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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 12,
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  "density": "balanced",
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  "notes": "Uses a before-after framing to critique current management performance.",
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      "text": "Annual Organic Sales Growth",
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      "text": "Annual EPS Growth",
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      "text": "P&G’s organic sales growth under David Taylor (FY15 – FY17) is less than that of prior years, and is half the peer average over the same time frame(1)\nAnnual EPS growth under David Taylor is eight percentage points lower than the peer average\nDespite claiming a “New Standard of Excellence” under David Taylor, management’s long-term compensation plan targets continued market share losses and bottom quartile EPS growth through 2019",
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      "kind": "source-note",
      "text": "Source: SEC filings, presentations, and investor calls. We have adjusted peers' results to match P&G's June fiscal year end. (1) Subject only to the adjustments described on page 18 of this presentation, all references to P&G's EPS in this presentation refer to \"Core EPS\" and reflect the methodology used by P&G for calculating Core EPS.",
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      "kind": "title",
      "text": "Underlying Business Performance Has Not Improved Under David Taylor",
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