The board of directors of Dupont already engaged the services of an executive recruitment team to find a full-time executive to replace Kullman as permanent Chairman and CEO.
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Concerning the appointment of Breen as interim Chairman and CEO, Cutler said he is well-suited to lead Dupont given his record of achievement and broad experience.
Kullman took the reins of DuPont as its first woman CEO during the depths of the recession and transformed the company by shedding the auto-paint and chemicals businesses and acquiring food-ingredient maker Danisco.
Late Monday, the company said Ellen Kullman, who in May prevailed in a drawn-out proxy battle with activist investor Nelson Peltz’s Trian Fund Management, will leave the company.
Breen joined the DuPont board earlier this year as part of Kullman’s response to criticism that her board was insular and was failing to demand more profits.
Peltz wanted more influence in the company, saying it had fallen short of its potential.
“The DuPont story is far from over”, he said in the interview. Trian declined comment on Kullman’s exit.
Edward Breen, the man taking over the helm at beleaguered DuPont Co., is best known for helping Tyco worldwide recover from scandal and then breaking it up.
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.
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The chemical and crop company, which is struggling with the strong USA dollar and weakening agricultural markets in Brazil and other emerging markets, slashed its earnings forecast for the second time this year. The average estimate of eight analysts in a Bloomberg survey was $US3.04. For additional information see the investor center at http://www.dupont.com. Its shares had been down 27 percent so far this year through Monday. She also had $US25 million in outstanding stock and option awards, which would continue to vest on schedule after she retires, the filing shows.
