DuPont Board of Directors Names Edward D. Breen Chair and CEODuPont, Wilmington, DE
Thu, Nov, 12, 2015
TheDuPont board of directors today announced it has named EdwardD. Breen the company’s chair and chief executive officer(CEO), effective immediately. Breen has served as interim chair and CEO ofDuPont since October 16, 2015, and joined the company’s board in February 2015.
“EdBreen brings to DuPont an exceptional track record of business leadership andvalue creation. As a chief executive, he has consistently delivered superiorreturns through robust growth and portfolio strategies, across a range ofindustries. As a DuPont board member and interim chair and CEO, Ed has rapidlyand actively engaged in advancing the transformation of DuPont,” said AlexanderM. Cutler, DuPont’s lead independent director. “The board hasconcluded he is the right leader for the company. We could not be more pleasedto appoint an executive of his experience and caliber to lead DuPont throughits next stage of growth and achievement.”
“Sincejoining the board and certainly over the last month while serving as interimchair and CEO, I have developed a deep appreciation of DuPont’s fundamentalstrengths, significant advantages and future potential,” said Breen. “I lookforward to continuing to work closely with the team at DuPont and with theboard of directors to deliver fully on that potential for our customers and ourshareholders. In the near-term, we are staying very close to ourcustomers to deliver the value enhancing solutions they expect from DuPontinnovation – even as we work with urgency to improve shareholder returns.”
From2002-2012, Breen served as chief executive officer of Tyco International plc.Breen oversaw the design and implementation of the comprehensive action plan totransform Tyco into the strong market leader it is today, reviving the companyfrom near bankruptcy and rebuilding the company's brand and credibility. Overthe course of his tenure, Breen oversaw a highly successful restructuring,including two break-ups of the company resulting in the spin-offs of Covidien,Tyco Connectivity, ADT Corporation and the merger of Tyco Flow Control withPentair.
Priorto joining Tyco, Breen held senior management positions at Motorola, includingas president and chief operating officer, and at General InstrumentCorporation, including as chairman, president and chief executive officer. AtGeneral Instruments, he created significant long-term shareholder value bydriving a revenue growth strategy. Mr. Breen currently serves as chairmanof Tyco and a director of Comcast Corporation. Breen has been awarded numerousgovernance awards including being named one of the "100 Most InfluentialPeople in Business Ethics" by Ethisphere.
DuPont(NYSE: DD) has been bringingworld-class science and engineering to the global marketplace in the form ofinnovative products, materials, and services since 1802. The companybelieves that by collaborating with customers, governments, NGOs, and thoughtleaders, we can help find solutions to such global challenges as providingenough healthy food for people everywhere, decreasing dependence on fossilfuels, and protecting life and the environment. For additional informationabout DuPont and its commitment to inclusive innovation, please visit www.dupont.com.
Forward Looking Statements: Thisdocument contains forward-looking statements which may be identified by theiruse of words like “plans,” “expects,” “will,” “believes,” “intends,”“estimates,” “anticipates” or other words of similar meaning. All statementsthat address expectations or projections about the future, including statementsabout the company’s strategy for growth, product development, regulatoryapproval, market position, anticipated benefits of recent acquisitions, timingof anticipated benefits from restructuring actions, outcome of contingencies,such as litigation and environmental matters, expenditures and financialresults, are forward looking statements. Forward-looking statements are notguarantees of future performance and are based on certain assumptions andexpectations of future events which may not be realized. Forward-lookingstatements also involve risks and uncertainties, many of which are beyond thecompany’s control. Some of the important factors that could cause the company’sactual results to differ materially from those projected in any suchforward-looking statements are: fluctuations in energy and raw material prices;failure to develop and market new products and optimally manage product lifecycles; ability to respond to market acceptance, rules, regulations andpolicies affecting products based on biotechnology; significant litigation andenvironmental matters; failure to appropriately manage process safety andproduct stewardship issues; changes in laws and regulations or politicalconditions; global economic and capital markets conditions, such as inflation,interest and currency exchange rates; business or supply disruptions; securitythreats, such as acts of sabotage, terrorism or war, weather events and naturaldisasters; ability to protect and enforce the company’s intellectual propertyrights; successful integration of acquired businesses and separation ofunderperforming or non-strategic assets or businesses, including timelyrealization of the expected benefits from the separation of PerformanceChemicals. The company undertakes no duty to update any forward-lookingstatements as a result of future developments or new information.
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