Diane Picho
ChemoursAbout Diane Picho
Diane Iuliano Picho, age 64, is Chief Enterprise Enablement Officer at Chemours effective March 3, 2025, after serving as Interim President of Titanium Technologies (TT) since March 2024; she joined Chemours in 2015 following a long career at DuPont/E.I. du Pont de Nemours (EID) . She holds an MBA from Widener University and a BS in Mechanical Engineering from Villanova University; earlier at DuPont she led the development, commercialization, and launch of Opteon low-GWP refrigerants, a key industry transition that underpins Chemours’ Thermal & Specialized Solutions growth vector . Company context during her leadership transition: Chemours reported FY2024 net sales of $5.8B (−5% y/y) and Adjusted EBITDA of $786M (−22% y/y); corporate AIP achievement was 84.3% in 2024 after redesigning incentives around Adjusted EBITDA and cash metrics, and the 3-year TSR to 2023 was 26.5% versus the peer set .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Chemours | Chief Enterprise Enablement Officer (appointed) | Effective Mar 3, 2025 | Cross-company mandate to accelerate Operational Excellence and Growth Enablement pillars of “Pathway to Thrive” strategy . |
| Chemours | Interim President – Titanium Technologies | 2024 | Continued TT Transformation execution; foundation for margin improvement and cost-out trajectory . |
| Chemours | VP, HR and Chief of Staff – Titanium Technologies | 2023–2024 | Supported TT transformation and organizational effectiveness . |
| Chemours | VP, Commercial Operations – Advanced Performance Materials | 2022–2023 | Drove product management, supply chain, planning, and commercial execution in APM . |
| Chemours | Sr. Director, Commercial Operations – APM | 2020–2021 | Strengthened commercial operating systems and execution . |
| Chemours | Sr. Director, Global Strategy & Business Operating Systems – Fluoroproducts | 2017–2019 | Built segment-wide operating systems and strategy deployment . |
| Chemours | Global Business Productivity Director – Fluoroproducts | 2015–2016 | Led productivity programs post-spin for core fluoropolymers/refrigerants . |
| E.I. du Pont (EID) | North America Regional Business & Market Director – Chemicals & Fluoroproducts | 2013–2015 | Regional P&L and market strategy for fluorochemicals . |
| E.I. du Pont (EID) | Global Business Manager – Fluorochemicals Refrigerants | 2007–2012 | Led Opteon low-GWP product development, IP strategy, and launch . |
| E.I. du Pont (EID) | Various roles including R&D Engineer (entry) | 1983–2006 | Technical and operating foundations across functions . |
External Roles
- No external public company board roles disclosed in Chemours filings reviewed for 2024–2025 executive biographies and proxies .
Fixed Compensation
- Specific base salary and target bonus for Ms. Picho were not disclosed in Chemours’ 2024 or 2025 proxy statements or in 8-Ks; she was not listed as a Named Executive Officer (NEO) in those filings .
Performance Compensation
Chemours’ 2024 AIP structure and achievement (applies to executive leadership team design; individual awards for Ms. Picho not disclosed):
| 2024 AIP Metric | Weight | Company Actual/Outcome |
|---|---|---|
| Adjusted EBITDA (Corporate) | 50% | Included in corporate score; Corporate AIP achievement 84.3% . |
| Cash metrics: Discretionary Free Cash Flow + Avg Net Working Capital Days | 20% | Included in corporate score . |
| Function/BU-specific focus metric | 20% | Tied to role (e.g., TT Cost of Manufacturing; TSS Opteon Revenue; APM EBITDA) . |
| Sustainability (Great Place to Work, energy efficiency) | 10% | Included in corporate score . |
| Corporate AIP Achievement | — | 84.3% . |
Long-term incentives (company-wide design used for executives; individual grant details for Ms. Picho not disclosed):
- 2024–2026 PSU metrics: Economic Value Added (EVA) 70%; Relative TSR 30%; 75% of LTI remains performance-weighted (PSUs, PSOs, NQSOs); RSUs for retention; PSOs/NQSOs/RSUs vest in equal annual installments over 3 years; PSUs vest based on 3-year performance .
- Prior 2022–2024 PSUs paid 0% due to below-threshold performance on metrics; highlights LTIP pay-for-performance rigor (context for alignment) .
