DuPont CEO Kullman retiring effective Oct. 16

6 Oct 2015 | Author: | No comments yet »

CompaniesDuPont shares pop on abrupt CEO Kullman retirement.

Despite lowering its full-year earnings outlook, DuPont shares popped in after hours trading as the company said its chief executive will retire next week. She’s recently sparred with Nelson Peltz, the billionaire activist investor, who had been pushing for the break up of the blue-chip company and for seats on the company’s board. Trian Fund Management co-founder Nelson Peltz has called for deep cost cuts and a breakup of the 213-year-old company, a strategy Kullman criticized as costly and high risk. The board plans on hiring an executive recruitment agency to help find a new chief. “…With a strong foundation in place now is the right time for a new leader to continue to drive the pace of change to capitalize fully on the opportunity ahead,” Ms Kullman said.

Trian still believes DuPont assets would be worth more after a breakup, because the resulting smaller companies would have greater “focus” and “accountability” and better operating results, Trian co-founder Ed Garden said in an interview with CNBC on Monday.

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