Hedge fund wants leadership changes at Corteva

Starboard Value, a hedge fund and investor in Corteva Agriscience, is pressing for leadership changes at the firm, which spun out of the merger of Dow and DuPont in 2019. According to Starboard, Corteva has not achieved the cost savings expected from combining Dow and DuPont businesses, and its profit margin lags behind those of competitors such as Bayer and FMC. In a letter to Corteva’s board, Starboard advocates replacing CEO Jim Collins and bringing on eight new board members. “A litany of missed promises and unforced errors have furthered our conviction that current leadership is ill-equipped to maximize the value of Corteva’s assets,” the letter says.