DuPont CEO Ellen Kullman To Retire, Cuts Outlook; Shares Up

(RTTNews) - Chemicals giant EI DuPont De Nemours & Co. (DD) or DuPont Co. Monday said its Chairman and Chief Executive Officer Ellen Kullman will retire from the company on October 16.

Edward Breen has been appointed to take over the role of Chairman and CEO on an interim basis, while the Board has appointed a recruitment firm to search for a full-time replacement.

Looking forward, the company also lowered its earnings outlook to $2.75 per share from prior outlook of $3.10 per share.

The company said it lowered its outlook largely due to continued strengthening of the U.S. dollar and a further weakening of agricultural markets, primarily in Brazil.

Financial Chief Nick Fanandakis said, "As macro conditions have deteriorated further, we are intensifying our effort to offset these pressures with further productivity improvements and cost savings, while making disciplined and targeted investments in innovation to increase value for shareholders over the long term."

The company announced that it is accelerating, by one year, its operational redesign cost saving actions and as result, expects to achieve $1.3 billion of savings on a run rate basis by the end of 2016.

DD closed Monday's regular trading at $51.28, up $2.02 or 4.10%, on the NYSE. The stock further gained $2.82 or 5.50% in the after-hours trade.