Shares of chemical and coatings and industrial products maker DuPont (DD) - Get Report gained on Tuesday after the company announced that former CEO and current Executive Chairman Edward Breen was taking over as CEO again.
DuPont stock edged higher, rising to $53.84 in trading on Tuesday, after the company's board announced the leadership changes, which also include promoting vice president of investor relations Lori Koch to the chief financial officer post.
Marc Doyle and Jeanmarie Desmond, who had been serving as CEO and financial chief, respectively, will depart effective immediately, DuPont said.
Breen has been behind the company’s restructuring that began in 2015 and more recently involved agreeing to a $26.2 billion merger with International Flavors & Fragrances (IFF) - Get Report – part of DuPont's long-term plan to streamline its portfolio, cut costs and boost profits.
IFF makes fragrances and flavors that are used in everything from food to household and personal care products.
Its stock has slowly been on the rise since as analysts have expressed confidence in its ability to calibrate its offerings and control expenses. However, it has not moved as quickly or efficiently as investors and as the company itself had wanted or expected.
"While 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 statement.
"We have solid businesses, but, as we discussed on our recent earnings call, we need to accelerate operational improvement and make sure we are taking appropriate action to deliver on our commitments for the year."