Corteva says CEO James Collins Jr to retire
Reuters
Published Jun 23, 2021 08:46AM ET
(Reuters) - Pesticide and seed maker Corteva (NYSE:CTVA) Inc said on Wednesday Chief Executive Officer James Collins Jr will retire, months after activist investor Starboard Value LP had sought his ouster.
Starboard had nominated eight directors to the board of Corteva in January, seeking to oust Collins and take control of the company. In March, the activist investor settled after Corteva agreed to appoint three new independent directors backed by Starboard.
The hedge fund, led by Jefferey Smith, had last year criticized Corteva's financial performance, noting its cash flow margin lagged behind peers and its share price could be higher.
Corteva said Collins will retire effective Dec. 31 after more than 37 years with the company and its predecessor, DuPont (NYSE:DD).
Collins, credited with leading the integration of legacy DuPont and Dow agricultural businesses and then the eventual spin off Corteva in 2019, has agreed to continue as CEO while an external search for his successor is underway, the company added.
Corteva also said it was on track to deliver its financial commitments for the first half of 2021.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.