DuPont Announces CEO and Non-Executive Chair for the Planned Independent Electronics Company
DuPont Announces CEO and Non-Executive Chair for the Planned Independent Electronics Company |
| [17-March-2025] |
Intended spin-off of Electronics remains on track for November 1, 2025, completion WILMINGTON, Del., March 17, 2025 /PRNewswire/ -- DuPont (NYSE:DD) today announced Jon Kemp, President, DuPont Electronics & Industrial will be the Chief Executive Officer and a member of the board of directors for the future independent Electronics public company that will be created following its intended spin-off from DuPont. As a focused independent company, Electronics will be a global leader in materials and technology solutions for the semiconductor and electronics industries.
"Jon is a great choice for the CEO of the future Electronics company," said Ed Breen, DuPont Executive Chairman. "With his proven leadership and extensive experience in the electronics sector, Jon is uniquely positioned for the role. I believe his ability to drive growth and generate returns will ensure that as a pure-play, public company, Electronics will continue to create shareholder value." "For decades, our team has focused on driving innovations that advance the electronics industry," said Jon Kemp. "We are entering a pivotal time where advanced computing and connectivity will require new technologies and integrated solutions. As a leader in materials science and engineering, the future Electronics company will be a vital partner in advancing our customers' growth strategies. I am proud to be part of this journey and lead the team as we take this next leap forward." Michael Stubblefield, President & CEO of Avantor, will become Chairman of the board of directors for the planned independent Electronics public company, effective with the spin-off. "Michael is a proven executive with a wealth of global management experience," said Alexander M. Cutler, DuPont's Lead Independent Director. "He is well-versed in technology and customer-centric innovation and will be a strong partner with Jon as we launch this exciting new company." DuPont intends to appoint a Chief Financial Officer for the future Electronics company who will be an external hire with a proven track record of performance at a publicly traded company. Biographical Information Over a two-decade career with DuPont, Jon Kemp has been focused on driving strategic business growth from his early roles in business development and marketing to commercial and business leadership positions. During the DowDuPont merger, he was the head of strategy, M&A and procurement for the Specialty Products Division. For the past six years Mr. Kemp has served as President of the $6 billion Electronics & Industrial segment within DuPont. He serves on the International Board of Directors for SEMI, where he chairs the Board of Industry Leaders. He holds a Bachelor of Arts in Economics from the University of Utah and an MBA from the Darden School of Business at the University of Virginia. Michael Stubblefield is President and CEO of Avantor, a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. Prior to joining Avantor in 2014, Mr. Stubblefield was a Senior Expert for the Chemicals Practice of McKinsey & Company, a management consulting firm, from 2013 to 2014. Previously, he held a variety of leadership roles at Celanese Corporation, a technology and specialty materials company, from 1994 to 2012. He holds a Bachelor of Science in Chemical Engineering from the University of Utah, as well as an M.B.A. from Texas A&M University-Corpus Christi. Click here to download Media Kit. About DuPont DuPont™ and all products, unless otherwise noted, denoted with ™, SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc. 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 U.S. Securities and Exchange Commission, applicable regulatory approvals and satisfactory completion of financing. 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 U.S. Securities and Exchange Commission. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
SOURCE DuPont | ||
Company Codes: NYSE:DD |
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