DowDuPont announces Boards of Directors of the three future independent companies: Dow, DuPont and Corteva 1st November 2018
DowDuPont today announced the members of the future boards of directors of Dow, DuPont, and Corteva Agriscience, establishing strong governance structures that will support the long-term value creation of each independent company.
Jeff Fettig, executive chairman of DowDuPont, said, “The establishment of highly qualified boards is a critical milestone for the three industry-leading growth companies we are creating. Using a rigorous and thorough process, we have formed boards with diverse perspectives and experience to oversee the execution of the value creation strategy of each future company. I have confidence in these board members, and look forward to their contributions at Dow, DuPont, and Corteva Agriscience.”
Ed Breen, chief executive officer of DowDuPont, said, “These board members have been working closely with the management teams, defining strategy, building efficient organizational structures, and overseeing value capture and execution. They bring the optimal mix of experience in capital allocation, global business management, and industry-specific expertise to help prepare the independent companies for sustainable success and drive shareholder value creation.”
DowDuPont remains on track to separate the Materials Science division (Dow) by April 1, 2019, and the Agriculture (Corteva Agriscience) and Specialty Products (DuPont) divisions by June 1, 2019. The current composition of each board of directors is as follows:
Jeff Fettig, who will serve as non-executive chairman of the board of Dow, said, “The Dow board is comprised of highly accomplished, well-rounded individuals who are fully aligned with the new Dow’s disciplined, focused and market-oriented approach. With a balanced mix of new perspectives, strong leadership experience, deep industry knowledge, and capital allocation expertise, the Dow board brings together the full range of experience and skills required to oversee the execution of Dow’s strategy. The new Board is energized around its mission to work with Jim Fitterling and Dow’s executive leadership team to drive superior performance and sustained value creation for our customers and shareholders.”
- Jeff M. Fettig, executive chairman and co-lead independent director of DowDuPont, and chairman, Whirlpool Corp. (future non-executive chairman of Dow)
- Ajay Banga, president and chief executive officer, MasterCard Incorporated
- Jacqueline K. Barton, Arthur and Marian Hanisch Memorial professor of Chemistry, California Institute of Technology
- James A. Bell, former executive vice president, corporate president and chief financial officer, The Boeing Company
- Wesley G. Bush, chairman and chief executive officer of Northrop Grumman
- Richard K. Davis, chief executive officer of Make-A-Wish America (effective January 2, 2019) and former chairman and chief executive officer, U.S. Bancorp
- Jim Fitterling, chief operating officer of the Materials Science Division of DowDuPont and chief executive officer, The Dow Chemical Company
- Jacqueline Hinman, former chairman and chief executive officer of CH2M
- Dennis H. Reilley, non-executive chairman, Marathon Oil Corp.
- Ruth G. Shaw, former group executive, public policy and president, Duke Nuclear
- Daniel Yohannes, former ambassador to the Organisation for Economic Co-operation and Development
Ed Breen, who will serve as executive chairman of the board of DuPont, said, “It is a privilege to be joined by the exceptionally qualified executives who will comprise the DuPont board. DuPont will benefit from their deep experience and expertise as we drive innovation-led growth by providing the specialized solutions that enable our customers to bring new products to the marketplace, quickly and effectively. Having worked closely with Marc Doyle and the management team over the past few years, I am confident that together with this board, we will be positioned to build a world-class company and deliver sustainable shareholder returns.”
- Edward D. Breen, chief executive officer of DowDuPont (future executive chairman of DuPont)
- Ruby R. Chandy, former president of Industrial Division of Pall Corp.
- Alexander M. Cutler, co-lead independent director of DowDuPont and former chairman and chief executive officer of Eaton
- Marc Doyle, chief operating officer of the Specialty Products Division of DowDuPont and chief executive officer-elect of DuPont
- Eleuthère I. du Pont, former president and chief financial officer of Wawa and president of The Longwood Foundation
- Rajiv L. Gupta, chairman of APTIV PLC (formerly Delphi Automotive PLC) and former chairman and chief executive officer of Rohm & Haas
- Luther C. Kissam, IV, chairman, president and chief executive officer of Albemarle Corporation
- Raymond J. Milchovich, former chairman and chief executive officer of Foster Wheeler AG
- Steven Sterin, former executive vice president, chief financial officer of Andeavor and former president of Andeavor Logistics
For Corteva Agriscience
Greg Page, retired chairman and chief executive officer of Cargill Inc., will serve as non-executive chairman of the board of Corteva Agriscience. Mr. Page said, “I am thrilled to have the opportunity to lead the board of Corteva Agriscience, a global agriculture leader ideally equipped to help growers increase yield and feed the world through the most comprehensive, balanced, and innovative portfolio in the industry across seed, crop protection, and digital solutions. The board and I look forward to working with Jim Collins and the management team to ensure the company continues to serve the interests of all its important stakeholders by innovating constantly, operating efficiently, and creating increased value for its shareholders.”
- Greg Page, retired chairman and chief executive officer of Cargill, Incorporated (future non-executive chairman of Corteva)
- Lamberto Andreotti, former chairman of the board and chief executive officer of Bristol-Myers Squibb
- Edward D. Breen, chief executive officer of DowDuPont
- Robert A. Brown, president of Boston University
- James C. Collins Jr., chief operating officer of the Agriculture Division of DowDuPont and chief executive officer-elect of Corteva Agriscience
- Michael O. Johanns, retired United States senator
- Lois D. Juliber, former vice chairman of Colgate-Palmolive Company
- Lee M. Thomas, former chairman and chief executive officer of Rayonier Inc.
- Patrick J. Ward, chief financial officer of Cummins Inc.
The non-executive members of the future boards will continue to serve on the advisory committees of their respective divisions (Materials Science, Specialty Products, and Agriculture) until the boards become effective at the time of the separations.