{
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  "docSlug": "41c1c7e3c345c2432b58f19478122ec0",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 13,
  "pageCount": 42,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "Uses a third-party analyst quote to validate the activist's critique of management.",
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  "slideHref": "/slides/019de06f-be08-7198-94a5-5ede1399a50f/13",
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      "kind": "list",
      "text": "On February 27, 2018, Lowe’s informed PPG that it will discontinue the sale of Olympic brand paints and stains in its US retail stores, effective mid-2018 (~$300m of lost sales)\nThe sudden loss of the Lowe’s business, one of the Company’s largest architectural customers, casts a shadow on this management team’s basic execution skills\nWhile PPG reported it may acquire some incremental business at Home Depot to mitigate the loss of the Lowe’s business, we are concerned that the Company had to forego margin in a rushed negotiation",
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      "kind": "quote",
      "text": "“The loss of PPG’s entire paint business at Lowe’s (to Sherwin-Williams) was a surprise. We had actually thought PPG might gain a price point at Lowe’s following the merger of Valspar and Sherwin, Lowe’s 2 other paint suppliers, and Lowe’s history of having at least 2 reasonably strong paint suppliers (3 in recent years) in order to maintain the competitive intensity amongst its suppliers.” - Deutsch Bank research, 2/28/18",
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        "h": 0.03,
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      "kind": "source-note",
      "text": "Source: Wall Street research, press releases.",
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      "kind": "title",
      "text": "Losing the Lowe’s Business Appears to Be a Sign of Poor Execution",
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      "evidence": "Frames management as incompetent by highlighting a major business loss.",
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "Slides 4-15 present PPG's performance issues, including underperformance, missed targets, and flawed decision-making.",
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      "name": "Cost Of Inaction",
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      "evidence": "The document presents data and analysis on the costs of inaction, including missed targets and underperformance, and the potential benefits of Trian's recommendations, including increased shareholder value.",
      "position": 0,
      "objective": "Highlight the costs of inaction and the potential benefits of Trian's recommendations.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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