SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): September 27, 1995
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
1
Item 5. Other Events
In connection with Debt and/or Equity Securities that may be offered
on a delayed or continuous basis under Registration Statements on Form S-3
(No. 33-48128, No. 33-53327 and No. 33-61339), we hereby file the following
press release.
Contact: Kathleen H. Forte
(302) 773-4418
Susan E. Gaffney
(302) 774-2698
WILMINGTON, Del., Sept. 27 -- Edgar S. Woolard, Jr., DuPont chairman
and chief executive officer (CEO) since May 1989, will retire Dec. 31. He
will continue to serve as chairman of the company's Board of Directors.
Succeeding Woolard, 61, as chief executive officer will be Vice
Chairman John A. Krol. Krol will become president on Oct. 1 and chief
executive officer on Dec. 1. He has served as vice chairman since March 1992.
DuPont's Board of Directors approved the management changes today at its
regular meeting.
Krol, 58, will be the 17th CEO in DuPont's 193-year history.
Currently ranked 14th on the Fortune 500 list of U.S. industrial/service
companies, DuPont is a diversified chemicals, polymers, fibers and energy
company with 107,000 employees worldwide. About half of the company's nearly
$40 billion in sales are from outside the U.S.
"It's an opportune time to pass the baton to Jack Krol and the very
experienced and capable team who are poised to lead DuPont into its third
century," Woolard said. "The company is financially strong and highly
competitive in our markets of choice. I'm confident that Jack and the
leadership team have the creativity and determination to lead our company to
ever higher levels of global profitable growth."
"The significant changes accomplished during Ed Woolard's tenure
have facilitated the transition from the 'old' DuPont to the 'new' DuPont,"
Krol said. "We've evolved from a company with perennially underexploited
potential to a company that's committed to capitalize on its strengths to grow
profitably around the world. The best is yet to come."
Krol said he believes the company's growth objectives can be
achieved primarily through a combination of innovation and productivity.
"We will continue our strong focus on increasing shareholder value,"
Krol said. "While maintaining our momentum on productivity, we'll emphasize
innovation in everything that we do, building on the outstanding progress we
already have made."
2
Krol outlined his priorities as CEO in leading the company's
chemicals and energy businesses to sustained profitable growth:
o Focus research on core technologies to create and maintain
competitive advantage in cost, quality and innovation, both for
existing businesses and for new business opportunities;
o Accelerate profitable growth in high potential developing countries;
o Utilize alliances, joint ventures and acquisitions to accelerate
globalization and strengthen competitive position;
o Strengthen and build the company's customer base, utilizing the
enormous breadth of DuPont's assets, including a powerful corporate
and product brand franchise.
"We can accomplish these objectives only in an environment where all
employees feel valued and are motivated to contribute to their highest
potential," Krol said. "I'm fully committed to fostering such an environment
for all of our people."
Effective Oct. 1, the Office of the Chairman, which has respon-
sibility for the strategic direction and operations of all businesses, will
become the Office of the Chief Executive. Members include: Krol; Vice
Chairman Constantine S. Nicandros; and three newly named executive vice
presidents: Chief Financial Officer Charles L. Henry; Jerald A. Blumberg; and
Charles O. Holliday. Henry, Blumbaerg and Holliday are currently senior vice
presidents.
A native of Massachusetts, with bachelor's and master's degrees in
chemistry from Tufts University, Krol joined DuPont in 1963. He held a
variety of manufacturing, marketing and managerial positions in DuPont Fibers
before being named vice president of that business in 1983. In 1986 he was
appointed group vice president of DuPont Agricultural Products and later
senior vice president of that business. In 1990 he became senior vice
president of DuPont Fibers. Since his election as vice chairman in 1992, Krol
has had overall responsibility for DuPont's chemicals and specialties
businesses.
A native of North Carolina, Woolard joined DuPont in 1957 as an
industrial engineer. He held numerous manufacturing, marketing and managerial
positions in DuPont Fibers before being elected an executive vice president
and member of the Board of Directors in 1983. He was elected vice chairman in
1985, president and chief operating officer in 1987, and chairman and CEO in
1989. He has a bachelor's degree in industrial engineering from North
Carolina State University.
"Ed Woolard has made major contributions during what has arguably
been one of the most eventful periods in DuPont's long history," Krol said.
"Ed's forceful yet sensitive leadership during the company's reengineering and
3
his vision and tenacity in accomplishing the Seagram's stock redemption have
put the company in an enviable position as we face the competitive challenges
of the 21st Century. Ed also has been an influential force on international
and U.S. policy issues, a leading advocate for a stronger education system,
and a champion for integrating environmental protection with business
processes."
"We are indeed fortunate that Ed will continue as Chairman of the
Board and will be available to work with us in mapping a long-range growth
strategy for DuPont in the 21st century," Krol said. Woolard will continue to
chair the Board's Strategic Direction Committee.
DuPont is a research and technology-based global chemical and energy
company offering high-performance products based on chemicals, polymers,
fibers and petroleum. Committed to better things for better living, DuPont
serves worldwide markets in the aerospace, agriculture, apparel, automotive,
construction, electronics, packaging, refining and transportation industries.
Among DuPont's best know brands are "Teflon" fluoropolymer resins;
"SilverStone" non-stick finishes; "Lycra" spandex fiber; "Stainmaster"
flooring systems; "Kevlar" aramid fiber; "Tyvek" spunbonded olefin; and
"Corian" solid surface material.
9/27/95
Complete bios and photos of E. S. Woolard and J. A. Krol are available on
request.
4
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
------------------------------------
D. B. Smith
Assistant Controller
September 28, 1995
5