DowDuPont (NYSE: DWDP) has named the senior leaders for its agriculture division, which will be spun-off as a condition of the massive merger between Dow and DuPont. Corteva Agriscience, which officials say will have a significant presence at the Dow AgroSciences campus on the northwest side of Indianapolis, will be led by current ag division Chief Operating Officer James Collins.
The merger of Dow and DuPont closed a year ago.
Collins previously served as head of DuPont’s ag business, which included oversight of the DuPont Pioneer and Crop Protection units. DowDuPont ag division Head of Finance Greg Friedman will be Corteva’s executive vice president and chief financial officer and ag division Head of Legal Cornel Fuerer will serve as senior vice president and general counsel for the ag-focused, independent Corteva.
Collins said "I am privileged to lead Corteva on behalf of all the important stakeholders we serve every day. Our combined rich history, balanced portfolio, and deep connections to our customers give me enormous confidence in Corteva’s future as a focused, pure-play agriculture company. We will compete and succeed by delivering to farmers the most innovative products and value-added services in our industry. I could not be more proud to lead such a highly qualified team who are committed to accelerating innovation, executing operational efficiencies, and creating exceptional solutions for customers to grow our business and enhance value for shareholders."
Three independent companies will be created as a result of merger conditions, including Corteva, a new version of DuPont focusing on specialty products, and a business focused on material sciences. The board of directors for each is expected to be announced at the end of next month.
Ed Breen, current chief executive officer of DowDuPont, will be the executive chairman of the new DuPont, which is expected to launch June 1.