NEW YORK — Continuing its preparation for the sale of the Invista fiber operations, DuPont on Monday made a slew of executive changes, including creating new positions with the responsibility of driving growth in Asia, with an emphasis on China, India and Pakistan.
This story first appeared in the January 13, 2004 issue of WWD. Subscribe Today.
The moves are part of Wilmington, Del.-based DuPont’s effort to reengineer itself, cut costs and prepare a growth strategy for the company to follow after selling the fiber unit.
Invista in 2002 recorded $6.3 billion in sales, which represented 23.6 percent of DuPont’s net revenues. Without that unit, DuPont’s 2002 sales would have come to $20.6 billion. The company has not yet reported results for 2003.
DuPont plans to sell Invista to Wichita, Kan.-based Koch Industries early this year. Chairman and chief executive officer Charles O. Holliday Jr. said the company aims “to deliver over $1 billion in revenue growth every year.”
The changes affected 15 top-level DuPont executives not associated with the fiber business. Among the key moves:
- John C. Hodgson has been named to the new post of chief marketing and sales officer. He had been executive vice president.
- Craig G. Naylor has been named group vice president for the Asia Pacific region. He had been group vice president for DuPont Performance Materials. He will continue to be based in Wilmington.
- Thomas G. Powell has been named president of DuPont Greater China, based in Shanghai. He had been global business director of DuPont Packaging and Industrial Polymers.
- Henrique H. Ubrig has been named president of DuPont India and Pakistan, based in New Delhi. He had served as president of DuPont South America.
- Eduardo W. Wanick, president of DuPont Mexico, was appointed president of DuPont Latin America Region, taking on responsibility for Ubrig’s former duties.
Hodgson and Naylor report to Holliday. Powell and Ubrig report to Naylor.
DuPont said last year it was planning cost-cutting actions that would reduce its overhead by about $900 million and result in an unspecified number of layoffs. The company has downsized itself dramatically over the past decade, most prominently in the 1998 spin-off of its Conoco oil operations, which reduced revenues by more than $20 billion.
The company has said it is stepping up its focus on the developing world, both as a potential market for many DuPont products and as a lower-cost platform for many corporate functions.
The sale of Invista to Koch for $4.4 billion in cash will create a fiber operation with revenues exceeding $9 billion, making it the world’s largest fiber company. Koch already owns the KoSa polyester enterprise, and has indicated it plans to merge KoSa and Invista after the sale closes.