220 Year-Old American Corporation Announces It Will Break Up

DuPont de Nemours, an American chemical company founded in 1802, has announced its plans to split into three different companies.

In an announcement, DuPont revealed that the company plans to spin off its water and electronics business into its own companies, which are yet to be named.

DuPont shared that the breakup will be finalized within 18 to 24 months.

In the announcement, DuPont also revealed DuPont’s chief financial officer, Lori Koch, will take over as DuPont’s CEO, replacing current CEO Ed Breen.

A 220-year-old American corporate powerhouse is breaking uphttps://t.co/SnhI4sRQfF

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For more information, please click here:  https://t.co/LOuJbB0kPb pic.twitter.com/R7S7kujRk3

— DuPont (@DuPont_News) May 22, 2024

Announced today, DuPont’s Executive Chairman and CEO Ed Breen will transition to full time Executive Chairman. Lori Koch has been named DuPont’s Chief Executive Officer. Antonella Franzen has been named DuPont’s Chief Financial Officer, effective June 1.https://t.co/TR0gS73kdQ pic.twitter.com/T4R2kwyytt

— DuPont (@DuPont_News) May 22, 2024

Check out what CNN reported:

DuPont de Nemours, the American multinational chemical company that traces its history back to 1802, announced plans to split into three publicly traded companies on Wednesday.

The company plans to spin off its electronics and water businesses into their own yet-to-be-named companies in a transaction that is tax-free to shareholders. DuPont said it expects to complete the breakup transactions within the next 18 to 24 months, and it is subject to final approval by DuPont’s board of directors.

The announcement also included a shakeup in leadership: Effective June 1, DuPont’s chief financial officer, Lori Koch, will step into the CEO role. DuPont’s current CEO, Ed Breen, will stay on as executive chairman. Koch will remain CEO of the new, slimmed-down DuPont once the spin-offs are complete, according to the company.

DuPont de Nemours Inc. plans to split into three publicly traded companies, joining a list of industrial conglomerates seeking to boost returns by breaking into smaller, more focused businesses.

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Per DuPont:

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.”