DuPont CEO: Pleased With Proxy Vote, Will Continue To Engage With Trian
The results of the highly anticipated proxy vote between E I Du Pont De Nemours And Co (NYSE: DD) and hedge fund Trian Partners are out, and it seems shareholders chose to reaffirm their faith in DuPont's CEO Ellen Kullman by giving her the majority, rather than activist investor Nelson Peltz.
Kullman was on CNBC after the proxy vote to discuss her engagement with Trian Partners and whether she plans to go forward with any of their recommendations.
Pleased With The Outcome
"We have spent a lot of time with our shareholders over the last few months and days, and we have received a lot of good feedback," Kullman said. "And we were very encouraged by what they said.
"But in these kind of situations, you never know. And so we are pleased with the outcome, and I think it's been a really good opportunity for us to engage with our shareholders and understand how they think."
Kullman was asked what her engagement with Trian Partners founder Nelson Peltz has been like. She replied, "We engaged with Trian as we have engaged with all of our shareholders – very openly and telling our story and understanding where they are coming from."
She went on, "We will continue to engage with them in a very constructive way. We will continue to focus on delivering value for our shareholders. I mean, it's hard for us to predict the future, but I think that the focus of all of us is on the creation of that shareholder value and the stronger company going forward."
Further Spin Offs?
On whether she plans to break off DuPont further into separate companies as suggested by Peltz, Kullman said, "We have really focused on their four white papers, in which they have engaged with the board in a four-way split up, a three-way split up and now a two-way split up.
"As we look at it today, that would be value-destructive for the company," Kullman concluded.
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