Current DuPont Directors Curtis J. Crawford and Richard H. Brown to Serve Important Roles on Board of Chemours
DuPont (NYSE: DD) today announced that it has appointed Edward D. Breen and James L. Gallogly as independent Directors to its Board, effective immediately.
The appointments of Mr. Breen and Mr. Gallogly have been made in anticipation of two current DuPont directors, Curtis J. Crawford and Richard H. Brown, transitioning off of the DuPont Board to serve initially as consultants to The Chemours Company ("Chemours"), and then as directors of Chemours upon completion of its separation from DuPont. Upon separation, Mr. Brown will serve as non-executive chairman of Chemours.
DuPont Chair and Chief Executive Officer Ellen Kullman said, "We thank Curt and Dick for their years of important contributions to DuPont's Board. They have brought valuable business insight and deep leadership and board experience that have helped contribute to the ongoing transformation of DuPont. Both Curt and Dick have been great colleagues and strong forces for progress. We know they will serve the Chemours Board with distinction, bringing that same drive and focus to help the management of Chemours attain their goals."
"Ed and Jim will bring their deep expertise and business acumen to an already highly distinguished DuPont Board as we continue the transformation of the company to deliver strong, sustainable growth and shareholder value," said Kullman. "Both Ed and Jim are well-known for their outstanding records of performance and we are looking forward to adding their perspectives and experience to the change initiatives under way to deliver the next great era of innovation-driven growth at DuPont."
Mr. Breen led the revival of Tyco and over the course of his tenure, oversaw the repayment of over $20 billion in debt and delivered 703 percent total return to shareholders, significantly outperforming the 215 percent total return of the S&P 500 over the same period. Mr. Gallogly took over the reins of LyondellBasell shortly after the company filed for Chapter 11 protection. Through a focus on operational excellence and highly effective cost management, Mr. Gallogly guided the company out of bankruptcy within a year and upon relisting, delivered a 593 percent total return to shareholders, before announcing his retirement, relative to the 82 percent total return of the S&P 500 over the same period.
Mr. Breen said, "DuPont is a company with strong corporate governance practices and a world-class Board comprised of proven leaders across global industries. I am excited about joining this Board, which has demonstrated active oversight of a strategy that is delivering results and positioning the company for future success. I look forward to bringing my experience to DuPont and am confident in the company's prospects for continued success and value creation."
Mr. Gallogly added, "I am honored to join the Board of Directors of DuPont, an iconic American company with a 200-year history of science and innovation. This is a critical and exciting time at DuPont, as the company continues to transform its portfolio and execute its comprehensive realignment. I look forward to working with my fellow directors and the management team to oversee the execution of these initiatives and to drive growth and generate value for all of the Company's shareholders."
