Ed Breen to
Transition to Executive Chair Role; Lori Koch Named Chief Executive
Officer; Antonella Franzen Named Chief Financial Officer
WILMINGTON, Del., May 22, 2024
/PRNewswire/ -- DuPont (NYSE: DD) today announced that its Board of
Directors has selected Lori D. Koch,
DuPont's Chief Financial Officer, to succeed Edward D. Breen as the company's Chief Executive
Officer. Effective June 1, 2024, Mr.
Breen will transition from the role of CEO to full-time Executive
Chairman of the Board of Directors. Additionally, Ms. Koch is
expected to join the Board of Directors at its next regularly
scheduled meeting in June.
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.
"As Executive Chairman and CEO of DuPont, Ed Breen has guided the company through a
significant chapter of transformation and value creation. We are
grateful for his leadership," said Alexander M. Cutler, DuPont's Lead Independent
Director. "The Board believes that Lori
Koch is an ideal leader for the next phase of the company's
journey and is pleased that Ed will continue serving as a trusted
partner to her."
"I am delighted that Lori will serve as DuPont's next CEO," said
Mr. Breen. "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,"
continued Mr. Breen. "I've known her for many years, and she'll be
a strong partner to Lori in delivering financial excellence."
"I am honored to be appointed as the next CEO of DuPont, and I'm
excited about our company's future," Ms. Koch said. "It's been a
privilege to have worked side-by-side with Ed these past several
years, and I look forward to working with him, Antonella, and our
DuPont colleagues around the world in continuing to drive value for
our customers, employees, shareholders, and communities."
2024 Financial Outlook
DuPont reaffirms its second quarter and full year 2024 financial
guidance for net sales, operating EBITDA and adjusted EPS as
provided on May 1, 2024 as part of
its first quarter earnings release.
Biographical Information
Lori D. Koch has served as
DuPont's Chief Financial Officer since February 2020. Prior to that, Ms. Koch served as
the Company's Vice President, Investor Relations and Corporate
Financial Planning & Analysis. She previously served as
Director of Investor Relations of E. I. du Pont de Nemours and
Company (EID), Global Finance Director of EID's Performance
Materials business, and Global Finance Manager for various EID
businesses. Additionally, she currently serves as a director of
Actylis, a New Mountain Capital LLC portfolio company, and is on
the Board of Visitors of the Smeal College of Business at
Penn State University.
Edward D. Breen has served as
Executive Chairman and Chief Executive Officer of DuPont since
2020. He previously served as Chief Executive Officer of DowDuPont
and prior to the merger of DuPont and Dow, was Chairman and CEO of
E. I. du Pont de Nemours and Company. Previously, he served as
Chairman and CEO of Tyco International, President of Motorola, and
as Chairman, President, and CEO of General Instrument Corporation.
Also, Mr. Breen is lead independent director of Comcast Corporation
and a member of the advisory board of New Mountain Capital LLC.
Antonella B. Franzen has served
as the Chief Financial Officer of the Water & Protection
segment since 2022. Before joining DuPont, Ms. Franzen was Vice
President, Chief Investor Relations and Communications Officer at
Johnson Controls International. Before the merger of Tyco
International with Johnson Controls, she held various roles of
increasing responsibility at Tyco, including leading investor
relations, corporate finance and external reporting. She began her
career with PwC, providing assurance advisory services to large
multinational public companies in the industrial and pharmaceutical
sectors. Antonella currently serves on the board of JELD-WEN
Holding, Inc.
About DuPont
DuPont (NYSE: DD) is a global
innovation leader with technology-based materials and solutions
that help transform industries and everyday life. Our employees
apply diverse science and expertise to help customers advance their
best ideas and deliver essential innovations in key markets
including electronics, transportation, construction, water,
healthcare and worker safety. More information about the company,
its businesses and solutions can be found at www.dupont.com.
Investors can access information included on the Investor Relations
section of the website at investors.dupont.com.
DuPont™ and all products, unless otherwise noted,
denoted with TM, SM or ® are
trademarks, service marks or registered trademarks of affiliates of
DuPont de Nemours, Inc.
