{
  "docId": "019de06f-8727-7305-aa8a-0f1cc9311f88",
  "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": 49,
  "pageCount": 94,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "Uses a 'problem-solution' structure where the top half exposes the contradiction in management's claims and the bottom half provides the activist's proposed governance solution.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-8727-7305-aa8a-0f1cc9311f88/49",
  "deckHref": "/decks/019de06f-8727-7305-aa8a-0f1cc9311f88",
  "deckJsonHref": "/decks/019de06f-8727-7305-aa8a-0f1cc9311f88.json",
  "deckAnchorHref": "/decks/019de06f-8727-7305-aa8a-0f1cc9311f88#slide-49",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "callout",
      "text": "As a Board member, Nelson will seek to ensure that management actually delivers on its $12-$13bn “productivity” commitment. Specifically, as a Director Nelson will work to ensure that 1) $12-$13bn of unproductive spending, which management acknowledges, is largely re-directed towards volume generating investments and 2) that those investments actually grow operating profit:\n1) Marketing\n2) Pricing\n3) Promotion\n4) R&D",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7fc7353f-fe4d-4e1c-b777-32ca8e65bad3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "list",
      "text": "Management’s latest productivity plan targets $12-$13 billon of gross cost reduction through 2021\nTrian believes that management lacks credibility for three reasons:",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34a843cf-5e52-479f-aa37-83386926564a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.85,
        "x": 0.1,
        "y": 0.2
      },
      "kind": "list",
      "text": "Management has announced two major “productivity plans” since 2012 which total $23bn\nThe first $10bn productivity plan from 2012 never showed up on the income statement\nOnce again, management is making bold claims but not willing to provide an explicit commitment on net savings or market share gains from reinvestment",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e50390b-523c-4a44-b462-669b8c4ec440",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.05,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "(1) Source: Investor call transcripts. Assumes P&G will generate 30-40% incremental margins on volume growth",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec61ff0c-bc29-45bf-b9b2-52d013b4c4d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "Regain Lost Market Share By Ensuring P&G’s “Productivity Plan” Actually Delivers Volume Generating Investments",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59bc3463-f0f2-4ca1-b529-2df811cddbb7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "3002b9f0-8cd4-4ec2-a425-d754d84b77d7",
      "evidence": "The slide explicitly contrasts management's 'bold claims' with historical failure to show results on the income statement.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 85,
      "from": 10,
      "beatId": "3dc80ba5-80de-4e7d-be90-f3f4aab11f9f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck highlights contradictions in P&G's claims and performance, demonstrating the need for change.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 82,
      "from": 8,
      "beatId": "e27a81dd-9032-4d73-8408-516f6c820aa0",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "Trian Partners presents their strategic initiatives to address P&G's challenges.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}