DuPont Appoints Two New Members to the Board of Directors
DuPont, Wilmington, DE/USA, has appointed Edward D. Breen and James L. Gallogly as independent Directors to its Board, effective immediately.
The appointments of Mr. Breen and Mr. Gallogly have been made in anticipation of two current DuPont directors, Curtis J. Crawford and Richard H. Brown, transitioning off of the DuPont Board to serve initially as consultants to The Chemours Company, and then as directors of Chemours upon completion of its separation from DuPont. Upon separation, Mr. Brown will serve as non-executive chairman of Chemours.
Edward D. Breen (58) currently serves as chairman of the Board of Directors of Tyco International plc. As chairman and CEO from July 2002 until September 2012, Mr. Breen led the revival of Tyco and over the course of his tenure, oversaw the repayment of over USD20 billion in debt and delivered 703 % total return to shareholders, significantly outperforming the 215 % total return of the S&P 500 over the same period.
Mr. Breen currently serves on the Board of Comcast and is a member of the Advisory Board of New Mountain Capital LLC, a private equity firm, and also serves on the Board of Trustees of Grove City College.
James L. Gallogly (62) previously served as the chairman of the management board and chief executive officer of LyondellBasell Industries N.V. (LyondellBasell). In 2009, he was appointed CEO of LyondellBasell, four months after the company filed for Chapter 11 bankruptcy. Mr. Gallogly guided the company out of bankruptcy within a year and upon relisting, delivered a 593 % total return to shareholders, before announcing his retirement, relative to the 82 % total return of the S&P 500 over the same period.
DuPont Chair and Chief Executive Officer Ellen Kullman said, “Both Ed and Jim are well-known for their outstanding records of performance and we are looking forward to adding their perspectives and experience to the change initiatives under way to deliver the next great era of innovation-driven growth at DuPont.”
“We thank Curt and Dick for their years of important contributions to DuPont’s Board. We know they will serve the Chemours Board with distinction, bringing that same drive and focus to help the management of Chemours attain their goals.”
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