DuPont Chairman And CEO Ellen Kullman Retires

Ellen Kullman instantaneous withdrawal as chair and ceo…

DuPont board member Edward Breen will reportedly take her place as interim CEO while they search for a full time replacement. Ms Kullman transformed DuPont by shedding the auto paint and chemicals businesses and acquiring food-ingredient maker Danisco.

Since its founding in Delaware more than 200 years ago, DuPont has been the hallmark Delaware business, employing tens of thousands of Delawareans. DuPont shares soared on news that its CEO would step down.

DuPont CEO Ellen Kullman, who had been at the chemical giant for almost three decades, had ran it for almost seven years, and had recently survived a brutal fight with an activist investor, chose to leave her job on her own, according to a source. Peltz supported expanded cost cuts, including research and development projects that can’t easily be tied to profits, and urged the board to consider splitting the company into smaller units. The company said it will earn around 25% of its expected second-half operating earnings in the third quarter.

The company says it now sees operating EPS for the full-year of $2.75, down from a prior $3.10, chiefly due to foreign exchange and the continuing strength of the dollar. The consensus estimate is for EPS of $3.19. It did not detail its actions but said it would finalize its cost-cutting plans in the fourth quarter. The company cited the strengthening of the USA dollar, as well as poor demand for crop protection and seed products, especially in Brazil.

Dupont CFO Nick Fanandakis said, “As macro conditions have deteriorated further, we are intensifying our effort to offset these pressures with further productivity improvements and cost savings, while making disciplined and targeted investments in innovation to increase value for shareholders over the long term”.

DuPont will hold a conference call and webcast on Monday, October 5, 2015, at 5:00 pm EDT to discuss this news release.