USA – The global biosciences company, DuPont has appointed the company’s current Executive Chairman Edward D. Breen to the additional role of Chief Executive Officer.
The company has also appointed Lori D. Koch, Vice President of Investor Relations and Corporate Financial Planning and Analysis, as the new Chief Financial Officer. Both appointments are effective immediately.
DuPont’s Board of Directors said that it made these leadership changes to accelerate operational performance improvement and to more directly tap Ed Breen’s significant management experience.
As a result of the appointments, Marc Doyle and Jeanmarie Desmond, who have served as CEO and CFO respectively, will depart the company.
“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.
“The Board is confident that together Ed and Lori will improve operational performance and ensure DuPont fully delivers on its significant potential for long-term value creation,” said Alexander M. Cutler, DuPont’s lead independent director.
Ed Breen has served as the Executive Chairman of DuPont since the separation in June 2019 and previously served as Chief Executive Officer of DowDuPont since 2017.
Prior to the merger of DuPont and The Dow Chemical Company, Breen was Chairman and CEO of DuPont since 2015.
Over the past 5 years, Breen has driven significant performance improvements across DuPont’s businesses, negotiated one of the most transformative mergers in the industry to create DowDuPont, and subsequently launched three industry-leading independent companies.
Prior to his time with DuPont, Breen served as Chairman and CEO of Tyco International during a which he revived the company from near bankruptcy and rebuilding the company’s brand and credibility.
Lori Koch has been working with the company for over 17 years. Koch has held finance leadership roles with increasing responsibility spanning business units, the science and technology organization and corporate functions.
She led finance for several multi-billion-dollar business units including Packaging & Industrial Polymers, Performance Polymers and Performance Materials before becoming head of Investor Relations and Corporate Financial Planning and Analysis.
Over the last four years she has worked closely with Ed Breen and played a principal role in strategy, planning and shareholder engagement across the DowDuPont transaction and subsequent split into three new independent companies.
In line with the appointments, the company also said that it will continue to advance its recently initiatives to assure that its organizational and cost structures are right sized to reflect the ongoing portfolio changes.
To ensure this initiative maintains the right level of rigor, Nick Fanandakis, former DuPont CFO, will serve as Senior Advisor to the CEO with a focus on driving the restructuring effort.
DuPont believes that Fanandakis’ deep knowledge of its businesses and his proven ability to create shareholder value will ensure the company is better positioned to drive sustainable growth and profitability over the long term