The Dow Chemical Company’s Board of Directors announced the election of Andrew N. Liveris, Business Group President, Performance Chemicals, to president and chief operating officer (COO). William S. Stavropoulos will relinquish his role as president, but will continue as Chairman of the Board and Chief Executive Officer (CEO). These actions are effective immediately.
"In selecting Andrew, the Board followed a thorough and thoughtful process," said Harold T. Shapiro, presiding director of the Dow Board and president emeritus and professor of Economics and Public Affairs, Princeton University. "We selected him unanimously after considering his broad and diverse background of international business experience, strong strategic acumen, and demonstrated capacity for leadership, as well as his recognized respect for people and their contributions."
In addition to continuing a sharp focus on Dow’s action plan for financial recovery, Mr. Liveris also will initially be responsible for reviewing Dow’s long-term strategy and aligning an organizational structure for improving shareholder value.
"Underpinning this appointment will be a dedication to our short-term action plan for controlling expenses and strengthening our price and volume position in the marketplace to improve earnings and cash flow," said Mr. Stavropoulos. "Given the changing dynamics of the global industry, Andrew will lead a strategic review of the Company in order to manage our businesses for long-term value."
Mr. Stavropoulos also announced the formation of the Office of the CEO, a newly-created executive leadership team. "This Office will assure that Dow delivers on its strategic priorities and integrates all dimensions of the Company," said Mr. Stavropoulos. Comprising the office will be Arnold A. Allemang, executive vice president; J. Pedro Reinhard, executive vice president and CFO; Mr. Liveris; and Mr. Stavropoulos.
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