We can’t talk about power moves this month without talking about DuPont.
The science and technology conglomerate announced last week that it is breaking up into three separate, more focused companies.
This month’s edition of Power Moves also includes developments in publishing, startup accelerators, a pitch competition, and a few executive appointments.
DuPont announces a three-way split, executive shuffling
Within the next two years, DuPont will transition into New Dupont, with two spinoffs comprising the company’s water and electricity businesses. All three will be publicly traded companies. This move follows a trend of major conglomerates breaking up into smaller, more focused companies.
Over the last decade, DuPont has gone through some big changes. That includes the Dow/DuPont merger in 2015 that lasted for just a couple of years, but heavily impacted Delaware as the company sold off its Wilmington office buildings, the Hotel du Pont and DuPont Country Club, most to the Wilmington-based Buccini Pollin Group.
In 2019, DowDuPont finalized its own three-way split, resulting in a “new” Dow, a “new” Dupont, and Corteva, a DuPont agricultural spinoff. DuPont chemical spinoff Chemours built its STAR Campus research and development site the same year, informally dubbed DuPont’s “rebirth.”
Even before the changes take effect, The latest DuPont breakup rearranged the company’s top leadership.
Former CEO Ed Breen shifted to chairman of the board. Former DuPont Chief Financial Officer (CFO) Lori Koch named new CEO and former CFO of the Water & Protection segment Antonella Franzen named as the new company CFO. This executive team is expected to lead New DuPont after the breakup.
Executives for the water and electricity spinoffs will be named as the breakup nears its finalization.
More power moves:
- Garry Johnson III, University of Delaware alum, entrepreneur and cofounder of Bison Venture Partners — and onetime Technical.ly contributor — Partners published his first book, “The Ghetto VC.” It’s a step-by-step guide on investing like a venture capitalist.
- CAFE Fintech accelerator completed its inaugural cohort with a demo day on May 30.
- The second Bronze Valley VentureLab cohort in Wilmington held its Showcase on May 8.
- Startup302 featured five Delaware startups in its final round, including Futures First Gaming, Dunya Analytics, HouseCall VR, Tri State 3D and Bed Ledge.
- UD Assistant Professor of Entrepreneurship Duygu Phillips and co-authors published a paper titled “From modesty to market: shareholder reactions to humility rhetoric in family and nonfamily firms under media scrutiny” in the Small Business Economics Journal.
- WSFS Financial Corporation named former Citigroup executive David Burg as chief financial officer.
- Diamond Technologies, Inc. named 25-year IT professional Glen Gray as its new director of business development.
