DuPont Announces Leadership Changes
19th February 2020
DuPont has brought back current executive chairman Ed Breen as CEO with immediate effect. The move has been taken to accelerate an improvement in operational performance. In addition, Lori Koch, vice president of investor relations and corporate financial planning and analysis, is taking over as CFO.
As a consequence of the executive changes, incumbent CEO Marc Doyle along with chief financial officer Jeanmarie Desmond will leave the company.
“After careful consideration, the board concluded now is the right time to make these leadership changes, including restoring Ed to the chief executive role to draw more directly on his substantial operating experience,” said DuPont’s lead independent director Alexander Cutler.
Breen became chairman and CEO of DuPont in 2015 after then-chief executive Ellen Kullman resigned amid a struggle with activist investor Nelson Pelz. Together with Dow’s chief Andrew Liveris, Breen led the merger of the two giants in 2017 and the subsequent split of the merged group into three separate businesses last year.
Breen said in a statement that while DuPont had made some progress in 2019 since the demerger, it did not meet its own expectations and now needs to move aggressively to secure its foundation for growth.
“We have solid businesses, but we need to accelerate operational improvement and make sure we are taking appropriate action to deliver on our commitments for the year,” the old and new DuPont chief added.
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