Ellen Kullman, the CEO of the chemical company DuPont, said Monday that she will retire on Oct. 16. The announcement follows falling stock prices as the company struggles in the global economy.
Edward Breen, a DuPont board member, will serve as Kullman’s interim replacement.
NPR’s Chris Arnold reports on the leadership change.
“As the CEO of DuPont, Ellen Kullman ranked as No. 26 on the Forbes list of the World’s 100 Most Powerful Women. But recently, DuPont’s run into trouble. Brazil, for example, is a big customer and with it’s weakening currency, it’s not buying as many agricultural chemicals. DuPont’s stock was recently down nearly 40 percent from a peak in March. The falling stock value led to calls from powerful investors to break up the 200-year-old company. Ellen Kullman has so far resisted that pressure for a breakup. But she said in a statement it’s time for a new leader. DuPont’s board thanked Kullman for her ‘highest standard for integrity and commitment’ during her her 27 years with the company.”
On Monday DuPont revised its operating earnings outlook, according to The Wall Street Journal.
“The company again slashed its projection for operating profit for the year to $2.75 a share, down from its prior projection of $3.10 a share, which had already been cut in July.”