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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Nelson Peltz",
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  "notes": "Uses a before-after framing to demonstrate credibility and relationship building.",
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      "text": "management's views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value.",
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      "text": "Trian has been involved in three proxy contests(1) (excl. Disney): (i) Heinz in 2006; (ii) DuPont in 2015; and (iii) P&G in 2017. In all three proxy contests, we heard substantially the same rhetoric from the companies and their advisors prior to the proxy contest. However, management's views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value.",
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      "text": "\"The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment.\" — Heinz, Jun 2006; \"Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan\" — DuPont Press Release, Jan 2015; \"[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement.\" — David Taylor, P&G CEO, Aug 2017; \"I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I'd ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director.\" — Bill Johnson, Heinz CEO, Mar 2008; \"I have the highest regard for Nelson Peltz... Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us.\" — Ed Breen, DuPont CEO, July 2017; \"From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I’m grateful for his service and the collaborative partnership we’ve developed over the past few years...\" — David Taylor, P&G CEO, Aug 2021",
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      "text": "Source: SEC filings and press releases. Note: (1) Following the proxy contests, Nelson Peltz served on the Heinz Board from 09/15/06 to 06/07/13 and the P&G Board from 03/01/18 to 10/12/21.",
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      "text": "Comparison table of quotes from Heinz, DuPont, and P&G leadership before and after Trian involvement.",
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      "text": "Trian Has Developed Strong Relationships With Company Boards & Management Teams Following Prior Proxy Contests",
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