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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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  "pageNumber": 52,
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  "nDataPoints": 22,
  "notes": "Includes a quote from P&G's Analyst Day presentation to expose a contradiction between claims and results.",
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      "kind": "callout",
      "text": "Disconnect between actual productivity results and P&G's claims... \"As of July 1 [2016], we have reduced [overhead] roles by nearly 25%, 2.5 times the original target...\"",
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      "text": "Peer Change in Operating Margin Since Before the Cost Plans (FY 2011 – FY 2017)",
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      "text": "Cumulative Organic Sales Growth (FY 2011 – FY 2017)",
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      "text": "P&G claims it over-delivered on its 2012-2016 $10bn productivity plan, and is now one year into a new $12-13bn plan, yet peers have grown organic sales and operating margin faster since the plans began\nP&G cites currency headwinds for lack of margin progress, but most peers have dealt with and overcome currency headwinds (see page 25)",
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      "kind": "source-note",
      "text": "Source: SEC filings and annual reports.",
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      "kind": "title",
      "text": "Peers Have Outperformed P&G on Growth and Margin Expansion Since The Productivity Plans Began",
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