“We thank Ellen for her extraordinary leadership as chair and CEO of DuPont”, said DuPont lead independent director Alexander Cutler.
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Ellen Kullman is stepping down as CEO and chairman of DuPont Co. on October. 16, while the Wilmington-based chemical giant has decreased its earnings outlook for the year.
Edward Breen, a member of the DuPont board, will assume the role of interim CEO, DuPont said on Monday.
“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”.
In her statement, Kullman sought to paint her departure as a triumph, saying the company has been successfully reorganized after the spin-offs of its Axalta (auto paint) and Chemours (titanium dioxide pigments) units, and “now is the right time for a new leader to continue to drive the pace of change”.
Kullman has been with DuPont since 1988. That marked the second breakup in four years.
Breen was named interim chairman and chief executive officer of DuPont eight months after becoming a director during the first round of a clash with Trian Fund Management LP over splitting the company.
AT&T will cut 201 jobs at a Houston call center in response to a “reduction in workload”, the company said in a letter to the Texas Workforce Commission.
DuPont on Monday cut its forecast for full-year profit, citing weaker agriculture markets in Brazil and the dollar’s strength against the real.
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In addition, the company lowered its 2015 EPS guidance to $2.75 from $3.10. A source close to the company said the decision to leave had been Kullman’s. The consensus estimate is for EPS of $3.19. While that impact on the state and the state’s workforce has diminished in recent decades, DuPont remains a major player in the state’s economy and business community. The enlarged $1.6 billion savings target would still only get DuPont part of the way there.