Cautionary Statement about Forward-looking
Statements
This communication contains
"forward-looking statements" within the meaning of the federal
securities laws, including Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. In this context, forward-looking statements often
address expected future business and financial performance and
financial condition, and often contain words such as "expect,"
"anticipate," "intend," "plan," "believe," "seek," "see," "will,"
"would," "target, "outlook," "stabilization," "confident,"
"preliminary," "initial," and similar expressions and variations or
negatives of these words. All statements, other than statements of
historical fact, are forward-looking statements, including
statements regarding outlook, expectations and guidance.
Forward-looking statements address matters that are, to varying
degrees, uncertain and subject to risks, uncertainties, and
assumptions, many of which that are beyond DuPont's control, that
could cause actual results to differ materially from those
expressed in any forward-looking statements. Forward-looking
statements are not guarantees of future results. Some of the
important factors that could cause DuPont's actual results to
differ materially from those projected in any such forward-looking
statements include, but are not limited to: (i) the risks
relating to the planned successions, including disruptions and
uncertainties related thereto; (ii) the ability of the
appointees to have the desired level of experience and
expertise; (iii) the potential impact on
DuPont's business and future strategic
direction resulting from the successions; (iv)
DuPont's ability to retain key members of senior management;
(v) negative effects of the announcement of the planned successions
on the market price of DuPont's securities and/or on the financial
performance of DuPont; (vi) the ability to achieve anticipated tax
treatments in connection with completed and future, if any,
divestitures, mergers, acquisitions and other portfolio changes and
the impact of changes in relevant tax and other laws; (vii) risks
and uncertainties related to the settlement agreement concerning
PFAS liabilities reached June 2023
with plaintiff water utilities by Chemours, Corteva, EIDP and
DuPont; (viii) risks and costs related to each of the parties
respective performance under and the impact of the arrangement to
share future eligible PFAS costs by and between DuPont, Corteva and
Chemours, including the outcome of any pending or future litigation
related to PFAS or PFOA, including personal injury claims and
natural resource damages claims; the extent and cost of ongoing
remediation obligations and potential future remediation
obligations; changes in laws and regulations applicable to PFAS
chemicals; (ix) indemnification of certain legacy liabilities; (x)
the failure to realize expected benefits and effectively manage and
achieve anticipated synergies and operational efficiencies in
connection with completed and future, if any, divestitures,
mergers, acquisitions, and other portfolio management, productivity
and infrastructure actions;(xi) the risks and uncertainties,
including increased costs and the ability to obtain raw materials
and meet customer needs from, among other events, pandemics and
responsive actions; (xii) timing and recovery from demand declines
in consumer-facing markets, including in China; (xiii) adverse changes in worldwide
economic, political, regulatory, international trade, geopolitical,
capital markets and other external conditions; and other factors
beyond DuPont's control, including inflation, recession, military
conflicts, natural and other disasters or weather-related events,
that impact the operations of the company, its customers and/or its
suppliers; (xiv) the ability to offset increases in cost of inputs,
including raw materials, energy and logistics; (xv) the risks
associated with demand and market conditions in the semiconductor
industry and associated end markets, including from continuing or
expanding trade disputes or restrictions, including on exports to
China of U.S.-regulated products
and technology; (xvi) the risks, including ability to achieve, and
costs associated with DuPont's sustainability strategy, including
the actual conduct of the company's activities and results thereof,
and the development, implementation, achievement or continuation of
any goal, program, policy or initiative discussed or expected;
(xvii) other risks to DuPont's business and operations, including
the risk of impairment; (xviii) the possibility that the Company
may fail to realize the anticipated benefits of the $1 billion share repurchase program announced on
February 6, 2024 and that the program
may be suspended, discontinued or not completed prior to its
termination on June 30, 2025;
and (xix) other risk factors discussed in DuPont's most recent
annual report and subsequent current and periodic reports filed
with the U.S. Securities and Exchange Commission. Unlisted factors
may present significant additional obstacles to the realization of
forward-looking statements. Consequences of material differences in
results as compared with those anticipated in the forward-looking
statements could include, among other things, business or supply
chain disruption, operational problems, financial loss, legal
liability to third parties and similar risks, any of which could
have a material adverse effect on DuPont's consolidated financial
condition, results of operations, credit rating or liquidity. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. DuPont assumes no
obligation to publicly provide revisions or updates to any
forward-looking statements whether as a result of new information,
future developments or otherwise, should circumstances change,
except as otherwise required by securities and other applicable
laws.
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SOURCE DuPont
