New CEO Takes Helm of DuPontNew CEO Takes Helm of DuPont

American materials and ingredients firm DuPont appointed its executive chairman, Edward D. Breen, to chief executive officer and named Lori D. Koch as chief financial officer to “accelerate operational improvement,” the company announced Tuesday. 

“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,” Andrew M. Cutler, lead independent director of DuPont, said in a statement. “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.”

Breen will replace current CEO Marc Doyle and Koch will take over the CFO role from Jeanmarie Desmond. The changes were initiated by the DuPont board in response to a challenging operating climate, according to the release.

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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 statement. “We have solid businesses, but, as we discussed in a recent earnings call, we need to accelerate operational improvement and make sure we are taking appropriate action to deliver on our commitments for the year.”

Doyle said slipping demand for nylon will impact DuPont’s 2020 results in a conference call held last month after the company’s revenue dipped by 4.8% in 2019, according to a Forbes report.

“I continue to have enormous confidence in this company and in our team. Delivering on our commitments and realizing our full potential is my personal top priority,” Breen said in the release. “Consistent with this, I will be transitioning from the Corteva board to focus fully on our work at DuPont.” 

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