DuPont has re-appointed current executive chairman Edward Breen to the role of chief executive officer, among other leadership changes.
Marc Doyle, who has served as CEO since June last year, will depart the company.
Lori Koch, VP of investor relations and corporate financial planning and analysis, has been named CFO to replace Jeanmarie Desmond, who will also leave the company.
Both appointments are effective immediately.
According to DuPont, the leadership changes were made to accelerate operational performance and to utilise Breen’s management experience.
“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,” said Ed Breen.
From 2015, Breen served as chairman and CEO of DuPont and oversaw the merger between DuPont and Dow Chemical to create DowDuPont.
In 2019, DowDuPont separated its divisions into three independent companies. Breen then served as executive chairman of DuPont following its separation in June 2019.
Prior to joining DuPont, Breen served as chairman and CEO of security systems company Tyco, from 2002 to 2012.
“Since he first assumed the chairman and CEO role of DuPont in 2015, Ed Breen led the company through an extensive transformation to further unlock the potential of its distinctive capabilities, innovative portfolio and deep customer relationships,” said Alexander Cutler, DuPont’s lead independent director.
Cutler added: “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. 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.”
Nick Fanandakis, former DuPont CFO, will serve as senior advisor to Breen.
Over the last four years, Koch has worked closely with Breen and according to DuPont played a principal role in strategy, planning and shareholder engagement across the DowDuPont transaction.
DuPont said it will continue to advance initiatives announced during its fourth quarter and year-end 2019 conference call.
© FoodBev Media Ltd 2020
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