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  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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      "text": "Management expects this $300mm cost reduction program and continued operating leverage to increase operating margins from 25% in 2014 to ~34% by 2017",
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      "text": "On November 18th, 2014, management hosted an investor day to detail organic revenue growth and supply chain restructuring. Announced goal to increase gross margins 200 bps by 2020. On May 5th, 2015, Zoetis announced an additional $300mm cost reduction program.",
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      "text": "On February 4th, 2015, Zoetis agreed to add Pershing Square investment team member Bill Doyle to the Zoetis board. On April 22nd, 2016, Pershing Square elected to not re-appoint Doyle. On April 13th, 2015, Zoetis and Pershing Square agreed to name Paul Bisaro.",
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      "text": "Restructuring Programs",
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