DuPont says Vergnano will run titanium dioxide spinoff

Thu Jan 9, 2014 2:24pm EST

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Jan 9 (Reuters) - DuPont said on Thursday that Mark Vergano, a 26-year veteran, will become chief executive of the chemical conglomerate's titanium dioxide business when it is spun off next year.

Vergnano will oversee the new company and its 7,500 employees after the spinoff, set for the second quarter of 2015. Vergnano, 55, currently oversees the unit within DuPont.

Delaware-based DuPont first announced the deal last October, saying it would use a complex, tax-free transaction to effectively give existing DuPont shareholders 100 percent ownership.

The new company, which makes titanium dioxide, a popular pigment found in products ranging from car paint to sunscreen, is expected to be publicly traded.

Ellen Kullman will remain CEO of DuPont, which is focusing more on agricultural products.

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