CORTEVA ANNOUNCES BUSINESS-UNIT ORGANIZATION MODEL TO CAPITALIZE ON COMPANY STRENGTHS AND GROWTH POTENTIAL

Rhea-AI Summary

Corteva, Inc. (NYSE: CTVA) announced a new global business-unit organization model to enhance operating performance. Effective April 4, 2022, Robert King will serve as EVP of the Crop Protection Business Unit, and Tim Glenn will head the Seed Business Unit. This transition aims to boost accountability and speed to market, leveraging Corteva's strengths. King brings extensive industry experience from Nouryon and Nutrien Ag Solutions, while Glenn has a strong background in various leadership roles within the company. Further details will be disclosed during the first quarter earnings call in May 2022.

Positive

• Implementation of a global business-unit organization model to enhance operational performance.
• Robert King and Tim Glenn appointed as EVPs, bringing extensive industry experience.
• Focus on accountability and speed to market, potentially increasing financial performance.

Negative

• None.

Robert King to Join as EVP, Crop Protection Business Unit; Tim Glenn Named EVP, Seed Business Unit

INDIANAPOLIS, March 21, 2022 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) today announced it will implement a global business-unit organization model in order to support its long-term operating performance. In connection with this move, Robert King will join the company as Executive Vice President, Crop Protection Business Unit, and company veteran Tim Glenn has been named Executive Vice President, Seed Business Unit. Under this new structure, these leaders will be accountable for all aspects of their respective organizations, with complete accountability for delivering for our customers and for our financial performance. Mr. King and Mr. Glenn will assume their new roles on April 4, 2022, and will report to Chuck Magro, Chief Executive Officer.

Mr. King, a highly experienced executive with a proven track record for creating value across multiple industries and geographies, joins Corteva from Nouryon, a specialty chemical business, where he serves as Senior Vice President and Chief Integrated Supply Chain Officer. Previously, he served as Vice President of Global Operations for the industrial segment of PPG. Mr. King also has notable agriculture experience, having served in a variety of roles with Nutrien Ag Solutions.

Mr. Glenn assumes his new role after serving as the company's Executive Vice President and Chief Commercial Officer. Mr. Glenn's extensive experience includes leadership roles in the Seed Business Platform, crop protection, sales, marketing, integrated operations, and commercial effectiveness.

Mr. Magro said, "Shifting to a business-unit focused model will facilitate increased focus, enhanced accountability and faster speed to market, while also leveraging the considerable global strengths of Corteva. Robert and Tim are the right leaders for these new roles given their passion for our industry, commitment to executional excellence and track record of delivering consistently strong results. With their complementary skillsets, I know they will build a strong partnership and together drive increased value for all stakeholders."

Mr. King commented, "I'm incredibly excited to join the great team at Corteva given the strong outlook for the ag industry and the company's leadership position. I look forward to using my experience in manufacturing, operations and procurement to deliver on the growth and profitability potential of the Crop Protection business unit."

Added Mr. Glenn, "I am very excited to lead Corteva's incredible Seed Business during a dynamic time in our industry, and I look forward to working with Robert to bring the very best solutions to our customers and the broader industry, all while delivering on our commitments."

The company will provide further details during its first quarter earnings call in May 2022.

About Corteva
Corteva, Inc. (NYSE: CTVA) is a publicly traded, global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at www.corteva.com.

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Cautionary Statement About Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "goals", "plans," "expects," "will," "anticipates," "believes," "intends," "target," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's strategies for growth, capital allocation, and productivity savings are forward-looking statements.
Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond Corteva's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, Corteva's ability to competitively attract, develop and retain talent; employee turnover rates; restructurings; supplier disruptions and consolidations; and similar risks, any of which could have a material adverse effect on Corteva's results. Some of the important factors that could cause Corteva's actual results to differ materially from those projected in any such forward-looking statements include: i) failure to obtain or maintain the necessary regulatory approvals for some Corteva's products; (ii) failure to successfully develop and commercialize Corteva's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva's biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) effect of competition and consolidation in Corteva's industry; (vi) effect of competition from manufacturers of generic products; (vii) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (viii) effect of climate change and unpredictable seasonal and weather factors; (ix) risks related to oil and commodity markets; (x) competitor's establishment of an intermediary platform for distribution of Corteva's products; (xi) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xii) effect of industrial espionage and other disruptions to Corteva's supply chain, information technology or network systems; (xiii) effect of volatility in Corteva's input costs; (xiv) failure to realize the anticipated benefits of the internal reorganizations taken by DowDuPont in connection with the spin-off of Corteva and other cost savings initiatives; (xv) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xvi) failure of Corteva's customers to pay their debts to Corteva, including customer financing programs; (xvii) increases in pension and other post-employment benefit plan funding obligations; (xviii) risks related to the indemnification obligations of legacy EID liabilities in connection with the separation of Corteva; (xix) effect of compliance with laws and requirements and adverse judgments on litigation; (xx) risks related to Corteva's global operations; (xxi) failure to effectively manage acquisitions, divestitures, alliances and other portfolio actions; failure to enforce; (xxii) risks related to COVID-19; (xxiii) risks related to activist stockholders; (xxiv) Corteva's intellectual property rights or defend against intellectual property claims asserted by others; (xxv) effect of counterfeit products; (xxvi) Corteva's dependence on intellectual property cross-license agreements; and (xxvii) other risks related to the Separation from DowDuPont. Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements or other estimates is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K.

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SOURCE Corteva, Inc.

FAQ

Who is Robert King in relation to Corteva?

Robert King has been appointed Executive Vice President of the Crop Protection Business Unit at Corteva, starting April 4, 2022.

What is the new organizational model announced by Corteva?

Corteva announced a global business-unit organization model aimed at improving operational performance and accountability.

When will Corteva provide more details on the new structure?

Corteva will share further details during its first quarter earnings call in May 2022.

What previous roles did Tim Glenn hold at Corteva?

Tim Glenn previously served as Executive Vice President and Chief Commercial Officer before becoming EVP of the Seed Business Unit.

What is the purpose of Corteva's new business-unit model?

The new model aims to facilitate increased focus, accountability, and faster market response in order to enhance financial performance.