DowDuPont's Edward Breen will be the top executive at the new DuPont come next year.
DowDuPont Inc. (DWDP) - Get Report announced on Monday, Sept. 17 that Chief Executive Officer Edward Breen would become executive chairman of the specialty products business, following the company's separation into three companies.
The chemicals giant, which was formed last year as the result of the $130-billion-merger between Dow Chemical Co. and DuPont, plans to separate into three publicly-traded companies. The company's agriculture division will become Corteva Agriscience; the materials science division will be called Dow; and, the specialty products division will be the new DuPont.
Upon completion of the separations, Breen will move into the executive chairman role at the new DuPont and Marc Doyle, the current chief operating officer of the specialty products division, will become the CEO. Doyle joined DuPont as a research engineer in 1995 and then moved into roles focusing on new business development, marketing, strategic planning and business management. The new DuPont is to be separated by June 2019.
Meanwhile, James Collins Jr., the current COO for the agriculture division, will become CEO of Corteva, which is also expected to be spun off by June 2019. Collins has been with DuPont since 1984, and his work in the agriculture business began 34 years ago with manufacturing, as a sales representative and product manager, the company said.
The company, which is based in both Midland, Michigan, and Wilmington, Delaware, also reaffirmed that Jim Fitterling would become CEO of the new Dow, which is expected to be separated by April 2019.
"Marc and Jim are highly qualified executives who have an unparalleled depth of knowledge and expertise in their respective businesses," Breen said in a statement. "I am confident they are the right leaders to drive each company forward and capitalize on the tremendous value creation opportunity ahead for all our stakeholders - including shareholders, customers, employees, and partners."
With the leadership structure largely in place, the boards of directors of the three future companies are expected to be finalized and announced by the end of October, DowDuPont said in a statement.
Shares of DowDuPont rose 0.7% to $69.09 at 10:10 a.m. New York time.
-- This story has been updated to reflect that Collins is the COO of the agriculture division, not the specialty products division.