DuPont Rejects Activist Investor

DuPont has named two new board directors in an attempt to trump Trian Partners, the activist hedge fund led by Nelson Peltz that is trying to place four of its own directors on DuPont’s board. DuPont has appointed James L. Gallogly and Edward D. Breen to replace two directors who are resigning to serve on the board of DuPont’s chemical spin-off, Chemours. Gallogly retired last year as CEO of LyondellBasell Industries. Breen is chairman of Tyco International. Peltz’s four nominees include himself. In a letter to Peltz, DuPont CEO Ellen J. Kullman explained that DuPont rejected three of his nominees but offered to support one if Peltz would support DuPont’s two new directors. “We are disappointed that you refused to consider any path forward that did not involve putting you personally on the board,” she noted.