8-KLeadership ChangesOther EventsExhibits & Filings

EIDP, Inc. 8-K Report, Executive Changes (Aug 13, 2009)

Filed August 13, 2009For Securities:CTA-PBCTA-PA

Summary

This Form 8-K filing from E. I. du Pont de Nemours and Company (DuPont) details significant executive and organizational changes. The primary focus for investors is the appointment of Nicholas C. Fanandakis as the incoming Chief Financial Officer (CFO), effective November 1, 2009. This transition involves a substantial salary increase and a higher target short-term incentive award for Mr. Fanandakis, reflecting the increased responsibilities of the CFO role. The filing also announces the departure of Executive Vice President and CFO, Jeffrey L. Keefer, from his CFO duties to assume new strategic and operational responsibilities, and the upcoming retirement of Executive Vice President and Chief Operating Officer, Richard R. Goodmanson, who will provide consulting services post-retirement. Furthermore, DuPont announced a change in its external financial reporting structure, moving towards aggregated segments. This organizational shift, detailed in an accompanying press release, may impact how investors analyze the company's financial performance going forward. The filing underscores a period of executive transition and strategic realignment within DuPont.

Key Highlights

  • 1Nicholas C. Fanandakis appointed Senior Vice President and will transition to Chief Financial Officer (CFO) effective November 1, 2009.
  • 2Mr. Fanandakis's annual salary will increase from $387,708 to $500,000, with his short-term incentive target rising from $328,500 to $464,100.
  • 3Current CFO, Jeffrey L. Keefer, will step down from the CFO role to lead Performance Coatings, corporate strategy, IT, and cost productivity.
  • 4Richard R. Goodmanson, EVP and COO, will retire effective September 30, 2009, and will continue as a consultant for three years.
  • 5DuPont will redefine its external financial reporting to aggregated segments, as announced in a press release dated August 13, 2009.

Frequently Asked Questions

Nicholas C. Fanandakis will transition into the role of Chief Financial Officer, becoming SVP and CFO effective November 1, 2009. Mr. Keefer will remain with the company in a new capacity.

Nicholas C. Fanandakis's annual salary will increase to $500,000 from $387,708, and his target short-term incentive award will increase to $464,100 from $328,500, effective September 1, 2009.

Richard R. Goodmanson, EVP and COO, is retiring effective September 30, 2009, but will serve as a consultant for three years afterward. Jeffrey L. Keefer will transition from CFO to lead other key business areas.

The company announced a shift towards aggregated segments for its external financial reporting, as detailed in a press release issued on August 13, 2009.