Trian Partners Activist Presentation Deck
P&G Flip-Flopped on Strategy Over the Past Decade: Long-Term
Strategic Planning is the Board's Responsibility
TOXIC
16
"[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. We got overextended, overinvested in some
countries.... Then we went, I think, pretty hard the other way on costs. We went
through cuts and cuts, many of us around the world were reorganizing, trying to work at
cost."
David Taylor, August 3, 2017 Employee Webcast
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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
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, vs. peer average of +7% annual EPS growth
$96bn of total investment in capital expenditures, R&D, and marketing expenses over the
last 6 years has not driven improved market shares or earnings growth
Source: Bloomberg, SEC filings and annual reports
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