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  "docSlug": "80938ee8f28c",
  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-22 00:00:00",
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  "pageNumber": 34,
  "pageCount": 88,
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  "slideType": "expose_contradiction",
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  "notes": "This is a classic activist 'villain' slide, framing management as deceptive and the Board as incompetent or uninformed.",
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      "kind": "callout",
      "text": "In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors",
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      "kind": "list",
      "text": "Axalta EBITDA was reported to be $229mm (or 68%) higher in the same year (2011) under different owners\nEllen Kullman has sold over half of her stock since Trian invested in 2013\nDuPont has reported NINE different EPS figures for 2011\nDuPont management suggested that changes in pension accounting led to lowered margin targets at the May 2013 Investor Day\nLack of transparency for reporting financial and operating metrics",
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      "kind": "title",
      "text": "Did the Board Know?",
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      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "887efb29-3e2e-4ab9-b0cf-d5476ba98151",
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