Ellen Kullman, chair and CEO of DuPont speaks on a panel about sports and leadership, forty years after Title IX to share how sports helped them become leaders to Fortune’s Most Powerful Women Summit in Laguna Niguel, California October 2, 2012.
Edward Breen, who was named to DuPont’s board in February, will serve as Kullman’s interim replacement while the company searches for a permanent successor.
DuPont said it now projects operating profit of $2.75 a share for the year, down from its prior projection of $3.10 a share, citing the impact on the stronger USA dollar and continued weakening of agricultural markets, mainly Brazil. Mr. Peltz had sought more changes, including the possibility of splitting the company further.
In June, DuPont shareholders rejected Peltz’s contentious campaign for seats on the board of the 213-year-old company. “DuPont’s board thanked Kullman for her “highest standard for integrity and commitment” during her her 27 years with the company”. But recently, DuPont’s run into trouble. Chemours has struggled since its separation, and slashed the dividend DuPont had assigned it. Its shares have declined 64% since its first trading day. However, in May, the company fended off the Trian Fund and was able to re-elect all 12 members of the DuPont board. In return, DuPont has been experiencing a reduced demand for crop protection products.
Trian, DuPont’s fifth-biggest shareholder since before May’s proxy fight, boosted its stake, co-founder Ed Garden said in an interview with CNBC Monday.
Shares of DuPoint are down 25% over the last six months.
Breen succeeded Kozlowski, who was convicted of looting millions of dollars from his company.
In a statement, Kullman said, “Over the past seven years, with the dedication of our entire team, we have transformed this great company by focusing our portfolio, streamlining the organization, and driving innovation that leverages our unique science and engineering capabilities”. Prior year operating earnings were $3.36 and $0.96 per share for the full year and second-half 2014, respectively.