{ "docId": "019dd923-622b-71dc-a6db-615d7f9553a7", "docSlug": "90d63e982928", "documentTitle": "PPG Industries, Inc. (PPG)", "authorId": "06_Trian_Partners", "authorName": "Trian Partners", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2018-10-11 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 18, "pageCount": 42, "prevPage": 17, "nextPage": 19, "slideType": "quote_slide", "function": "cite_precedent", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a torn-paper visual effect to frame the quote.", "elementsJson": [ "headline_text", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-615d7f9553a7/18", "deckHref": "/decks/019dd923-622b-71dc-a6db-615d7f9553a7", "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-615d7f9553a7.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-615d7f9553a7#slide-18", "components": [ { "bbox": null, "kind": "callout", "text": "Reengagement with Akzo, coincident with a popular change in leadership might be very positive for PPG, but for now we remain negative.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-1ac3-70f9-8554-e0bb07371b29", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.47, "y": 0.66 }, "kind": "paragraph", "text": "- Graham Copley-SSR, 5/13/18", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "22edcedc-5d21-4c1d-a709-f49db69d343f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.65, "w": 0.86, "x": 0.07, "y": 0.13 }, "kind": "quote", "text": "We are concerned that the accounting errors were either a function of pressure from the top, or a lack of oversight. If that is the case, and the audit committee does not do its job properly we end up with a company with weak leadership, likely to continue with poor or overly optimistic judgement. If, on the other hand, there is more to come and we see a change in leadership at PPG it could be a good thing, depending on who fills the role. It is no secret that PPG/Akzo deal broke down because of a dramatic clash of character between the Chairman of Akzo and the CEO of PPG – both sides blame each other. With the right change at PPG and with the Chairman of Akzo now gone, the deal (which makes a lot of strategic sense for both) may come back on the table. The issue would be finding a credible successor for Mr. McGarry...Reengagement with Akzo, coincident with a popular change in leadership might be very positive for PPG, but for now we remain negative.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "591f921e-2da9-4abc-b074-0ddb8ea507e5", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"We are concerned that the accounting errors were either a function of pressure from the top, or a lack of oversight. If that is the case, and the audit committee does not do its job properly we end up with a company with weak leadership, likely to continue with poor or overly optimistic judgement. If, on the other hand, there is more to come and we see a change in leadership at PPG it could be a good thing, depending on who fills the role. It is no secret that PPG/Akzo deal broke down because of a dramatic clash of character between the Chairman of Akzo and the CEO of PPG – both sides blame each other. With the right change at PPG and with the Chairman of Akzo now gone, the deal (which makes a lot of strategic sense for both) may come back on the table. The issue would be finding a credible successor for Mr. McGarry...Reengagement with Akzo, coincident with a popular change in leadership might be very positive for PPG, but for now we remain negative.\" — Graham Copley-SSR, 5/13/18", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-1ac3-70f9-8554-e4464b6d58c0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.97 }, "kind": "source-note", "text": "Source: SSR Research.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "548807c3-227c-45fe-9816-99699de97cad", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Trian Believes the Investment Community Would Welcome a Change of Leadership", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2fbbd325-9a4a-492c-8b55-6c24f1679513", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "205c04b0-e98c-433b-8f4b-27bb4d1e861e", "evidence": "Using an external analyst quote to validate the activist's thesis.", "confidence": 0.9 } ], "arcBeats": [ { "to": 35, "from": 16, "beatId": "a98a2458-8dcd-4d8c-b3d1-320ff4a76b66", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The document proposes a solution to unlock value for shareholders, including separating into two pure-play companies and improving focus and accountability.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }