- After about four years in the position
- Praise and thanks for Breen
- Lori Koch taking over
- Breen will remain as Executive Chairman at DuPont
- Breen said 79 words
(exechange) — Wilmington, Delaware, May 22, 2024 — Ed Breen, chief executive of DuPont, leaves his position. As announced by DuPont de Nemours Inc. in a news release and in a regulatory filing published on Wednesday, May 22, 2024, Edward D. (Ed) Breen leaves his post as chief executive officer at the chemical company, after about four years in the role, effective June 1, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Ed Breen’s duties as CEO will be taken over by Lori D. Koch, currently Chief Financial Officer at DuPont de Nemours Inc.
Also, effective June 1, 2024, Antonella B. Franzen, Chief Financial Officer of DuPont’s Water and Protection segment is appointed DuPont’s Chief Financial Officer.
On May 22, 2024, DuPont also issued a press release announcing a plan to separate into three distinct, publicly-traded companies.
Breen will remain as Executive Chairman at DuPont
DuPont stated: “Effective June 1, 2024, Mr. Breen will transition from the role of CEO to full-time Executive Chairman of the Board of Directors.”
“Not the result of any disagreement”
DuPont stated, regarding the change: “Such leadership transition is not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.”
Share price increase since May 2023
The announcement follows an increase in DuPont de Nemours Inc.’s share price of 15% since May 2023.
In the position of CEO since 2020
Ed Breen became CEO of the Company in 2020.
Breen has served as the Executive Chairman of the Board of Directors of DuPont since June 1, 2019 and as Chief Executive Officer since February 17, 2020.
Prior to his current role, Breen served as the Chief Executive Officer of DowDuPont from September 1, 2017 to May 31, 2019.
Breen was named Interim Chairman of the EID Board and Chief Executive Officer on October 16, 2015, and assumed those roles permanently on November 9, 2015.
He served as Chairman, from July 2002 to March 2016, and Chief Executive Officer, from July 2002 to September 2012, of Tyco International, plc, a leading global provider of security products and services, fire detection and suppression products and services and life safety products.
Prior to joining Tyco, Breen held senior management positions at Motorola, including as President, and General Instrument Corporation, including as Chairman, President and Chief Executive Officer. Breen serves as a director of Comcast Corporation (since 2014 and 2005 to 2011).
Breen is a member of the Advisory Board of New Mountain Capital LLC, a private equity firm.
Breen previously served as a director of Corteva from June 2019 to April 2020 and of IFF from February 2021 to May 2023.
Breen served as a director of EID from February 2015 to September 2017, a director of DowDuPont from September 2017 to June 2019, and a director of DuPont since June 2019.
79 words by Ed Breen
In the release announcing his departure as CEO of DuPont de Nemours Inc., Ed Breen received praise and thanks.
In the release announcing his departure as CEO, Ed Breen said 79 words.
“Further accelerate DuPont’s transformation and growth”
Ed Breen stated: “I am delighted that Lori will serve as DuPont’s next CEO. She has had a tremendous impact as CFO, helping us navigate the unprecedented challenges of the past few years while positioning the company for long-term success. I’m confident that her leadership capability and vision will further accelerate DuPont’s transformation and growth. Additionally, Antonella will be terrific as DuPont’s next CFO. I’ve known her for many years, and she’ll be a strong partner to Lori in delivering financial excellence.”
The above text is an excerpt from the exechange report 22.2024 ($), publication date May 27, 2024.