s structure and culture have made it difficult for outsiders to succeed. David Taylor told Nelson that “We cannot bring in outside people at too senior a level or they will fail”.",
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      "text": "Big and Homogenized Mindset: Growth in the marketplace today is increasingly centered around new channels, new technologies, new kinds of brands – all outside of P&G’s “sweet spot”. Speed, agility and flexibility are critical to be successful in M&A",
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      "text": "Power Is Centralized: Centralized decision makers generally focus on large brands that “move the needle”. In our experience, acquisitions work best in decentralized companies with limited matrix.",
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      "text": "Given the growing importance of developing small, mid-size & local brands, P&G must make M&A a core competency – finding the right brands to buy and developing strong post-merger integration capability. Historically, we believe that P&G’s culture and structure have inhibited successful M&A",
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      "text": "“We cannot bring in outside people at too senior a level or they will fail” — David Taylor (to Nelson Peltz)",
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      "text": "Source: SEC filings, investor call transcripts, Wall Street research and Trian due diligence. (1) April 24, 2017 meeting.",
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      "kind": "title",
      "text": "...Which Will Require a Change in Culture",
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