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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2017-09-01 00:00:00",
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  "notes": "The slide uses a comparison of two productivity programs to highlight the perceived lack of transparency and feasibility in P&G's cost-saving claims.",
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      "text": "Trian believes the $23bn number includes a combination of the following, obfuscating the target and result",
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      "text": "“Cost avoidance:” treating expense categories that grow slower than an assumed baseline rate as real savings when costs still rise from prior year’s levels",
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      "text": "Gross savings targets before accounting for roles or functions that are outsourced",
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      "text": "Gross savings targets before certain roles and functions are added back elsewhere in the Company",
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      "text": "$23bn represents ~29% of 2017 gross sales, and ~33% of net sales (excluding trade spend from the savings) – in Trian’s view an unrealistic target",
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      "text": "Savings projected in future (higher) dollars",
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      "text": "P&G has announced two major productivity programs, beginning in fiscal 2012 and running through 2021, for a total of up to $23bn in targeted savings(1). For context, net sales were only $65bn in 2017",
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      "text": "In Trian’s view, beginning a cost savings program with an unrealistic target based on future numbers and theoretical benchmarks diminishes the probability of achieving the desired result",
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      "text": "Source: P&G investor presentations. (1) P&G announced a goal to reduce costs by $10 billion dollars by 2016 at the Consumer Analyst Group of New York Conference held on February 23, 2012. In addition, P&G detailed an additional savings opportunity of up to $13 billion on their Q3 2017 earnings call on April 26, 2017.",
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      "text": "FY 2012-2016 Productivity Program Announced Savings: $10 billion",
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      "text": "FY 2017-2021 Productivity Program Announced Savings: $12-13 billion",
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      "text": "P&G’s Headline Productivity Plans Appear Unrealistic",
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