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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-17 00:00:00",
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  "pageNumber": 14,
  "pageCount": 45,
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  "slideType": "expose_contradiction",
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  "notes": "The slide uses a 'before-after' framing of management's 2003 promise vs. the 16-year reality.",
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      "kind": "callout",
      "text": "Unaffected Stock Price(4) Has Declined -11% Since the Separation of Conoco (16+ years) And Down -20% From Peak (5/20/98)",
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      "kind": "chart",
      "text": "Stock price performance from May-98 to Jan-15 with annotations for major corporate events.",
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      "kind": "list",
      "text": "Since '98, DuPont has continually restructured the portfolio to no avail; Management claimed DuPont would be positioned for higher growth and profitability; Yet, DuPont's stock price has declined over a 16 year period",
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      "kind": "metric",
      "text": "Total Shareholder Return (TSR): -11%",
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      "kind": "quote",
      "text": "“With the anticipated sale of INVISTA, DuPont will be a smaller company with the potential for higher growth and profitability...But unlocking that potential means doing things differently. If we are to meet our earnings growth objectives – which we will – we cannot support the complexity and cost entailed by diverse and specialized organizations and processes. The actions we are announcing today are necessary to ensure the near- and long-term competitiveness of DuPont.” — Press release, 12/1/2003",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Cap IQ as of 4/16/15 and SEC Filings.",
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      "text": "TSR comparison: DuPont 55%, S&P 500 144%, S&P Chem 257%",
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      "kind": "title",
      "text": "DuPont Has Been Pursuing The “Higher Growth, Higher Value” Strategy For Years, Which Has Only Led to Declines",
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      "evidence": "Contrasts 2003 management quote with 16-year stock performance data.",
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      "evidence": "The document identifies DuPont's underperformance as a problem, highlighting the company's track record and failures.",
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