Edward Breen, CEO of DowDuPont, to become Executive Chairman of New DuPont

Edward Breen, DowDuPont, will be the new CEO of the upcoming DuPont next year.

DowDuPont Inc. (DWDP) announced Monday (September 17th) that General Manager Edward Breen will become Executive Chairman of the Specialty Products Sector following the separation of the company into three companies.

The chemical giant, created last year following the $ 130 billion merger between Dow Chemical Co. and DuPont, plans to split into three publicly traded companies. The agricultural division of the company will become Corteva Agriscience; the materials science division will call Dow; and the specialty products division will be the new DuPont.

Once the separations are complete, Breen will assume the role of Executive President at the new DuPont and Marc Doyle, the current COO of the Specialty Products Division, will become the CEO. Doyle joined DuPont as a research engineer in 1995 and then held positions focused on new business development, marketing, strategic planning, and business management. The new DuPont must be separated by June 2019.

Meanwhile, James Collins Jr., the current COO of the specialty products division, will become CEO of Corteva, which is also expected to be unbundled by June 2019. Collins has been working at DuPont since 1984 and his work In the agricultural sector began 34 years ago with manufacturing, as a sales representative and product manager, the company said.

The company, based in Midland (Michigan) and Wilmington (Delaware), also reaffirmed that Jim Fitterling would become the CEO of the new Dow, which should be separated in April 2019.

"Marc and Jim are highly qualified executives who have unparalleled knowledge and expertise in their respective fields," Breen said in a statement. "I am confident that they are the right leaders to move each company forward and take advantage of the tremendous opportunity for value creation for all our stakeholders, including shareholders, customers, employees and partners."

With the management structure largely in place, the boards of the three future companies are expected to be finalized and announced by the end of October, DowDuPont said in a statement.

DowDuPont is a participation in Jim Cramer's Action Alerts PLUS member club. You want to be alerted before Jim Cramer buys or sells DWDP? Learn more now

DowDuPont shares rose 0.7% to $ 69.09 at 10:10 am New York time.