Trian Partners Activist Presentation Deck
Revitalize P&G - Together
Why Does P&G Need Change?
Despite 10 years of turnaround strategies and portfolio changes, we believe P&G still suffers from:
▪ Market share erosion and low organic sales growth
Aging brands and a lack of breakthrough innovation
Suffocating bureaucracy and excessive costs which create structural drags on the business
▪ Board complacency about, and rewarding management for, continued underperformance
▪ Weak corporate governance which entrenches existing problems
▪ Shareholder returns less than half that of peers' over a decade; bottom quartile over most recent time frames
Short-term thinking (selling businesses vs. fixing businesses, cutting ad spend last quarter, etc.) that doesn't
address the root causes of P&G's challenges
I
(1)
■
What are Trian's Strategic Initiatives?
Nelson Peltz will work constructively with the Board to help P&G REGAIN LOST MARKET SHARE by:
Organizing P&G in a way that promotes accountability, faster decisions & responsiveness to local preferences
Ensuring management's $12-$13bn "productivity plan" ACTUALLY delivers volume generating reinvestment
Fixing the innovation machine
■
I
■
Improving development of small, mid-size & local brands; both organically and through M&A
Winning in digital
Addressing P&G's insular culture
Improving corporate governance, including aligning management compensation with market share gains
Trian Consumer Investments where Nelson Peltz served on the Board have(¹):
1) Grown earnings per share (“EPS”) +780 basis points ("bps") faster than the S&P 500 annually; and
2) Achieved total shareholder returns ("TSR") of +880bps greater than the S&P 500 annually
Please see page 88 of this presentation, including the footnotes, for additional information.
- 3-View entire presentation