Liberum Management Change
Dupont Co. DD (NYSE) the hug chemical manufacturer has shown American industry how succession planning at the top should be managed. Today the company announced that Charles Holliday, a 38 year veteran of the firm and the company’s CEO for the last ten years, will be stepping down as of January 1. The board announced that Holliday will be replaced at the time by Ellen Kullman. Kullman currently is an executive vice president and a member of Dupont’s office of the chief executive. She has been with the firm since 1988. According to Reuters,
“Kullman has been groomed for the top position over the last two years,”
Kullman will be named president and director on October 1. Both Kullman’s background and great success at the firm appear to make her a great fit for the CEO position. According to an AP story,
Revenue in the company’s safety and protection segment increased from $3.5 billion to $5.5 billion while she was group vice president from 2002 to 2006.
Dupont’s succession planning may ultimately serve as a case study for large firms. Keep a close eye on Kullman as she moves to succession and takes over the reins of one of the largest chemical companies in the world.For more:Delaware OnlinePortfolio.comMarketWatchBloomberg