DuPont has announced in a press release that its board of directors have named Edward D. Breen as the company's permanent chairman and CEO effective immediately.
Breen has served as the company's interim chairman and CEO since October 16, 2015, and joined the company's board in February 2015.
Alexander M. Cutler, the lead independent director at DuPont, said in the press release that Breen brings to the company an "exceptional track record of business leadership and value creation."
"As a DuPont board member and interim chair and CEO, Ed has rapidly and actively engaged in advancing the transformation of DuPont," he said. "The board has concluded he is the right leader for the company."
Breen adds in the press release that he is looking forward to continuing working closely with the DuPont team and its board of directors.
"In the near-term, we are staying very close to our customers to deliver the value enhancing solutions they expect from DuPont innovation - even as we work with urgency to improve shareholder returns," he said.
The Wall Street Journal adds that investors expect Breen to bring major changes to the agriculture-and-chemicals conglomerate.
They are expecting Breen to go ahead with the plans to reduce cost in the company as it faces deep challenges in its main markets.
The Wall Street Journal adds that investors are also expecting Breen will potentially pursue deals for the company.
They are looking for deals that could transform DuPont, who makes Pioneer corn seeds and Kevlar fibers.
The Wall Street Journal adds that people familiar with the matter has said that the top executives of activist investor Trian Fund Management also supports Breen's appointment.
Trian conveyed their support during a meeting last month with DuPont's board.
DuPont said in the press release that Breen has served as the CEO of Tyco International Plc from 2002 to 2012.
During his tenure, he oversaw the design and implementation of the comprehensive action plan that transformed Tyco to the strong market leader that it is today.
Prior to joining Tyco, Breen held senior management positions at Motorola, including president and CEO, according to the press release.
He also held senior management positions at General Instrument Corporation, including as chairman, president and CEO.
