DowDuPont announced the senior leaders of the independent companies that will be created following the separation of its Agriculture (Corteva Agriscience) and Specialty Products (DuPont) Divisions, which is expected to occur by June 1, 2019.
In addition, the company announced that Ed Breen, chief executive officer of DowDuPont, will become executive chairman of DuPont following the separation.
The senior leaders of Corteva Agriscience include:
- James C. Collins, Jr., currently chief operating officer of the Agriculture Division, will be chief executive officer;
- Greg Friedman, currently head of finance for the Agriculture Division and vice president, DuPont Investor Relations, will be executive vice president, chief financial officer; and
- Cornel Fuerer, currently head of legal for the Agriculture Division, will be senior vice president, general counsel.
The senior leaders of DuPont include:
- Marc Doyle, currently chief operating officer of the Specialty Products Division, will be chief executive officer;
- Jeanmarie Desmond, currently head of finance for the Specialty Products Division and co-controller of DowDuPont, will be executive vice president, chief financial officer; and
- Erik Hoover, currently head of legal for the Specialty Products Division, chief compliance officer for DuPont, and assistant secretary for DowDuPont, will be senior vice president, general counsel.
In his full-time role as executive chairman of DuPont, Mr. Breen will work closely with the senior leadership team and focus on the company’s portfolio management strategy, capital allocation decisions, and, in conjunction with Marc Doyle, shareholder engagement. As CEO, Mr. Doyle will lead the organization and remain focused on business execution, growth initiatives, and further establishing a culture of innovation and operational discipline in order to maximize shareholder value. He will report to Mr. Breen.
“As we continue to make strong progress and build momentum toward the intended separations next year, we are pleased to announce the senior leadership teams that will take Corteva Agriscience and DuPont into the future,” said Ed Breen. “Over the past three years I have seen first-hand the ability of each of these leaders to develop and execute on their respective business strategies. They have successfully delivered growth, driven integration initiatives, and captured synergies, while also taking the steps needed to build world-class organizations that will position the independent companies to win in the marketplace.”
Mr. Breen continued, “Marc and Jim are highly qualified executives who have an unparalleled depth of knowledge and expertise in their respective businesses. I am confident they are the right leaders to drive each company forward and capitalize on the tremendous value creation opportunity ahead for all our stakeholders – including shareholders, customers, employees, and partners.”
Jim Collins said, “I am privileged to lead Corteva on behalf of all the important stakeholders we serve every day. Our combined rich history, balanced portfolio, and deep connections to our customers give me enormous confidence in Corteva’s future as a focused, pure-play agriculture company. We will compete and succeed by delivering to farmers the most innovative products and value-added services in our industry. I could not be more proud to lead such a highly qualified team who are committed to accelerating innovation, executing operational efficiencies, and creating exceptional solutions for customers to grow our business and enhance value for shareholders.”
“It is an honor to have the opportunity to lead the new DuPont, one of the premier innovation companies in the world,” said Marc Doyle. “We have an exceptional opportunity to shape our future by capitalizing fully on our disciplined approach to solving complex customer challenges with value-added specialized solutions that give our customers sustainable competitive advantage in the marketplace. I am confident in our team’s ability to continue to drive growth and results for customers and shareholders alike. I look forward to continuing to work closely with Ed in his role as executive chairman as our company benefits from his unique strategic and operational experience.”
As previously announced, Jim Fitterling will become chief executive officer, Howard Ungerleider will become president and chief financial officer, and Amy Wilson will become general counsel of Dow upon completion of the Materials Science Division’s separation from DowDuPont, which is expected to occur by April 1, 2019. The boards of directors of the three future companies are expected to be finalized and announced by the end of October 2018.