Dow Chemical Co, which is merging with DuPont, said Chief Executive Andrew Liveris would retire as chairman of the combined DowDuPont company in July 2018.
Liveris said in February 2016 he would retire by mid-2017, following a prolonged battle with hedge fund manager Daniel Loeb, who had been questioning his leadership.
Liveris is slated to serve as the executive chairman of the combined DowDuPont company after deal close, expected in August.
He will then serve as the chairman of the combined company between April and July 2018, Dow said on Thursday, when the company held its annual shareholder meeting.
The companies have previously said DuPont Chief Executive Ed Breen would be the CEO of the merged company.
Dow and DuPont named the board of the combined company on Thursday, and said the board’s priorities would include “undertaking, as soon as practicable, a comprehensive review of the portfolios and their alignment.”
Dow and DuPont plan to merge and then split into three companies focused on agriculture, specialty chemicals and materials.
Dow also said on Thursday it would invest more than $12 billion over 10 years, mostly in the United States.
The investment plans include the expansion of the company’s cracker in Texas and the construction of a 600,000 metric ton polyethylene unit in the U.S. Gulf Coast.
Chemical companies typically process refined oil products such as naphtha – created by separating crude oil into lighter groups – at facilities called crackers to create petrochemicals such as ethylene and propylene.
These are further processed into products such as plastics, soaps or synthetic fibers.
“The positive investment environment in the U.S. chemical and materials sector, driven by competitive feedstocks and a skilled workforce, is a driver for Dow to further invest in the USA,” Liveris said in a statement.
Liveris heads a private-sector group on manufacturing that advises President Donald Trump’s administration.
Dow Chemical shares were nearly unchanged at $61.61 in afternoon trade, while DuPont was trading at $78.64.
By Swetha Gopinath
Source: Reuters
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