DuPont (DD) Announces Additional Leaders and Company Name for the Intended Spin-Off of the Electronics Business

DuPont (NYSE: DD) today announced Qnity Electronics, Inc. ("Qnity") as the name of the planned independent Electronics public company that will be created through the intended spin-off of its Electronics business*. As a pure-play electronics materials company, Qnity will be one of the largest and broadest solutions providers to the semiconductor and electronics industries enabling advanced computing, smart technologies and connectivity.

"Inspired by 'Q', the symbol for electrical charge, and 'unity', the name reflects the collaborative way we work with customers. We harness our collective expertise, bringing energy, curiosity and quality to make tomorrow's technologies possible," said Jon Kemp, CEO-Elect of the intended Electronics spin-off.

DuPont also announced that Matthew Harbaugh will join the company effective May 1, 2025, and will be the Chief Financial Officer of Qnity.

Mr. Harbaugh brings more than 25 years of experience in finance, strategy, and operations management. He most recently served as CFO of Vantive, the planned spin-off from Baxter prior to its sale to Carlyle. He previously served as CFO at NuVasive and Mallinckrodt, both publicly traded companies. During his tenure at Mallinckrodt, a company that he helped spin-off from Covidien, he oversaw the company's accounting, treasury and tax functions, as well as information technology, procurement and facilities. Early in his career, Mr. Harbaugh held various finance roles with increasing responsibility first at Monsanto and then Covidien.

"It's a pleasure to welcome Matt to the Qnity leadership team as our Chief Financial Officer," said Kemp, "We've assembled a tenured management team with deep industry experience, and Matt's impressive track record and experience with multiple spin-offs will bring a valuable perspective as we prepare to launch and deliver strong business results."

"It is a privilege to have been selected as Qnity's future CFO at a time when the electronics industry is poised for remarkable growth and innovation," said Harbaugh. "I look forward to working alongside this highly capable team to capture the value creation opportunities for the new company and enhance shareholder returns."

Additional senior leaders of the planned Electronics company include:

• Chuck Xu, currently Vice President in DuPont's ElectronicsCo division, will continue to lead Interconnect Solutions.
• Sang Ho Kang, currently Vice President in DuPont's ElectronicsCo division, will continue to lead Semiconductor Technologies.
• Peter Hennessey, as General Counsel; Mr. Hennessey is currently Associate General Counsel and DuPont Corporate Secretary.
• Kathleen Fortebuono, as Chief Human Resources Officer; Ms. Fortebuono is currently DuPont Vice President, Global Rewards, and HR M&A.

Additionally, DuPont announced that Michael Stubblefield has decided not to assume the role of chairperson of the future Electronics Board of Directors. This decision will allow Mr. Stubblefield to focus on fully supporting Avantor's transition to a new CEO. A new board member for the future independent Electronics public company and the future chairperson will be named at a later date.

You May Also Be Interested In

• Prothena Corp. (PRTA) announces Phase 3 trial for Birtamimab did not meet endpoint
• Sunnova Energy International Inc. (NOVA) receives notice from NYSE on late 10-Q
• Movano (MOVE) receives Nasdaq notice on late 10-Q