DuPont Names CEO for Electronics Unit to be Spun Off

Key Takeaways

• Jon Kemp has been named as the CEO of DuPont’s Electronics division, which will be spun off this fall into a separate publicly-traded company.
• Kemp currently is the President of DuPont's Electronics & Industrial division.
• The spin-off is scheduled to begin on Nov. 1.

DuPont (DD), two months after deciding to rethink its plan to split into three, announced on Monday who would lead the unit that will be spun off in November.

The maker of specialty materials and chemicals said Jon Kemp, currently President of the DuPont Electronics & Industrial division, will become CEO and board member of the future independent Electronics public company.

In addition, DuPont said Michael Stubblefield, President and CEO of health technology provider Avantor (AVTR), would be Chair of the new company.

Kemp noted that the world is entering a "pivotal time where advanced computing and connectivity will require new technologies and integrated solutions," and the future firm "will be a vital partner in advancing our customers' growth strategies."

DuPont recently decided not to also spin off water unit

DuPont had originally planned to also shed its Water unit, but it reversed that decision in January, explaining that after it had "evaluated all strategic alternatives," it determined that the best way to generate value for the segment would be by keeping it as part of the parent firm.

DuPont shares opened Monday morning slightly higher. The stock price is up about 5% over the last year.