BURGER NAMED PRESIDENT OF DUPONT’S EUROPE UNI
NEW YORK — Daniel W. Burger has been named president of DuPont Europe, effective March 1.
Burger most recently was vice president of human resources at DuPont’s headquarters in Wilmington, Del. he will relocate to DuPont’s European headquarters in Geneva. He reports to Gerald Blumberg, chairman of DuPont Europe.
DuPont hasn’t had a president of European operations since Bob Luft retired in March 1996, and his responsibilities were folded into the chairman’s post. Burger will oversee the day-to-day operations of DuPont’s Europe, Mideast and Africa regions and share with Blumberg responsibility for the company’s external relationships with customers, industry groups and governmental organizations.
Burger joined DuPont in 1966 as a manufacturing supervisor and has held various management positions. In 1992 he was named vice president of European operations before returning to the U.S. in 1994 as vice president of human resources.
In another development, DuPont’s board approved a three-part initiative that includes an employee stock option program as well as modifications to the current stock option program and minimum stock ownership requirements for senior management.
Employees will have the option to purchase 100 shares of stock at $105 per share, exercisable after the stock closing price is at least $150 per share on the New York Stock Exchange for five consecutive trading days.
Reflecting a higher risk/reward component in overall compensation, senior management will also be granted stock options at $105 per share, with half exercisable at $150 per share and half at $180 per share. The options will be forfeited if the stock price targets are not achieved within five years of the Jan. 29, 1997 grant date.
DuPont stock closed Wednesday on the New York Stock Exchange at 109, off 1 3/4.
“Our objective is to achieve on average at least a 15 percent per year total shareholder return,” said John Krol, DuPont president and chief executive officer, in a statement.
“We want to include everyone in the task of profitably growing our company and sharing in that success,” he said.