Board elections are an important process within any company because these elected directors steer the company. Wednesday morning E.I. du Pont de Nemours and Company (NYSE: DD) announced the preliminary results of its director elections. This was a win for Chairman and CEO, Ellen Kullman, because she did not give up a seat to activist investor Nelson Peltz. But shareholders are not treating it as a win.

Based on the preliminary results, the following nominees have been elected to the Board: Ellen Kullman, Alexander Cutler, Lamberto Andreotti, Edward Breen, Robert Brown, Eleuthere du Pont, James Gallogly, Marillyn Hewson, Lois Juliber, Ulf “Mark” Schneider, Lee Thomas, and Patrick Ward.

The official results will be filed on an 8-K form to the Securities and Exchange Commission (SEC).

Ellen Kullman commented on the preliminary results:

We are pleased with the outcome of the vote and especially appreciate the strong expressions of support from so many of our shareholders for our strategic transformation and the continued execution of our plan. Our Board and management value the open dialogue and input we have received from our shareholders, and we look forward to continuing to execute our strategic plan to make DuPont a higher growth, higher value company.

In the past Trian Partners, headed by Nelson Peltz, has made the case that DuPont should consider splitting itself in two in an attempt to cut costs and increase shareholder value. The plan was to split the chemical giant into one new company that contains the agriculture, nutrition and health, and industrial biosciences, and another separate company that would contain DuPont’s performance materials, safety and protection, and electronics and communications.

However, out of Peltz’s four nominees up for election on the DuPont board, not a single one was elected. In turn, Trian issued a statement:

DuPont stockholders will be less tolerant of continued missed earnings guidance, extraordinary charges, value-destructive acquisitions and divestitures, executive compensation that is not aligned with performance, and operating metrics such as revenue growth and margins that fail to meet DuPont’s own targets.

Shares of DuPont were down 6% at $69.91 on a 52-week trading range of $63.70 to $80.65. The stock has a consensus analyst price target of $75.29.

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