Corteva Names Dave Anderson as New CFO

The appointment "signals that Corteva valued prior experience leading the finance organization for large companies over agriculture industry experi...
Matthew HellerApril 7, 2021

Veteran finance executive Dave Anderson is joining Corteva as its new CFO, adding the agribusiness company to a résumé that also includes Nielsen, Honeywell, and ITT Industries.

Anderson’s appointment comes weeks after Corteva averted a proxy fight with Starboard Value LP by agreeing to give the activist hedge fund three seats on its board.

Anderson, 71, served most recently as interim CFO of Criteo, a French marketing firm. He replaces Greg Friedman, who plans to retire.

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Corteva, a DowDuPont spinoff that sells seeds and crop protection products to farmers, cited Anderson’s experience in “establishing finance functions that enable ongoing investment in growth initiatives while driving returns and value creation for shareholders.”

“Dave brings a track record leading world-class finance functions at both established companies and startups and I look forward to capitalizing on his expertise as we take our strong organization to the next level, supporting our accelerated growth and innovation investments while maximizing productivity and returns,” CEO James Collins said in a news release.

Corteva reported net sales of $14.2 billion for 2020, up 3% from the previous year, and a net income of $681 million compared with a net loss of $959 million in 2019. Seth Goldstein, a senior equity analyst at Morningstar’s research division, said Anderson most likely will be managing the cost and allocation of funds for research and development in his new role.

“Dave Anderson’s appointment signals that Corteva valued prior experience leading the finance organization for large companies over agriculture industry experience when they searched for their next CFO,” he told The Wall Street Journal.

Anderson started his CFO career at RJR Nabisco in 1991 and spent 11 years at Honeywell. He will be paid an annual base salary of $750,000 at Corteva, with other compensation including a one-time equity award valued at $2.5 million, according to a regulatory filing.

“I am excited to apply my cumulative experience towards accelerating progress, helping to ensure that Corteva will capitalize fully on its competitive advantages, deliver best-in-class productivity through ERP implementation and other initiatives across the business, and drive value creation for its shareholders,” Anderson said.