DuPont CEO steps down
DuPont Co., which has been in an ongoing battle with activist Nelson Peltz to boost the company’s stock price, announced Monday that CEO Ellen Kullman will retire.
DuPont said Kullman will retire on Oct. 16 after 27 years with the company. Edward Breen, a member of the board of directors, will take over as interim chair and CEO while the board searches for a full-time replacement, USA Today reported.
DuPont also lowered its expectations for operating earnings for the year to $2.75 a share, compared with prior guidance of $3.10. The company said the revised outlook reflects continued “strengthening of the U.S. dollar versus currencies in emerging markets.”
Shares of the Wilmington, Del.-based parent of DuPont Pioneer rose 4 percent to close at $51.27 a share on the news.
In May, Kullman defeated efforts by Peltz, the billionaire chairman of restaurant chain Wendy’s, to win board seats. Peltz wanted seats on the board to better position himself to push for changes that he said would boost company’s stock price, such as splitting the company into several pieces.
Kullman was the first female CEO in DuPont history. She first joined the company as a marketing manager in the late 1980s.
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