He previously held the positions on an interim basis, after the resignation of Ellen Kullman last month.
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Breen, as interim CEO, had already started planning changes at DuPont. Breen has said he will revisit the company’s budget allocation.
DuPont, which has faced sliding sales for almost two years, has been looking to save about $1.6 billion annually by 2017. Nelson Peltz’s Trian Fund Management, which lost a proxy battle for DuPont’s board seats in May, has said DuPont can save $2 billion-$4 billion in annual costs by separating its volatile materials businesses from its more stable businesses. Up to Friday’s close, the stock had gained 29 percent since October 5, when Kullman stepped down.
The new CEO may choose to break DuPont up into smaller companies.
“I look forward to continuing to work closely with the team at DuPont and with the board of directors to deliver fully on that potential for our customers and our shareholders”, Breen said in a statement released Monday, in announcing the board of director decision. “The board has concluded he is the right leader for the company”. As Tyco’s CEO from 2002 to 2012, he split into six companies the sprawling conglomerate that was beset by scandal and strategic flipflops. Breen broke up Tyco while focusing on fire-detection and security systems, tripling investors’ money during his decade at the helm.
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DuPont shares slipped a penny to $66.10 in premarket trading two hours before the market open on Monday.