Equity Ownership & Alignment
- Beneficial ownership: Ms. Picho is not listed among directors/NEOs in Chemours’ 2025 security ownership table (as of Feb 28, 2025), indicating no reportable holdings in that table’s cohorts; her individual ownership was not disclosed in proxies reviewed .
- Stock ownership guidelines: CEO 5x salary; other NEOs 3x salary; five-year compliance window; these guidelines reflect leadership alignment and would inform expectations for executive officers broadly .
- Hedging/pledging: Anti-hedging and anti-pledging policies in place; officers/directors prohibited from hedging and from pledging Chemours shares absent special exception .
- Clawback: Executive officer clawback policy adopted in line with SEC Rule 10D-1/NYSE standards; broader misconduct-related recovery policy also in effect .
Employment Terms
- Role transitions: Interim TT President (Mar 2024); appointed Chief Enterprise Enablement Officer effective Mar 3, 2025; joined Chemours in 2015 .
- Executive Severance Policy (adopted Oct 28, 2025): If designated as a participant and terminated without cause or resigning for good reason, severance equals 2.0x (CEO) or 1.0x (other executives) of base salary + target annual incentive + health care subsidy, plus prorated AIP based on actual performance; policy does not alter treatment of outstanding equity awards (governed by plan docs) .
- Change-in-control plan (double trigger): Lump sum cash of 3x (CEO) or 2x (other NEOs) base salary + target AIP; prorated AIP target for year of termination; continued benefits and services; 12-month non-compete/non-solicit for executives (18 months for CEO); no tax gross-ups .
- Anti-hedging/pledging and equity grant governance: codified policies and regular CLDC oversight of incentive risk .
Performance & Track Record
- As interim TT leader and then CE Enablement Officer, Ms. Picho’s remit is to drive Operational Excellence and Growth Enablement across businesses under “Pathway to Thrive,” including cost savings and commercial effectiveness; management is targeting >$250M run-rate cost savings by 2027 with half by 2025 (company-wide program) .
- Company outcomes around transition: FY2024 net sales $5.8B (−5% y/y) and Adjusted EBITDA $786M (−22% y/y); TSS growth in low-GWP Opteon; TT transformation delivered ~$140M savings in 2024; corporate AIP 84.3% .
- 3-year TSR to 2023 was 26.5% versus peers, illustrating relative performance positioning entering 2024 .
Compensation Structure Analysis
- 2024 AIP reset increased emphasis on corporate Adjusted EBITDA (50%) and moved to averaged cash metrics (20%) to reduce “year-end timing” sensitivity; sustainability retained; 80% common corporate metrics aligns leadership on enterprise outcomes (reduced BU siloing) .
- 2024–2026 LTIP sharpened capital discipline by switching PSUs to EVA (70%) with rTSR (30%), strengthening pay-for-performance linkage to value creation over cost of capital; vesting remains rigorous with majority performance equity .
- Governance enhancements: Expanded clawbacks, insider policies, and internal control remediation completed by year-end 2024 .
Risk Indicators & Red Flags
- Company conducted an internal review of working capital timing actions related to 2023 metrics; board/CLDC applied negative discretion to impacted NEO payouts and remediated material weaknesses by Dec 31, 2024 (no individual issues attributed to Ms. Picho in filings reviewed) .
- Anti-hedging/anti-pledging and clawbacks mitigate alignment risk; double-trigger CIC and no tax gross-ups reduce shareholder-unfriendly optics .
Investment Implications
- Execution leverage: Ms. Picho’s cross-segment operating pedigree (fluorochemicals, APM, TT) and enablement mandate align with Chemours’ value creation pillars (cost, growth enablement), a potential positive for EBITDA recovery and cash conversion if programs deliver as outlined .
- Incentive alignment: The shift to EVA-weighted PSUs and balanced AIP should support disciplined capital allocation and sustainable margin improvement, dampening risk from short-term working capital actions .
- Visibility gaps: Individual compensation details, grant sizes, vesting calendars, and personal share ownership for Ms. Picho are not disclosed in reviewed filings, limiting near-term assessment of selling pressure or “skin in the game”; monitor future proxies and any Form 4 filings for ownership and transactions .