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Edward Breen will take over as CEO of chemical giant DuPont, after the company fell short of its 2019 expectations. Breen replaces veteran DuPont executive Marc Doyle, who is leaving the company eight months after being promoted to CEO.
Additionally, Lori Koch, VP of Investor Relations and Corporate Financial Planning and Analysis, has been named Chief Financial Officer.
Both appointments are effective immediately. As a result, Marc Doyle and Jeanmarie Desmond, who have served as CEO and CFO respectively, will depart the company.
Nick Fanandakis, another former DuPont CFO, will serve as Senior Advisor to the CEO with a focus on driving a restructuring effort.
The Board of Directors has made these leadership changes to accelerate operational performance improvement and to more directly tap Mr Breen's significant management experience.
"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," said Mr Breen. "We have solid businesses, but, as we discussed on our recent earnings call, we need to accelerate operational improvement and make sure we are taking appropriate action to deliver on our commitments for the year."