DuPont chairman assuming duties of CEO
Ed Breen takes over as CEO effective immediately
DuPont is making a change at the top in an attempt to speed up improvements in the company's operations.
Executive chairman Ed Breen is assuming the duties of CEO.
DuPont CEO and Chair Ed Breen pauses while speaking at the Boston College Chief Executives Club luncheon series in Boston, Massachusetts, U.S., December 8, 2016. REUTERS/Brian Snyder
Breen replaces Marc Doyle as chief executive effective immediately, the company said.
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“While we made some progress in 2019, we did not meet our own expectations and we now need to move aggressively to secure our foundation for growth,” Breen said in a prepared statement.
Breen said he will step down as a director of Corteva Agriscience because of his increased responsibilities. Corteva was spun off last year after DuPont's merger with Dow Chemical.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DD | DUPONT DE NEMOURS INC. | 73.53 | +0.44 | +0.60% |
| DOW | DOW INC. | 56.60 | +0.11 | +0.19% |
| CTVA | CORTEVA INC. | 54.51 | +0.55 | +1.02% |
In another personnel move, Lori D. Koch, vice president of investor relations and corporate financial planning, is replacing Jeanmarie Desmond as DuPont's chief financial officer.
IFF TO MERGE WITH DUPONT NUTRITION AND BIOSCIENCES UNIT
“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," lead independent director Alexander Cutler said in a prepared statement. "The board is confident that together Ed and Lori will improve operational performance and ensure DuPont fully delivers on its significant potential for long-term value creation.”
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The company said Nick Fanandakis, former DuPont CFO, will serve as senior adviser to Breen.
The Associated Press contributed to this article.