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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
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  "presentationDate": "2017-09-01 00:00:00",
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  "notes": "The slide uses a strong 'us vs. them' framing between internal 'Lifers' and external hires.",
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      "text": "As P&G has grown more matrixed over time, we also believe the skill-set and experiences required to be successful have become different from the skills required to grow sales and profits (e.g., managing internal process and politics vs. managing a business with maximum personal accountability and empowerment)",
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      "text": "While P&G has committed to hire more external managers, we believe the effort is half-hearted and there is still a perspective that those individuals cannot be “too senior” or they will fail to adapt to P&G’s culture and politics. The one external hire in an operational role that P&G continues to highlight, “Personal Health Care Vice President,” is only responsible for the North American piece of a category that is <5% of P&G’s sales(1)",
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      "text": "This is especially critical given P&G has significantly underperformed peers over the last decade; we believe leaders with external experience will bring new ideas and accelerate the pace of positive change across the company",
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      "text": "Going forward, P&G’s must encourage the hiring of leaders from the outside. More importantly, P&G must ensure those outside leaders are accepted and can succeed within the company’s structure and culture",
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      "text": "Given today’s realities, with sweeping changes in technology, consumer preference and local markets, P&G must supplement company “Lifers” in leadership positions with others who have had senior-level experience with traditional CPG companies as well as smaller upstarts",
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      "text": "(1) Source: SEC filings, investor call transcripts, LinkedIn",
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      "text": "Navigating Changes in Consumer Tastes, Social Media and Technology Requires External Experience",
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