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  "docSlug": "0691ea4b1c9e",
  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-06 00:00:00",
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  "pageNumber": 11,
  "pageCount": 94,
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      "kind": "callout",
      "text": "P&G's TSR of 24% since David Taylor took over as CEO is 2% higher than the peer average, but he took over after a one-year period where P&G underperformed peers by 31%",
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      "kind": "callout",
      "text": "Approximately half of P&G's TSR in the chart on the left has occurred since Trian invested in P&G(1)",
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      "kind": "chart",
      "text": "TSR Under David Taylor (11/1/2015 – 6/15/2017)",
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      "text": "David Taylor took over at a time when P&G's share price had just suffered meaningfully. We believe it is disingenuous to ignore the following: P&G had a -10% TSR during the 1 year prior to David Taylor's start as CEO; Peers had a +21% TSR during the 1 year prior to David Taylor's start as CEO; P&G's share price declined 4% on the day of its final earnings announcement before Mr. Taylor's appointment; P&G's P/E multiple was 18% lower than peers in November 2015.",
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      "kind": "source-note",
      "text": "Source: Capital IQ. TSR measured through June 15, 2017... (1) Since Trian's first investment in P&G occurring November 10, 2016.",
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      "kind": "title",
      "text": "P&G Touts Its TSR Since David Taylor Became CEO But Results Must Be Taken in Context",
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