{
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  "docSlug": "d34e3ebbefa07bda41cee30322b1331a",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 94,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a bar chart to show relative performance and a list to provide context/counter-narrative.",
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  "slideHref": "/slides/019de06f-8727-7305-aa8a-0f1cc9311f88/11",
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  "components": [
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        "x": 0.45,
        "y": 0.8
      },
      "kind": "callout",
      "text": "Approximately half of P&G's TSR in the chart on the left has occurred since Trian invested in P&G",
      "attrs": null,
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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%",
      "attrs": null,
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      "kind": "chart",
      "text": "TSR Under David Taylor (11/1/2015 – 6/15/2017)",
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      "kind": "list",
      "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&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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      "evidence": "The slide explicitly frames the company's claim as 'disingenuous' by providing the context of the prior year's underperformance.",
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