DuPont victorious in longrunning board battle
DuPont has won its longrunning battle with hedge fund Trian about the direction of the company after shareholders voted to keep the board in place.
Trian had sought four seats, suggesting the company would be more efficient if it were broken up.
However, Dupont’s chair, Ellen Kullman, said it was investing in research and development which she believed the best way to generate income in the long term.
Shareholders backed all 12 directors nominated by the US chemical conglomerate's management.
“We are pleased with the outcome of the vote and especially appreciate the strong expressions of support from so many of our shareholders for our strategic transformation and the continued execution of our plan,” said Ms Kullman.
“We look forward to continuing to do what DuPont does best: connecting our science to the marketplace to help our customers find innovative solutions for complex problems – and translating this into compelling and sustainable value for our shareholders.”
Trian has not issued a statement on the decision, but said it would be keeping a “close eye” on DuPont.
