As expected, DuPont has appointed interim CEO Edward Breen permanently to the top job. Following the abrupt departure of former CEO Ellen Kullman in mid-October, Breen was also named chairman of the company’s board of directors, which he joined in February, and charged with the task of finding Kullman’s successor. The turnaround specialist is believed to have the support of activist investor Nelson Peltz, who is also the company’s biggest shareholder.
As head of Tyco from 2002 to 2012, Breen’s legacy is the breakup of the scandal-ridden US conglomerate into six standalone companies, His appointment is likely to be a sign that DuPont’s board of directors is considering more radical steps than it did previously, one analyst commented. Over the past week, the US chemical giant has announced the consolidation of several polymers businesses and confirmed it is talking to rivals about its agriculture business, with media reports pointing to Syngenta or Dow Chemical.
