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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": "Uses a before-after-bridge structure to contrast current failure with proposed success.",
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      "kind": "callout",
      "text": "Current Productivity Plan Not Driving Differentiated Results",
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      "kind": "callout",
      "text": "With Nelson on the Board",
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      "kind": "list",
      "text": "Despite $12-$13bn of claimed productivity, management is still targeting market share losses through 2019, and bottom-quartile EPS growth vs. peers",
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      "text": "With $12-$13bn of productivity identified, there is no reason, in our mind, that P&G should not be targeting:\ni. Sales growth at least as fast as the market\nii. Best-in-class EPS growth",
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      "text": "Nelson will seek to ensure that P&G actually delivers on its $12-$13bn of productivity savings, and that these savings:\ni. Are reinvested into volume generating investments (marketing, pricing, promotion, R&D)\nii. These investments actually grow operating profit",
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      "text": "Targeting 2.8% organic sales growth vs. expected market growth of 3-4%\nTargeting 6.0% EPS growth vs. peer average of 8.0% and best-in-class of 9-11%",
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      "kind": "source-note",
      "text": "Source: SEC filings. (1) Expected market growth for P&G categories per P&G management (3-3.5% as of November 2016 Analyst Day near the time targets were set) and recent Wall Street research (~4%).",
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      "kind": "title",
      "text": "As a Board Member, Nelson Will Seek to Ensure that Productivity Delivers Improved Operating Results",
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