DuPont Forms Board of Directors for DuPont Textile
Wilmington, DE, May 1--DuPont has formed a board of directors for DuPont Textiles & Interiors (DTI), which began operating as a wholly owned subsidiary of DuPont in February. Effective May 1, the board will have full operating responsibility for DTI.
Richard R. Goodmanson, DuPont executive vice president and chief operating officer, will serve as chairman of DTI. He will be joined on the board by Charles O. Holliday, DuPont CEO and chairman; Gary M. Pfeiffer, DuPont chief financial officer; and Steven R. McCracken, who will become president of DuPont Textiles & Interiors, Inc. All members of the DTI leadership team will report to McCracken.
"I am very pleased that Steve McCracken will serve as president of DTI. His 28 years of DuPont experience and his knowledge of both our business and the textile fibers industry are particularly strong assets in Steve's expanded leadership role for DTI," said Goodmanson.
McCracken was formerly group vice president of DTI, an evolution of the DuPont Apparel & Textile Sciences business created in January 2001. Previously, as managing director of DuPont Lycra in Europe, McCracken oversaw strong business growth and the building of a powerful consumer brand franchise. Also, during his five years as head of DuPont Surfaces, the business achieved record growth levels based on innovation, segmentation and brand building.
DuPont also announced that George F. MacCormack, presently group vice president of DTI Intermediates, will become group vice president of strategic projects for DuPont. He has more than 35 years of company service and has served as group vice president for both DuPont chemicals and polyester. MacCormack also has led other businesses and functions throughout his career.
In February 2002 DuPont announced its intent to separate DTI by the end of 2003, market conditions permitting. DuPont continues to consider all options to separate DTI, including an Initial Public Offering (IPO).
On March 19, DuPont announced its intent to make a tender offer for the 24% of the shares of DuPont Canada that it does not already own. DTI comprises a substantial portion of DuPont Canada's business and operations. The tender offer was issued to all DuPont Canada stockholders of record on April 17.
"The DTI separation work continues to proceed according to plan," said Goodmanson. "The formation of a DTI board of directors is confirmation of our progress in ensuring DTI's long term success."
"I am confident that the journey we're on will be successful, building on the DuPont legacy, creating an exciting place for our employees to work, and delivering new value to our customers and investors," McCracken said.
