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DuPont gets new chairman
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October 29, 1997: 3:57 p.m. ET
CEO Krol will take post until end of next year, when Holliday takes over
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NEW YORK (CNNfn) - DuPont began a management transition process Wednesday that will give it a new chairman now and another one next year.
Current Board Chairman Edgar S. Woolard, Jr., 63, stepped down from his position. Taking over his duties will be current Chief Executive Officer John A. Krol, 61.
At the same time, Krol announced that he will remain CEO only until February 1, 1998, at which time Charles O. Holliday, 49, will step in as CEO.
Later that year, on Dec. 31, 1998, Krol will also give up his chairmanship to Holliday.
Krol cited family considerations as a reason for his planned resignation.
Woolard was head of the chemical company before Krol and, while his stepping down was somewhat anticipated, some on Wall Street were surprised that Krol, in office only about two years, is preparing to leave also.
When Krol was hired, it was believed he would stay on until at least the year 2000, but his age may have worked against him.
"The choice to elevate a much younger man might signal not so much an impatience with the current pace of development, but a willingness to make more substantive changes," said industry analyst James Kelleher of Argus Research.
Heir-apparent Holliday's main attraction may have been his experience in overseas markets, especially in the Asia-Pacific region, where he has been centered since 1990.
"He's been responsible for a lot of the company's geographic growth," said John E. Roberts, first vice president at Merrill Lynch. "I think he'll clearly continue, if not accelerate, the shift toward growth."
Holliday stated as much Wednesday. "We will continue to drive for at least 10 to 12 percent annual earnings growth," he said.
Wilmington, Del.-based DuPont (DD) is a chemical and energy company serving world markets in aerospace, automotive and agricultural production, among other things. 
-- by staff writer Randy Schultz
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