Jonas I. Oxgaard
Sanford C. Bernstein & Co., LLC., Research Division
Okay. So I was curious about Matthias not being on being part of the new company management team. As you say, hes going to be in the board?
Edward D. Breen
Executive Chairman & CEO
Yes. And by the way, this has been something Matthias and I have talked about for probably a year and half now. Matthias wants to be a CEO of a
company. And by the way, I 110% endorsed Matthias to become a CEO of a company. Hes a really talented guy. And the opportunity is not here, and thats what he wants to do. So I totally bless that, wish him well at that, but he really
wanted to stay involved. And we wanted him. By the way, Andreas wanted him to stay involved, I wanted him to stay involved. Hes going to be a CEO somewhere, hes got one nice board hes on. He can be a huge contributor as a Board
member. So were happy about that.
Jonas I. Oxgaard
Sanford C. Bernstein & Co., LLC., Research Division
Okay. And youre going to be on the Board as well of the new company, right?
Edward D. Breen
Executive Chairman & CEO
Correct. Yes. So weve now named 3 of our, I guess, six. You have me, Matthias, John Davidson, and we will still select a few more by the
way, just so you hear, we did a matrix between an IFF, whos going to be on the Board. Now we know 3 of ours. And weve done a matrix of the skill sets we want to look at. So well make sure as we name our next few that were
checking the box on what we really want to have on the Board to make sure weve got the diversity that we want on the Board, diversity of thought, actual diversity. So were pursuing that, and were actively talking to people right
now.
Jonas I. Oxgaard
Sanford C.
Bernstein & Co., LLC., Research Division
Okay. It seems that every time we have this chat, we end up talking about board seats. I appreciate
you having new board seats to talk about.
So everything seems to be proceeding smoothly. Once youve divested N&B, the remaining business, how
should we think about the dividend policy when DuPont divested or spun out Chemours if I remember correctly, the dividend was the same, but spread over 2 companies and then Chemours immediately slashed its dividend to nothing. Should we expect
a similar dividend policy for DuPont post-N&B?
Edward D. Breen
Executive Chairman & CEO
Yes. Yes, similar. We
havent announced it yet, but it will be in the ZIP code. Yes, were not no, thats not going to happen here.
Jonas I. Oxgaard
Sanford C. Bernstein & Co., LLC., Research Division
But I did not mean to imply that new IFF would slash the dividend. I just wondering about the dividend for DuPont.
Edward D. Breen
Executive Chairman & CEO
Yes. No, no, thats fine. And look, Jonas, as you know, the biggest thing which is interesting right now. When you look at the value of IFF that
we just talked about, the value of that at least to the close of business yesterday, it was actually up above of where we announced the deal. So we announced a deal of $26.2 billion value for N&B and it was actually $26.5, not that makes a
big difference. But just to say, even with everything that happened in the COVID world and everyones stock price is the value of that deal is still $26 billion. By the way, thats with IFF, not even trading at a multiple of where the
best companies in the industry trade at by quite a bit. So I think theres a big opportunity as we show the market, we can operate the company together to perform. I think that company deserves the premium multiple of the top peer set, those
with are going to be, the big company in the industry. So its an interesting opportunity for our shareholders there alone. But then when you look at New DuPont, the multiple, the new DuPont between 7 and 8x, which is extremely low. And therein
lies a great opportunity if we do the right things.