Wilmington, DE, Jan. 23--DuPont Co. Chief Financial Officer Gary Pfeiffer will assume operating responsibility for the Invista unit until the completion of the unit's sale to Koch Industries Inc.
Pfeiffer, 53, will take on this role in addition to his current assignment.
Invista President Steven R. McCracken, 50, will be placed on a special assignment until completion of the sale, science company DuPont said in a press release Thursday.
McCracken will continue to provide support during the sale process, after which he will leave the company to pursue other interests, a company spokesman explained.
In November, DuPont agreed to sell Invista, its textile and interiors unit, to privately owned Koch, Wichita, KS, for $4.4 billion in cash.
DuPont expects to close the sale in the first half of the year. It received clearance for the sale from the U.S. Federal Trade Commission a month ago and from the European Commission on Wednesday.
DuPont is selling Invista as part of its $900 million cost-cutting and repositioning program. The sale comes after years of decline in the U.S. textile industry, due largely to weak demand and foreign competition.
