DuPont Insider to Lead Performance Chemicals Unit After Spinoff

   By John Kell 
 

DuPont Co. (DD) has named Mark Vergnano, a 33-year veteran at the company, to steer its $7 billion performance chemicals segment after it is spun off from its parent in 2015.

The company first announced plans to spin off the unit in October, a move that came as some investors called on management to improve the company's financial results. The performance chemicals business, which DuPont has said remains profitable, has a low growth rate and isn't likely to see significant growth from advances in research.

On Thursday, DuPont said Mr. Vergnano, 55, will serve as chief executive of the new company after its separation from DuPont, which is expected to occur in the second quarter of 2015.

Mr. Vergnano is currently executive vice president at DuPont and his responsibilities include oversight of the performance chemicals segment. He has held a variety of business, manufacturing and technical leadership roles in his tenure with the company. Mr. Vergnano also serves on the board of Johnson Controls Inc. (JCI).

Shares of DuPont were up 0.9% to $63.66 in recent trading, rising despite the broader market's slide.

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