Trian Partners Activist Presentation Deck
Once Again, P&G is Making Bold Claims but Not Committing to
Net Savings or Market Share Gains
Management's latest Productivity Plan targets $12-$13bn of gross cost reduction
through 2021...
At midpoint, implies ~1,700bps of cumulative margin benefit by 2021 (excl. trade spend)
...yet management has only guided to 30-70bps of annual margin improvement
(including flow-through on sales growth)
At midpoint, implies 200bps of cumulative margin improvement by 2021
What is the disconnect?
1) Either management's $12-$13bn of cost
savings aren't real....
P&G should be held accountable for
years of "productivity" that will not
impact the bottom line
OR
2) Management is reinvesting the difference
(>$11bn) back into the business
P&G should be held accountable for
ongoing market share loss
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