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Matthew Harbaugh named Chief Financial Officer; management team fully staffed ahead of spin-off

Change to future Board Chair announced

WILMINGTON, Del., April 29, 2025 – �����ֵͶע (NYSE:DD) today announced Qnity Electronics, Inc. (“Qnity”) as the name of the planned independent Electronics public company that will be created through the intended spin-off of its Electronics business*. As a pure-play electronics materials company, Qnity will be one of the largest and broadest solutions providers to the semiconductor and electronics industries enabling advanced computing, smart technologies and connectivity.

“Inspired by ‘Q’, the symbol for electrical charge, and ‘unity’, the name reflects the collaborative way we work with customers. We harness our collective expertise, bringing energy, curiosity and quality to make tomorrow’s technologies possible,” said Jon Kemp, CEO-Elect of the intended Electronics spin-off.

�����ֵͶע also announced that Matthew Harbaugh will join the company effective May 1, 2025, and will be the Chief Financial Officer of Qnity.

Mr. Harbaugh brings more than 25 years of experience in finance, strategy, and operations management. He most recently served as CFO of Vantive, the planned spin-off from Baxter prior to its sale to Carlyle. He previously served as CFO at NuVasive and Mallinckrodt, both publicly traded companies. During his tenure at Mallinckrodt, a company that he helped spin-off from Covidien, he oversaw the company’s accounting, treasury and tax functions, as well as information technology, procurement and facilities. Early in his career, Mr. Harbaugh held various finance roles with increasing responsibility first at Monsanto and then Covidien.

“It’s a pleasure to welcome Matt to the Qnity leadership team as our Chief Financial Officer,” said Kemp, “We’ve assembled a tenured management team with deep industry experience, and Matt’s impressive track record and experience with multiple spin-offs will bring a valuable perspective as we prepare to launch and deliver strong business results.”

“It is a privilege to have been selected as Qnity’s future CFO at a time when the electronics industry is poised for remarkable growth and innovation,” said Harbaugh. “I look forward to working alongside this highly capable team to capture the value creation opportunities for the new company and enhance shareholder returns.” 

Additional senior leaders of the planned Electronics company include:

• Chuck Xu, currently Vice President in �����ֵͶע’s ElectronicsCo division, will continue to lead Interconnect Solutions.
• Sang Ho Kang, currently Vice President in �����ֵͶע’s ElectronicsCo division, will continue to lead Semiconductor Technologies.
• Peter Hennessey, as General Counsel; Mr. Hennessey is currently Associate General Counsel and �����ֵͶע Corporate Secretary.
• Kathleen Fortebuono, as Chief Human Resources Officer; Ms. Fortebuono is currently �����ֵͶע Vice President, Global Rewards, and HR M&A.

Additionally, �����ֵͶע announced that Michael Stubblefield has decided not to assume the role of chairperson of the future Electronics Board of Directors. This decision will allow Mr. Stubblefield to focus on fully supporting Avantor’s transition to a new CEO. A new board member for the future independent Electronics public company and the future chairperson will be named at a later date.

About �����ֵͶע
�����ֵͶע (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at . Investors can access information included on the Investor Relations section of the website at .

*On January 15, 2025, �����ֵͶע announced it is targeting November 1, 2025, for the completion of the intended separation of the Electronics business (the “Intended Electronics Separation”). The Intended Electronics Separation will not require a shareholder vote and is subject to satisfaction of customary conditions, including final approval by �����ֵͶע's Board of Directors, receipt of tax opinion from counsel, the completion and effectiveness of the Form 10 registration statement filed with the U.S. Securities and Exchange Commission, applicable regulatory approvals and satisfactory completion of financing.

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