Billionaire activist Nelson Peltz today named four allies of DuPont Co. chairman-CEO Ellen Kullman he wants eliminated from the Wilmington bio/chemical/materials company by himself and three allies in a scheduled May 13 contested board election:
- Alexander M. Cutler, CEO of power-equipment manufacturer Eaton, and DuPont's lead director. He's also a leader of the Business Roundtable, a corporate lobby group, and a director of KeyCorp, one of the natoin's biggest banks.
- Robert A. Brown, President of Boston University, a formre chemical engineering prof at MIT
- Lois D. Juliber, retired vice chairman and Chief Technology Officer at Colgate-Palmolive. A past director of Goldman Sachs, which has been advising DuPont in its defense against Trian's attempted takeover, Juliber was, ironically, nominated to the Kraft Board of Directors by Peltz's Trian Fund Management (corrected) in a 2007 takeover bid that has resulted in the sale or shutdown of former Kraft plants, including the one in Northeast Philadelphia. But now Trian wants her out at DuPont.
- Lee M. Thomas, retired CEO of lumber giant Rayonier. He also headed the EPA under President Ronald Reagan.
To replace these directors on DuPont's 12-member board and boost cash flow to shareholders more rapidly than he thinks Kullman is able or willing to do, Peltz and Trian: nominate; himself, a veteran activist shareholder who has targeted a series of U.S. companies (including Kraft and H.J. Heinz, which now plan to merge) for cost-cutting, asset sales and reorganization to boost investor profits; John H. Myers, ex-chief executive of GE Asset Management; Arthur B. Winkeblack, ex-CFO of H.J. Heinz; and Robert J. Zatta, acting CEO at Princeton-based chemical maker Rockwood Holdings Inc.
Peltz and Trian are not fielding candidates against Kullman, former Tyco International chief executive Edward Breen, or 8 other candidates supported by the company's management and current board.