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  "documentTitle": "The Procter & Gamble Company (PG)",
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  "presentationDate": "2017-09-21 00:00:00",
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      "kind": "callout",
      "text": "P&G’s Misrepresentation of Quote by Mondelēz Chairman and CEO Irene Rosenfeld in P&G’s Letter to Shareholders, dated September 20, 2017",
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      "text": "P&G misrepresents Mondelēz's organic sales growth performance by ignoring that: Pricing in 2014 and 2015 largely offset rising cocoa prices... Volumes have also been impacted by SKU reduction.",
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      "text": "During Trian's involvement at Heinz, the Company achieved a +177% total shareholder return vs. P&G's TSR of +61%, and the S&P's TSR of 53% over the same time frame.",
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      "text": "“One CEO whose board includes Mr. Peltz has publicly disclosed what it’s like to deal with activists such as Mr. Peltz: ‘I think the single biggest disconnect that I found is that many activists simply sit in conference rooms and do calculations and analysis, independent of the reality of the fact that we are dealing with human beings and people’s lives.’” — P&G Shareholder Letter, September 20th, 2017; “My quote was taken out of context. My statement was referring to the many activists who have not run businesses or are not close enough to the realities of operating a business. I was not referring to Nelson Peltz, who is a knowledgeable director, an experienced operator and, as a member of our board, is fully informed about our business.” — Irene Rosenfeld, September 20th, 2017",
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      "text": "4 Source: Bloomberg. 5 Source: Mondelez Investor Transcripts.",
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      "text": "Price-Led Organic Sales Growth While Nelson Peltz was on the Board",
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