DuPont Names Breen CEO, Removing Interim Tag

By Ezequiel Minaya 

DuPont Co. named Edward Breen its new chief executive, removing the interim tag from the role he has held since former CEO Ellen Kullman stepped down last month.

Ms. Kullman's retirement brought a surprising end to the tenure of an executive who fended off, at least temporarily, mounting scrutiny from activist investors.

Mr. Breen has a record of revamping companies. He was CEO of Tyco International from 2002 to 2012, and oversaw two breakups of the company, resulting in the spinoffs of Covidien PLC, TE Connectivity Ltd. and ADT Corp., as well as the merger of Tyco Flow Control with Pentair Ltd.

On the call after the company announced Ms. Kullman's departure, Mr. Breen said he planned a "deep dive" into DuPont's cost structure and capital allocations "to ensure we deliver appropriate returns for our shareholders."

Ms. Kullman, who had led the company since 2009, took on billionaire shareholder Nelson Peltz and his Trian Fund Management LP, which sought board seats and criticized the company and its leadership for bloated corporate spending and sagging profits.

Ms. Kullman's seven-year tenure atop DuPont was bookended by tumult. She took the reins as CEO from predecessor Charles Holliday in January 2009 as the global financial crisis battered industrial companies, during which time DuPont cut staff and maintained its dividend.

She steered DuPont further into the food and agriculture business, acquiring food-ingredient maker Danisco in 2011 for $6.5 billion while selling its specialty coatings business to Carlyle Group LP for $4.9 billion in 2013. DuPont finished spinning off the performance chemicals unit in July, after Ms. Kullman and her team prevailed over Mr. Peltz and Trian in a May 13 shareholder vote that went down to the wire.

DuPont recently lowered its earnings outlook for this year, citing the impact on the stronger U.S. dollar and continued weakening of agricultural markets, mainly Brazil.

Write to Ezequiel Minaya at [e-mail]

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(END) Dow Jones Newswires

November 09, 2015 07:48 ET (12:48 GMT)

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