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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 side-by-side comparison of management quotes against specific 'Areas of Concern' to highlight strategic blind spots.",
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      "text": "We note that P&G’s online presence globally is bolstered by China mix where overall online penetration is high, but even in China P&G’s online share is still lower than offline",
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      "text": "In our experience, big companies tend to focus on near-term challenges that are easily understood rather than disruptive challenges (and equally important, disruptive opportunities) that take years to materialize. The disruptive changes transform industries and change companies’ fortunes",
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      "text": "P&G does not appear to be prioritizing a clear strategy for the new digital ecosystem, beyond reliance primarily on third parties – e.g. Amazon, Alibaba, etc.",
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      "text": "P&G management's public tone seems uncomfortably dismissive of the long-term opportunity & threat:",
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      "text": "Source: Investor call transcripts.",
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      "text": "Direct-to-Consumer Commentary vs Concept of Infinite Shelf-Space",
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