DuPont Ousts CEO, CFO

The company says it did not meet its own expectations in 2019.

Du Pont Istock

WILMINGTON, Del. (AP) β€” DuPont Co. said Tuesday that its executive chairman is assuming the duties of CEO.

Ed Breen will replace Marc Doyle as chief executive effective immediately, the company said. The move is part of a plan to tap Breen's management experience and speed up improvements in DuPont's operations, according to a company statement.

β€œWhile we made some progress in 2019, we did not meet our own expectations and we now need to move aggressively to secure our foundation for growth,” Breen said in a prepared statement.

Breen said he will step down as a director of Corteva Agriscience because of his increased responsibilities. Corteva was spun off last year after DuPont's merger with Dow Chemical.

In another personnel move, Lori D. Koch, vice president of investor relations and corporate financial planning, is replacing Jeanmarie Desmond as DuPont's chief financial officer.

β€œAfter careful consideration, the board concluded now is the right time to make these leadership changes, including restoring Ed to the chief executive role to draw more directly on his substantial operating experience," lead independent director Alexander Cutler said in a prepared statement. "The board is confident that together Ed and Lori will improve operational performance and ensure DuPont fully delivers on its significant potential for long-term value creation.”

The company said Nick Fanandakis, former DuPont CFO, will serve as senior adviser to Breen.

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