Publications
Publications
- July 2015 (Revised March 2021)
- HBS Case Collection
Proxy Contest at DuPont
By: Jay W. Lorsch and Emily McTague
Abstract
On January 9, 2015, Nelson Peltz of Trian Fund Management launched a proxy fight for four out of the twelve seats on the DuPont board. The fund had previously published a public letter addressed to shareholders outlining its proposal to break the company into three areas: agriculture and nutrition, industrial materials, and performance chemicals and criticizing the company for its poor performance. CEO and Chairman Ellen Kullman and her board were left with the difficult decision. Should they allow four of Trian's nominees onto their board, knowing that it would mean replacing four highly experienced and valuable directors or should they go face to face with Peltz in a very public proxy fight?
Keywords
Board Of Directors; Hedge Fund; Activist Investing; Activist Investors; Proxy Fight; Corporate Governance; Governing and Advisory Boards; Investment Activism; Chemical Industry; United States
Citation
Lorsch, Jay W., and Emily McTague. "Proxy Contest at DuPont." Harvard Business School Case 416-005, July 2015. (Revised March 2021.)