{
  "docId": "019dd923-622b-71dc-a6db-8b78bf0b9787",
  "docSlug": "f7ee8aae1c88",
  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-13 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 6,
  "pageCount": 12,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Activist investor presentation (Trian) criticizing management behavior.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-8b78bf0b9787/6",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-8b78bf0b9787",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-8b78bf0b9787.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-8b78bf0b9787#slide-6",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.3,
        "x": 0.56,
        "y": 0.88
      },
      "kind": "callout",
      "text": "VOTE THE GOLD PROXY CARD",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d4288ff-61ed-47de-9227-0d14bcb5f9e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Ask yourself: If the CEO and Board members truly believed in their strategy wouldn't they be buying stock?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5bb-379cf033d28a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.8,
        "x": 0.1,
        "y": 0.2
      },
      "kind": "list",
      "text": "The CEO sold ~54% of her stock after Trian first invested (~$80m). 23% of her equity position was sold in the week after the release of Trian’s Summary White Paper (September 2014), when the stock hit a new 15-year-high of $72.83. Despite rhetoric about a “higher growth, higher value strategy,” the CEO is not willing to “put her money where her mouth is”. Sold from long-term incentives and from stock options she had been granted, most of which did not expire until 2016 or 2017. We believe the reason management receives equity as part of compensation is to ensure their interests are aligned with the long-term interests of shareholders. The intention is not for management to sell prematurely. Ask yourself: If the CEO and Board members truly believed in their strategy wouldn’t they be buying stock?",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13d33b2a-fce0-4797-979b-0f4442e0be9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "stock ownership: 54%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5bb-3bb4637c6c56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.1,
        "y": 0.76
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, Bloomberg and SEC Filings. (1) Information based on Form 4 filings and Company proxy statements... (2) Information based on DuPont Form 4 filings...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "934cfc51-c2c6-45cf-aa0b-c4d96a7346d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.12
      },
      "kind": "title",
      "text": "The CEO Seems to Lack Confidence In DuPont’s Share Price",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "211ee918-e748-4d61-b987-6d4220e84080",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "d4574a75-74ce-4a1c-9fc7-fe4af9e26eff",
      "evidence": "Contrasts CEO rhetoric with actual stock selling behavior",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 12,
      "from": 6,
      "beatId": "e98122d4-48f9-428d-a2c4-6c09b16121c4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose contradiction",
      "beatSlug": null,
      "evidence": "Slides 6-12 present a series of contradictions and criticisms of DuPont's strategy and performance.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}