DuPont Announces Leadership Transition

Estimated reading time: 3 minutes

DuPont announced that its Board of Directors has selected Lori D. Koch, DuPont's Chief Financial Officer, to succeed Edward D. Breen as the company's Chief Executive Officer. Effective June 1, 2024, Mr. Breen will transition from the role of CEO to full-time Executive Chairman of the Board of Directors. Additionally, Ms. Koch is expected to join the Board of Directors at its next regularly scheduled meeting in June.

Also, effective June 1, 2024, Antonella B. Franzen, Chief Financial Officer of DuPont's Water and Protection segment is appointed DuPont's Chief Financial Officer.

"As Executive Chairman and CEO of DuPont, Ed Breen has guided the company through a significant chapter of transformation and value creation. We are grateful for his leadership," said Alexander M. Cutler, DuPont's Lead Independent Director. "The Board believes that Lori Koch is an ideal leader for the next phase of the company's journey and is pleased that Ed will continue serving as a trusted partner to her."

"I am delighted that Lori will serve as DuPont's next CEO," said Mr. Breen. "She has had a tremendous impact as CFO, helping us navigate the unprecedented challenges of the past few years while positioning the company for long-term success. I'm confident that her leadership capability and vision will further accelerate DuPont's transformation and growth."

"Additionally, Antonella will be terrific as DuPont's next CFO," continued Mr. Breen. "I've known her for many years, and she'll be a strong partner to Lori in delivering financial excellence."

"I am honored to be appointed as the next CEO of DuPont, and I'm excited about our company's future," Ms. Koch said. "It's been a privilege to have worked side-by-side with Ed these past several years, and I look forward to working with him, Antonella, and our DuPont colleagues around the world in continuing to drive value for our customers, employees, shareholders, and communities."

2024 Financial Outlook

DuPont reaffirms its second quarter and full year 2024 financial guidance for net sales, operating EBITDA and adjusted EPS as provided on May 1, 2024 as part of its first quarter earnings release.

Biographical Information

Lori D. Koch has served as DuPont's Chief Financial Officer since February 2020. Prior to that, Ms. Koch served as the Company's Vice President, Investor Relations and Corporate Financial Planning & Analysis. She previously served as Director of Investor Relations of E. I. du Pont de Nemours and Company (EID), Global Finance Director of EID's Performance Materials business, and Global Finance Manager for various EID businesses. Additionally, she currently serves as a director of Actylis, a New Mountain Capital LLC portfolio company, and is on the Board of Visitors of the Smeal College of Business at Penn State University.

Edward D. Breen has served as Executive Chairman and Chief Executive Officer of DuPont since 2020. He previously served as Chief Executive Officer of DowDuPont and prior to the merger of DuPont and Dow, was Chairman and CEO of E. I. du Pont de Nemours and Company. Previously, he served as Chairman and CEO of Tyco International, President of Motorola, and as Chairman, President, and CEO of General Instrument Corporation. Also, Mr. Breen is lead independent director of Comcast Corporation and a member of the advisory board of New Mountain Capital LLC.

Antonella B. Franzen has served as the Chief Financial Officer of the Water & Protection segment since 2022. Before joining DuPont, Ms. Franzen was Vice President, Chief Investor Relations and Communications Officer at Johnson Controls International. Before the merger of Tyco International with Johnson Controls, she held various roles of increasing responsibility at Tyco, including leading investor relations, corporate finance and external reporting. She began her career with PwC, providing assurance advisory services to large multinational public companies in the industrial and pharmaceutical sectors.  Antonella currently serves on the board of JELD-WEN Holding, Inc.