DuPont de Nemours, the industrial materials-maker that emerged from the $120 billion megamerger of Dow Chemical Co. and DuPont Co., fired its chief executive and finance chief amid lackluster performance
The Wilmington, Del.-based company said in a statement that the moves were made to “accelerate operational performance improvement.” The company’s board named Edward Breen, the former DuPont CEO who led the company into the merger, announced in 2015, as the new top executive, effective immediately.
“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 company statement. For 2019, the company’s revenue slipped 4.8% to $21.5 billion, while net income fell 85% to $600 million, according to a DuPont regulatory filing with the U.S. Securities and Exchange Commission. Jonas Oxgaard, an analyst at investment management firm Sanford C. Bernstein & Co., said that the impact of nylon demand on DuPont’s results came as a surprise to investors and could have been better communicated before the negative news.
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