Midland, MI, Dec. 11--Andrew N. Liveris, President and Chief Operating Officer, The Dow Chemical Company, announced today a new organization with three global business portfolios and the appointment of the senior vice presidents who will lead them.
"Our new team will work to further develop the company's strategy, to examine our business mix so that we have the most value-creating businesses going forward, and to gain the maximum efficiency from our company's overall resources," Liveris said. "At the same time, we will remain focused on our Action Plan to further improve our ongoing financial results. Our ultimate objective is what it has always been: to maximize long-term shareholder value."
The three global business portfolios--and their leaders who report to Liveris--include the following:
Plastics, headed by Romeo Kreinberg, which includes Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polystyrene, Engineering Thermoplastics (ETP), Fabricated Products; Automotive, Wire and Cable; and Rubber and Elastomers.
Chemicals and Intermediates, headed by Michael R. Gambrell, which includes Organic Intermediates, Solvents and Monomers (OISM), Oxide Derivatives, Chlor-Vinyls, Chlorinated Organics, Cal/Mag, Propylene Oxide/Propylene Glycol (PO/PG), and Acrylates.
Performance Chemicals and Thermosets, headed by Phillip H. Cook, which includes Polyurethanes, Polyurethane Systems, Epoxy, Dow Latex (Emulsion Polymers & UCAR Emulsion Systems), Industrial Chemicals, Specialty Polymers (excludes Acrylates), Water Soluble Polymers, Custom and Fine Chemicals, and Licensing.
The three senior vice presidents will be accountable for:
·Their portfolios' profitability and related business measurements;
·Working with Liveris and the Office of the CEO on allocating resources based on the needs of the overall company;
·Operating at the corporate level on strategy and portfolio management.
In related assignments:
Lee P. McMaster will work full-time on a special project assessing Dow's opportunities in China and the Middle East, given the company's growth aspirations in Asia and the need to further develop the company's ability to access globally-competitive sources of raw material for feedstocks and energy. This analysis will guide a geographic growth strategy that reflects the changing industry landscape. McMaster will report to Liveris.
Theo Walthie, Business Group President, will retain his current responsibilities, including Hydrocarbons and Energy, and Ethylene Oxide/Ethylene Glycol (EO/EG). He will report to Liveris.
As previously announced, effective February 1, 2004, Jerome J. Peribere will succeed A. Charles Fischer and serve as President and CEO of Dow AgroSciences, reporting to J. Pedro Reinhard, Dow Executive Vice President and Chief Financial Officer.
The Environmental Operations Business will report to Arnold A. Allemang, Executive Vice President, Operations.
Global functional and geographic leaders will continue their current alignment, focusing on delivering optimal service across all business units at the lowest possible cost.
"In making these decisions on organization and leadership, we are mindful of the long-term interests of all of Dow's stakeholders--investors, customers, employees and our communities," Liveris said. "That translates to strong financial results, outstanding products, challenging jobs, a safe workplace, sound environmental stewardship and the highest standards of corporate responsibility," he said.
