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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The slide details the activist investor narrative regarding P&G's decline and the eventual board appointment of Nelson Peltz.",
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      "text": "Source: SEC filings, company presentations and press releases. While Nelson Peltz is a former director of The Procter & Gamble Company, none of the information contained in this presentation or otherwise provided to you is derived from non-public information of such company. Note: EBIT defined as Earnings before Interest and Taxes; EPS defined as Earnings Per Share. (1) The S&P 500 Total Return Index includes the price changes of all underlying stocks and all dividends reinvested. S&P 500 data was obtained from Bloomberg using the SPX ticker with the inclusion of dividend re-investment. Trian considers P&G's peers to include Beiersdorf, Church & Dwight, Clorox, Colgate, Edgewell Personal Care, Henkel, Kimberly-Clark, L'Oreal, Reckitt Benckiser and Unilever.",
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      "text": "However, P&G had underperformed over an extended period of time: Total shareholder return underperformed both its peers and the S&P 500 Total Return Index in the previous decade; Lost market share across categories and geographies; Flat EBIT and EPS growth",
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      "text": "Trian believed that P&G was struggling to adapt to a changing industry and needed to address the following factors to fix its underperformance: Market share erosion and low organic sales growth; Dismantle the \"matrix\" structure; Inability to leverage scale; Aging brands; Insular culture",
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      "text": "P&G is a +185-year-old global consumer products company with a portfolio of iconic brands and leading scale and market share across categories",
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      "text": "In July 2017, Trian nominated Nelson Peltz for election to the P&G Board",
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      "text": "In December 2017, after a contested proxy contest where Trian received the support of leading proxy advisory services, ISS and Glass Lewis, P&G announced that Nelson Peltz would be appointed to its Board",
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      "text": "The Procter & Gamble Company (\"P&G\") Case Study",
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