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  "documentTitle": "Pershing Square | Activist Presentation Deck | 45 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2013-05-01 00:00:00",
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  "notes": "The slide highlights a performance gap between P&G's internal plan and industry benchmarks.",
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      "text": "Annual COGS Savings",
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      "text": "P&G's $6bn of COGS reduction target from FY 2011 to 2016 translates into less than 3% annual COGS efficiency. Many CPG peers undertaking productivity initiatives have demonstrated significantly higher annual COGS productivity in the range of 3.5% to 4% (1)",
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