DuPont Announces Board of Directors for the Planned Independent Electronics Company
Rhea-AI Summary
DuPont (NYSE:DD) has announced the board members for its planned independent Electronics company, set to be created through a spin-off targeted for November 1, 2025. The Electronics Board will consist of nine members, with Michael Stubblefield, President and CEO of Avantor, serving as Chairman, and Jon Kemp, current President of DuPont's Electronics division, as CEO and director.
Three current DuPont board members will transition to the Electronics Board: Terrence R. Curtin (CEO of TE Connectivity), Steven M. Sterin (Senior Advisor to McKinsey), and Dr. Kristina M. Johnson (former President of The Ohio State University). Two additional independent directors have been announced: Byron Green (former VP of Global Operations at L3Harris Technologies) and Dr. Shumeet Banerji (founder of Condorcet, LP). The remaining independent directors will be named later.
Positive
- Strategic board composition with expertise in technology, innovation, and global business management
- Experienced leadership with Michael Stubblefield as Chairman and Jon Kemp as CEO
- Strong mix of industry veterans and technology experts on the board
Negative
- Board composition still incomplete with remaining independent directors yet to be named
- Execution risks associated with the corporate spin-off process
News Market Reaction
On the day this news was published, DD declined 0.69%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Directors bring strong mix of industry expertise, diverse leadership experience and perspectives
"As we prepare the Electronics business to become an independent public company, we're assembling a board with a deep understanding of technology and innovation-led growth strategies," said Alexander M. Cutler, DuPont's Lead Independent Director. "The future board members announced today are highly accomplished leaders with capabilities spanning capital allocation, corporate governance, and global business management. Together this strong mix of capabilities will position the future Electronics company to achieve its growth potential and drive shareholder value creation."
As previously announced, Michael Stubblefield, President and CEO of Avantor, will serve as Chairman of the Electronics Board.
Jon Kemp, President of the Electronics division of DuPont and CEO-elect of the future Electronics company, will serve as a director.
Following the completion of the separation, three current members of the DuPont board of directors will move to the Electronics Board as independent directors. They are:
Terrence R. Curtin, a DuPont director since June 2019, is currently CEO and Board Member of TE Connectivity, a global technology leader in connectivity and sensor solutions.
Steven M. Sterin, a DuPont director since June 2019, is currently a Senior Advisor to McKinsey & Company and was the Chief Financial Officer of Andeavor from 2014 until the merger of Andeavor with Marathon Petroleum Company in October 2018.
Dr. Kristina M. Johnson, a DuPont director since May 2022, served as the President of The Ohio State University from September 2020 until May 2023 and was Under Secretary of Energy at the
Two additional independent directors have been announced as members of the future Electronics Board:
Byron Green served as Vice President of Global Operations for L3Harris Technologies, a global aerospace and defense technology company from July 2019 to February 2025.
Dr. Shumeet Banerji is the founder of Condorcet, LP an advisory and investment firm focused on early and development stage technology companies and served as CEO of Booz & Company from 2008 to 2012.
The remaining independent directors will be named at a later date following an in-depth search process.
"As we seek to lead a new era of advanced computing and connectivity, the future Electronics company will be well-prepared with a best-in-class board," said Kemp. "The group we have assembled are bold innovators and fresh thinkers who will play a critical role in shaping our strategic direction and strengthening our position as a leader in the electronics industry. I look forward to their partnership and guidance as we leverage our leading-edge technologies and deep customer relationships to drive innovation in attractive high-growth markets."
About DuPont
DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.
DuPont™, the DuPont Oval Logo, and all trademarks and service marks denoted with ™, SM or ® are owned by affiliates of DuPont de Nemours, Inc. unless otherwise noted.
On January 15, 2025, DuPont announced it is targeting November 1, 2025, for the completion date for the intended separation of the Electronics business (the "Intended Electronics Separation"). The Intended Electronics Separation will not require a shareholder vote and is subject to satisfaction of customary conditions, including final approval by DuPont's Board of Directors, receipt of tax opinion from counsel, the filing and effectiveness of a Form 10 registration statement with the
Cautionary Statement about Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target, "outlook," "stabilization," "confident," "preliminary," "initial," and similar expressions and variations or negatives of these words. All statements, other than statements of historical fact, are forward-looking statements, including statements regarding outlook, expectations and guidance. Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements.
Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) the ability of DuPont to effect the Intended Electronics Separation and to meet the conditions related thereto; (ii) the possibility that the Intended Electronics Separation will not be completed within the anticipated time period or at all; (iii) the possibility that the Intended Electronics Separation will not achieve its intended benefits; (iv) the impact of Intended Electronics Separation on DuPont's businesses and the risk that the separation may be more difficult, time-consuming or costly than expected, including the impact on DuPont's resources, systems, procedures and controls, diversion of management's attention and the impact and possible disruption of existing relationships with customers, suppliers, employees and other business counterparties; (v) the possibility of disruption, including disputes, litigation or unanticipated costs, in connection with the Intended Electronics Separation; (vi) the uncertainty of the expected financial performance of DuPont or the separated company following completion of the Intended Electronics Separation; (vii) negative effects of the announcement or pendency of the Intended Electronics Separation on the market price of DuPont's securities and/or on the financial performance of DuPont; (viii) the ability to achieve anticipated capital structures in connection with Intended Electronics Separation, including the future availability of credit and factors that may affect such availability; (ix) the ability to achieve anticipated credit ratings in connection with the Intended Electronics Separation; (x) the ability to achieve anticipated tax treatments in connection with the Intended Electronics Separation and completed and future, if any, divestitures, mergers, acquisitions and other portfolio changes and the impact of changes in relevant tax and other laws; and (xi) other risk factors discussed in DuPont's most recent annual report and subsequent current and periodic reports filed with the
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SOURCE DuPont
FAQ
When is DuPont's Electronics division expected to complete its spin-off?
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