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.
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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™ 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.
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SOURCE DuPont