Adds particulars on Collins, background
June 23 (Reuters) – Pesticide and seed maker Corteva Inc CTVA.N stated on Wednesday Chief Government Officer James Collins Jr will retire, months after activist investor Starboard Worth LP had sought his ouster.
Starboard had nominated eight administrators to the board of Corteva in January, in search of to oust Collins and take management of the corporate. In March, the activist investor settled after Corteva agreed to nominate three new impartial administrators backed by Starboard.
The hedge fund, led by Jefferey Smith, had final 12 months criticized Corteva’s monetary efficiency, noting its money move margin lagged behind friends and its share value might be increased.
Corteva stated Collins will retire efficient Dec. 31 after greater than 37 years with the corporate and its predecessor, DuPont.
Collins, credited with main the mixing of legacy DuPont and Dow agricultural companies after which the eventual spin off Corteva in 2019, has agreed to proceed as CEO whereas an exterior seek for his successor is underway, the corporate added.
Corteva additionally stated it was on monitor to ship its monetary commitments for the primary half of 2021.
(Reporting by Arathy S Nair in Bengaluru; Enhancing by Krishna Chandra Eluri)
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