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  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 24,
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  "notes": "The slide uses a 'breakup-spinoff' logic to justify the activist strategy.",
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      "text": "Increased focus; Improved organic growth; Faster decision making; less bureaucracy; Reduced complexity; Better capital allocation; Enhanced strategic optionality; Ability to align compensation design; Greater accountability; Greater transparency; Elimination of “lowest common denominator” trading dynamic",
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      "kind": "paragraph",
      "text": "A common perception exists that separations increase overall costs through duplication of certain functions. Our experience is that improved operational performance dwarfs any such increase in costs. On average, Trian’s portfolio companies have averaged 550 bps of EBIT margin expansion from separation to today",
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      "text": "We believe the factors outlined above are the reasons that companies that engage in a separation tend to outperform the broader market, with the Bloomberg U.S. Spin-Off Index outperforming the S&P 500 over both short and long-term time horizons",
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      "text": "Trian’s primary focus is helping companies achieve operational turnarounds. In many successful investments, Trian has seen that a separation of companies’ businesses improves operating performance. Trian believes separation is a “means to an end,” the “end” being:",
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      "kind": "source-note",
      "text": "(1) See page 40 for additional information. (2) See page 41 for additional information.",
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      "kind": "title",
      "text": "Separation Is a Means to the End, To Improve Performance",
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