DuPont today announced Executive Vice President Mark P. Vergnano will serve as CEO of the new, independent $7 billion Performance Chemicals company after its separation from DuPont, which is expected to occur in second quarter 2015. BC Chong and Thierry F.J. Vanlancker will continue to respectively lead the Titanium Technologies and Chemicals & Fluoroproducts businesses within Performance Chemicals.
“Establishing the core leadership of the new Performance Chemicals company is a key milestone in creating two strong yet distinct companies that deliver maximum value for our shareholders,” said DuPont Chair and CEO Ellen Kullman. “The appointments of Mark, BC and Thierry reflect the importance of ensuring top industry leadership is solidly in place as we advance and execute our plan. They have a wealth of industry experience and insight, bringing a deep passion and commitment for customers, employees and shareholders.”
Vergnano, 55, is currently Executive Vice President of DuPont and his responsibilities include oversight of the Performance Chemicals segment since 2009. With 33 years’ experience at DuPont, Vergnano has held a diverse range of business, manufacturing and technical leadership positions around the world – including leading several global businesses. He is a member of the board of directors of Johnson Controls, Inc. and the U.S. National Safety Council.
“Performance Chemicals has talented and experienced employees, and valuable customer and partner relationships worldwide. I am honored to be named to this position and I look forward to growing the value of the new company for our shareholders,” Vergnano said. “After separation, Performance Chemicals will be a leading global industrial company with industry-leading products and strong cash flow. We have an outstanding legacy to build on for the future.”
As president of the Titanium Technologies business, Chong, 52, possesses deep knowledge of the growing Asia Pacific marketplace with most of his 25 years at DuPont based in that region. Chong has been assigned to a variety of business, sales and operations leadership positions before leading the Titanium Technologies business for the last three years.
Vanlancker, 49, has served DuPont for 26 years in a wide range of business and sales leadership assignments since joining the company in 1988 in Belgium. In leading the Chemicals & Fluoroproducts business, Vanlancker brings more than a decade of experience in managing fluoro-based businesses as well as strong global marketplace insights.
In October, DuPont announced its intention to separate its Performance Chemicals segment through a tax-free spin-off to shareholders, resulting in two standalone companies:
DuPont will advance its unique integrated capabilities in biology, chemistry and materials science to further strengthen its industry-leading positions in agriculture and nutrition, bio-based industrials and advanced materials. Specifically, DuPont will continue to leverage its exceptional science capabilities across secular growth markets in food, energy, and protection, delivering shareholder value through revenue and earnings growth.
After separation, Performance Chemicals will operate as an independent, publicly traded company. It will have world leading businesses in Titanium Technologies and Chemicals & Fluoroproducts, well-established positions in attractive markets, and strong cash flow generation. The Performance Chemicals segment generated about $7 billion in 2012 revenues.