Faking an IMAGE Fools No One In the Long Run. A Second-Rate FOOD & FUEL Folly
THE WEAK IN REVIEW
Good Morning, Bonjour, Guten Tag,
Readers, we just tuned into Friday's interview of DuPont Chieftess Ellen Kullman by Bloomberg's Betty Lieu (May 10, 2013), and heard the same tired charade that DuPont is a "food, fuel, & protection" corporation. Ms. Kullman sneers at chemicals not mentioning the word, "chemicals" once. And as far as we know, she has sold precious few gallons of "fuel".
When Lieu asked Kullman for examples of what a Kullman-called "Science Company" does to translate "science" into shareholder value, here is what she comes up with...
* Half-century old DuPont commodities, Nomex, Kevlar, and Tyvek!
* DuPont's untried and commercially unproven, very costly corn cob "gasoline" to be manufactured sometime in Nevada, Iowa. Bad-mileage ethanol is DuPont's great future?
* Plastic going into cars. Been done for a half century.
* DuPont solar commodity materials, such as pastes and films going into the notoriously uneconomical solar energy industry, where players have been going bankrupt left and right.
Ms. Kullman, who sprinkles her remarks constantly with illiterate-sounding "you know"s, does not inspire anyone to invest in this troubled conglomerate, which is still primarily chemicals and materials, whether she hates it or not. And no, you can't "leverage" science fiction into shareholder value.
Merely THE WEAK IN REVIEW digitally penned by one individual retail investor and long-time student of
DuPont in decline...funfun.
Folks, one additional observation: Ms. Kullman bragged about her vocation of being an "engineer". But what Ms. Kullman did not tell Ms. Lieu, her interviewer, was at DuPont as the highest ranking engineer, she commanded "a world-class" feat of engineering in the agricultural arena...
DuPont Imprelis, the biggest environmental disaster and costliest new product failure in 21st century corporate America. Rah, Rah, Ms. Kullman, your "engineering" has saddled DuPont's long-suffering shareholders with a huge dive in reputation, not to mention conservatively, $2 to $3 billion in ultimate charges to settle tens of thousands of Imprelis claims for property damage and dead trees across the country.
For this engineering feat, Ms. Kullman CEO has been richly rewarded by the DuPont Directors she whips into shape as "Chair" of the Board, with $15 million a year in pay and perks. Nothing Succeeds Like Failure at DuPont.