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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 31,
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  "notes": "Uses a testimonial from a retired GBU President to validate the claim of 'business as usual'.",
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      "kind": "callout",
      "text": "We believe management overstates changes to the structure when suggesting P&G is now “End-to-End”",
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      "kind": "callout",
      "text": "We believe P&G’s current “matrix” structure results in limited accountability",
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      "text": "Selling & Market Operations (SMOs) sit outside the Global Business Units (GBUs), creating three dimensions to P&G’s matrix structure - GBUs, SMOs and Corporate Functions / Global Business Services (GBS)\nCorporate Functions and GBS report to Corporate, not the GBUs; resources within those organizations often have dual-line reporting",
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      "text": "If sales resources report “hard-line” into GBUs then why do SMO Presidents and SMOs themselves exist?\nIf they do not report into GBUs or there is “dual-line” reporting, then there is not “End-to-End” accountability\nGiven limited transparency and public disclosure on P&G’s matrix structure, it is impossible to know what reality is from the outside (this is another reason why we are seeking a seat on the Board for Nelson Peltz)\nWhat we do know is that market share losses continue. Moreover, extensive due diligence and unsolicited feedback from recently retired P&G executives suggest changes are “incremental” at best:",
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      "kind": "list",
      "text": "Carolyn Tastad - President of North America SMO\nGary Coombe - President of Europe SMO\nJuan Fernando Posada - President of Latin America SMO\nMatthew Price - President of Greater China SMO\nMohamed Samir - President of India, Middle East, and Africa SMO\nMagesvaran Suranjan - President of Asia Pacific SMO",
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      "text": "GBU leaders are allocated significant costs from corporate, diminishing “End-to-End” accountability\nIf GBUs truly “control” the sales force as P&G suggests, which GBUs do the following executive officers named in P&G’s 2017 Annual Report report to?",
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      "text": "“PG is working on how to fine tune the Modus Operandi to create ‘more End to End’ that in reality is still a highly matrixed operation with plenty of shared services and shared accountability. This leads to a very long time for decisions to be made as many people need to input... Several people at the General Manager level have confirmed to me that while there is a push for change it all feels in reality ‘business as usual’” – Recently Retired GBU President, July 2017",
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      "kind": "source-note",
      "text": "Source: Company filings and transcripts; recently retired P&G executives.",
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      "kind": "title",
      "text": "Trian Strategic Initiative: Organize in a Way That Promotes Accountability",
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