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DuPont survives proxy battle with Trian


DuPont has won a proxy battle over spots on its Board of Directors.

The company confirmed Wednesday its full slate of 12 board nominees has been elected by shareholders at its annual meeting.

Activist investor Nelson Peltz’sTrian Fund Management – which owns 2.7 percent of DuPont shares - had to sought to put four of its candidates on the board in an effort make up to $4 billion in cuts by splitting DuPont in two.

"We are pleased with the outcome of the vote and especially appreciate the strong expressions of support from so many of our shareholders for our strategic transformation and the continued execution of our plan,” said DuPont CEO Ellen Kullman in a statement. “Our Board and management value the open dialogue and input we have received from our shareholders, and we look forward to continuing to execute our strategic plan to make DuPont a higher growth, higher value company.”

Trian offered its own statement on the result, saying the vote was close and that it is “proud of the role we played as a positive change agent at DuPont.” 

The statement added Trian will continue to closely monitor DuPont’s performance.

Delaware Gov. Jack Markell (D) also weighed in on the results of the vote.

“Today's proxy results confirm that DuPont remains a leader in innovation with a strategic vision for continued success in times of change," said Markell in a statement. "Delaware and DuPont have been partners in advancing science and improving lives for 200 years, and following today's victory for DuPont's leadership, I look forward to continuing to work with them to ensure our state is doing all we can to support good jobs and a stronger Delaware.”

Delaware's senior U.S. Senator Tom Carper (D-Delaware) called the result a win for DuPont's leadership team, its workers and Delaware. 

"The shareholders have endorsed Ellen Kullman’s vision, and deservedly so. Under her leadership, DuPont has focused on a long-term growth strategy and today’s vote is a strong show of confidence that shareholders have endorsed that approach as a sound strategy," said Carper in his statement. "It’s been a good strategy for Delaware for more than 200 years and will hopefully be for many, many more years to come.”

"We’re proud of DuPont’s Delaware roots and Delaware identity, and today’s news of DuPont fending off the proxy challenge is great news for Delaware, DuPont, and Ellen Kullman’s continued leadership," said Sen. Chris Coons (D-Delaware) in a statement. "Today’s news means DuPont and its world class engineers and scientists can continue to focus on innovation and growing in the First Stat

Tom Byrne has been a fixture covering news in Delaware for nearly three decades. He joined Delaware Public Media in 2010 as our first news director and has guided the news team ever since. When he's not covering the news, he can be found reading history or pursuing his love of all things athletic.