DuPont’s DD fully-owned subsidiary – The Chemours Company – said that E. Bryan Snell will assume the role of President of its Titanium Technologies business, effective immediately.

Chemours is a new company created from DuPont’s performance chemicals businesses. The Titanium Technologies unit is a leading manufacturer of titanium dioxide (TiO2), which is used to give paint and other coatings a white hue.

Snell, who joined Titanium Technologies back in 1992 as production unit manager, has extensive experience in the Titanium Technologies business. He will replace BC Chong, who led the Titanium Technologies business since Jan 2011.

Chemours recently named eight individuals who have been selected to serve on its board of directors after its planned spinoff from DuPont. The selected board members include Richard H. Brown – the former CEO of Electronic Data Systems (“EDS”), Cable & Wireless PLC and H&R Block Inc – and Mark Vergnano, the incumbent executive vice president of DuPont. While Brown will serve as the chair of the board of Chemours, Vergnano will be its president, CEO and director.

The spinoff of Chemours is expected on July 1, subject to customary closing conditions. Following its separation, Chemours will be a publicly traded company and a global leader in TiO2, fluoroproducts and chemical solutions. The entity is expected to trade on the NYSE under the ticker symbol “CC”.

DuPont, last week, emerged as the winner in an intense proxy contest with activist investor Nelson Peltz’s Trian Fund Management after its shareholders elected all of its 12 director nominees at its 2015 annual meeting while rejecting the Trian nominees. This ended Trian’s campaign to secure four seats on DuPont’s board.

DuPont remains focused on executing strategic actions including portfolio optimization, disciplined capital allocation and cost control. The company is spinning off the struggling performance chemicals unit as it is gradually shifting its focus to high growth, less cyclical businesses including agriculture and nutrition.

DuPont is also executing its company-wide redesign actions to support its more focused portfolio of businesses following the spinoff of the performance chemicals business. These initiatives are expected to deliver cost savings through reduction of costs associated with the separation of the unit and productivity improvements across the board. DuPont sees cumulative savings of around $1.3 billion from these actions by 2017.

DuPont is a Zacks Rank #3 (Hold).

Better-ranked stocks in the chemical space include LyondellBasell Industries N.V. LYB, Celanese Corporation CE and Trecora Resources TREC with all sporting a Zacks Rank #1 (Strong Buy).

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