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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 three-part list to critique P&G's internal culture relative to M&A success.",
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      "kind": "list",
      "text": "Historically, we believe that P&G’s culture and structure have inhibited successful M&A",
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      "text": "Culture Makes it Difficult for Outsiders to Succeed: P&G often replaced acquired leaders with P&G executives. We believe P&G’s structure and culture have made it difficult for outsiders to succeed.",
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      "text": "Big and Homogenized Mindset: Growth in the marketplace today is increasingly centered around new channels, new technologies, new kinds of brands – all outside of P&G’s “sweet spot”.",
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      "text": "Given the growing importance of developing small, mid-size & local brands, P&G must make M&A a core competency – finding the right brands to buy and developing strong post-merger integration capability",
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      "text": "Power Is Centralized: Centralized decision makers generally focus on large brands that “move the needle”. In our experience, acquisitions work best in decentralized companies with limited matrix.",
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      "kind": "source-note",
      "text": "Source: SEC filings, investor call transcripts, Wall Street research and Trian due diligence. (1) April 24, 2017 meeting.",
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      "kind": "title",
      "text": "...Which Will Require a Change in Culture",
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