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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": "Includes a preemptive rebuttal regarding R&D spending levels.",
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      "kind": "callout",
      "text": "Trian is NOT advocating that P&G reduce R&D, but rather that the Company address the root-cause issues driving continued market share losses. At Heinz and Mondelez, R&D increased as a percentage of sales while Nelson Peltz was on the Board",
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      "text": "P&G R&D Expense vs. Peer Group – Last Fiscal Year End ($mm)",
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      "text": "While there have been successes (e.g., Tide Pods in 2012), P&G has not driven consistent growth via breakthrough product or brand innovation / renovation for years – as exemplified by continued market share losses",
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      "text": "P&G spends $1.9bn on R&D per year, more than Henkel, Kimberly-Clark, Colgate-Palmolive, Beiersdorf, Reckitt Benckiser, Clorox, Church & Dwight and Edgewell combined",
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      "kind": "source-note",
      "text": "Source: SEC filings and annual reports.",
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      "text": "Organic Growth CAGR: 2011-2017",
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      "kind": "title",
      "text": "Trian Strategic Initiative: Fix the Innovation Machine",
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