DuPont Textiles & Interiors creates separate board

By Staff -- Home Textiles Today, 5/2/2003 3:00:00 PM

Wilmington, DE — In a move that could put the DuPont subsidiary closer to a spin-off, DuPont Textiles & Interiors (DTI) has formed its own board of directors and appointed long-time DuPont executive Steve McCracken president.

McCracken has been group vp of DTI, the business evolving from the DuPont Apparel & Textiles Sciences business created in January 2001. In February 2002, DuPont announced its plan to separate DTI by the end of 2003, market conditions permitting. Included in the options for this separation are an initial public offering or sale to another company.

The DTI board of directors will have full operating responsibility for the business. Richard Goodmanson, DuPont executive vp and coo, will serve as DTI's chairman. Charles Holliday, DuPont's ceo and chairman, and Gary Pfeiffer, DuPont's cfo, also will be board members. All members of the DTI leadership team report to McCracken.