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  "docSlug": "d34e3ebbefa07bda41cee30322b1331a",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 84,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 3,
  "notes": "Uses a pull-quote to frame the company's strategic pivot as a failure, followed by a list of underperformance metrics.",
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      "kind": "callout",
      "text": "P&G’s performance has deteriorated, we believe partly due to the lack of an appropriate and consistent long-term strategy to address critical challenges – a direct responsibility of the Board",
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      "text": "Weak total shareholder returns: Over 10-year period, P&G’s TSR was less than half that of its peers and has been in the bottom quartile over most recent time frames; Consistent market share losses; EPS has been flat since 2011; $96bn of total investment.",
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      "kind": "quote",
      "text": "[G]o back a few years ago when we went to more countries, more places, we got out of balance on the top line. We went hard on the top line and what happened is we started to have real profit issues. ... Then we went, I think, pretty hard the other way on costs.",
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      "kind": "source-note",
      "text": "Source: Bloomberg, SEC filings and annual reports",
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      "kind": "title",
      "text": "P&G Flip-Flopped on Strategy Over the Past Decade: Long-Term Strategic Planning is the Board's Responsibility",
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