DuPont Announces Mark Vergnano will be CEO of New Performance Chemicals
Separation of Performance Chemicals on Track for 2Q 2015
WILMINGTON, Del., Jan. 9, 2014
WILMINGTON, Del., Jan. 9, 2014 /PRNewswire/ --DuPont today announced
Executive Vice President Mark P. Vergnano will serve as CEO of the new,
independent $7 billion Performance Chemicals company after its separation from
DuPont, which is expected to occur in second quarter 2015. BC Chong and
Thierry F.J. Vanlancker will continue to respectively lead the Titanium
Technologies and Chemicals & Fluoroproducts businesses within Performance
"Establishing the core leadership of the new Performance Chemicals company is
a key milestone in creating two strong yet distinct companies that deliver
maximum value for our shareholders," said DuPont Chair and CEO Ellen Kullman.
"The appointments of Mark, BC and Thierry reflect the importance of ensuring
top industry leadership is solidly in place as we advance and execute our
plan. They have a wealth of industry experience and insight, bringing a deep
passion and commitment for customers, employees and shareholders."
Vergnano, 55, is currently Executive Vice President of DuPont and his
responsibilities include oversight of the Performance Chemicals segment since
2009. With 33 years' experience at DuPont, Vergnano has held a diverse range
of business, manufacturing and technical leadership positions around the world
– including leading several global businesses. He is a member of the board of
directors of Johnson Controls, Inc. and the U.S. National Safety Council.
"Performance Chemicals has talented and experienced employees, and valuable
customer and partner relationships worldwide. I am honored to be named to this
position and I look forward to growing the value of the new company for our
shareholders," Vergnano said. "After separation, Performance Chemicals will be
a leading global industrial company with industry-leading products and strong
cash flow. We have an outstanding legacy to build on for the future."
As president of the Titanium Technologies business, Chong, 52, possesses deep
knowledge of the growing Asia Pacific marketplace with most of his 25 years at
DuPont based in that region. Chong has been assigned to a variety of business,
sales and operations leadership positions before leading the Titanium
Technologies business for the last three years.
Vanlancker, 49, has served DuPont for 26 years in a wide range of business and
sales leadership assignments since joining the company in 1988 in Belgium. In
leading the Chemicals & Fluoroproducts business, Vanlancker brings more than a
decade of experience in managing fluoro-based businesses as well as strong
global marketplace insights.
In October, DuPont announced its intention to separate its Performance
Chemicals segment through a tax-free spin-off to shareholders, resulting in
two standalone companies:
oDuPont will advance its unique integrated capabilities in biology,
chemistry and materials science to further strengthen its industry-leading
positions in agriculture and nutrition, bio-based industrials and advanced
materials. Specifically, DuPont will continue to leverage its exceptional
science capabilities across secular growth markets in food, energy, and
protection, delivering shareholder value through revenue and earnings
oAfter separation, Performance Chemicals will operate as an independent,
publicly traded company. It will have world leading businesses in Titanium
Technologies and Chemicals & Fluoroproducts, well-established positions in
attractive markets, and strong cash flow generation. The Performance
Chemicals segment generated about $7 billion in 2012 revenues.
DuPont (NYSE: DD) has been bringing world-class science and engineering to the
global marketplace in the form of innovative products, materials, and services
since 1802. The company believes that by collaborating with customers,
governments, NGOs, and thought leaders we can help find solutions to such
global challenges as providing enough healthy food for people everywhere,
decreasing dependence on fossil fuels, and protecting life and the
environment. For additional information about DuPont and its commitment to
inclusive innovation, please visit http://www.dupont.com.
Forward-Looking Statements: This news release contains forward-looking
statements which may be identified by their use of words like "plans,"
"expects," "will," "believes," "intends," "estimates," "anticipates" or other
words of similar meaning. All statements that address expectations or
projections about the future, including statements about the company's growth
strategy, product development, regulatory approval, market position,
anticipated benefits of acquisitions, outcome of contingencies, such as
litigation and environmental matters, expenditures and financial results, are
forward-looking statements. Forward-looking statements are not guarantees of
future performance and are based on certain assumptions and expectations of
future events which may not be realized. Forward-looking statements also
involve risks and uncertainties, many of which are beyond the company's
control. Some of the important factors that could cause the company's actual
results to differ materially from those projected in any such forward-looking
statements are: fluctuations in energy and raw material prices; failure to
develop and market new products and optimally manage product life cycles;
significant litigation and environmental matters; failure to appropriately
manage process safety and product stewardship issues; changes in laws and
regulations or political conditions; global economic and capital markets
conditions, such as inflation, interest and currency exchange rates; business
or supply disruptions; security threats, such as acts of sabotage, terrorism
or war, weather events and natural disasters; ability to protect and enforce
the company's intellectual property rights; and successful integration of
acquired businesses; and separation of underperforming or non-strategic assets
or businesses. The company undertakes no duty to update any forward-looking
statements as a result of future developments or new information.
Contact: Anthony Farina, 302-773-4418, firstname.lastname@example.org
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