Du Pont, Pierre S.

Nice portrait of the President & Director of E. I. du Pont De Nemours & General Motors, owned Longwood Gardens estate

Price: $550.00

Description:
(1870-1954) Businessman, philanthropist, President of E. I. du Pont de Nemours and Co. 1915-19, on Board of Directors to 1940. Led General Motors 1915-20, President 1920, on Board of Directors to 1928. He was named after his great-great-grandfather who founded DuPont Co. in 1802, which became one of the richest US business dynasties over the next 2 centuries. Born at Nemours, the family estate near Wilmington, Del., graduated from MIT with a degree in chemistry in 1890 and became asst. supt. at Eleutherian Mills on the Brandywine River. He and his cousin developed the 1st American smokeless powder in 1892. Most of the 1890s he spent working with management at a steel firm partly owned by T. Coleman DuPont, the Johnson Street Rail Co., Johnstown, Penna., where he learned to deal with money. In 1899, he quit and took over the company. In 1901, he employed John J. Raskob as private secretary, starting their long relationship. He and his cousins, Alfred I. & T. Coleman, purchased E. I. du Pont de Nemours and Co. in 1902, to keep the company in family hands after the death of Eugene I. du Pont and began buying smaller powder firms. Until 1914, during Coleman's illness, Pierre served as treasurer, executive vp, and acting president. In 1915, a group headed by Pierre, with outsiders, bought Coleman's stock. He served as DuPont president to 1919, giving the company modern management structure and accounting policies and made the concept of return on investment primary. During WW I, DuPont grew very quickly due to advance payments on Allied munition contracts. He also established interests in other industries. He was on the cover of TIME's Jan. 31, 1927 issue and was elected an honorary member of the Delaware Society of the Cincinnati. Du Pont was significant in the success of General Motors, building a sizeable personal investment in it and supporting Raskob's proposal for DuPont to invest in the company. Pierre resigned as chairman of GM over GM President Alfred Sloan's dispute with Raskob over his involvement with the Democratic National Committee. When du Pont retired from its Board, GM was the largest company in the world. Du Pont, his family and the company were large benefactors to MIT, helping set up multiple endowments, fellowships, scholarships and faculty chairs. When MIT moved to Cambridge in 1917, Pierre, T. Coleman and Charles Hayden donated $215,000 to house the Dept. of Mining Engineering & Metallurgy (now the Dept. of Materials Science & Engineering). He was a member of the MIT Board of Trustees 1916-51. He retired from DuPont's board in 1940. He served on the State Board of Education, donated millions to state public schools. A Wilmington high school is named for him, also Univ. of Delaware's Du Pont Hall, College of Engineering offices and laboratories. He opened his estate, Longwood Gardens, with its beautiful gardens, fountains, and conservatory, to the public. Uncommon 14 x 11 SP, handsome bust portrait looking to his right, signed at lower right corner of image

Condition: Very good, slight stain at extreme lower right corner
Type:Photograph






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