Trian Partners Activist Presentation Deck
Future CEO Succession Process Should Plan for Potential
External Candidates
Many peers who have outperformed P&G have had CEOs with substantial external experience
▪ P&G's last four CEO's all spent their entire career at P&G
At the time the Board made these CEO decisions, very few if any GBU or SMO leaders had
substantial external experience - meaning P&G couldn't consider internal candidates with
meaningful outside perspective, let alone a true external candidate
▪ We are committed to working with David Taylor but good governance mandates robust succession
planning. P&G must enhance the process today by hiring senior leaders with external experience
who can be candidates to be P&G's next CEO
CO
DWIGHT
INC
CLOROX
Unilever
Beiersdorf
(Henkel)
Examples of Competitors That Hired CEOs with Significant
External Experience
Matthew Farrell (CEO Jan 2016 - Today)
James Craigie (CEO Jul 2004 - Jan 2016)
Benno Dorer (CEO Nov 2014 - Today)
Donald Knauss (CEO Oct 2006 - Nov 2014)
Paul Polman (CEO Jan 2009 - Today)
Stefan Heidenreich (CEO Apr 2012 - Today)
Kasper Rorsted (CEO Apr 2008 - Apr 2016)
28 years external experience
26 years external experience
14 years external experience
35 years external experience
29 years external experience
>20 years external experience
10 years external experience
10-Year TSR
(P&G +93%)
Other CPG Companies That Hired CEOS With Significant External Experience: Nestle, Mondelez, Campbell Soup,
Conagra, Dr Pepper Snapple, Kraft Heinz, PepsiCo, Diageo, Coty, Estee Lauder.
+402%
+195%
+276%
+101%
+278%
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