The Dow Chemical Company announced that Fernando Ruiz, corporate vice president and treasurer, has elected to retire from Dow, following more than 35 years of service. The Board of Directors has elected Gary McGuire to succeed him as vice president and treasurer.
Ruiz assumed his role in August 2001, and will officially retire later this year to ensure a smooth transition of leadership responsibilities.
McGuire joined Dow in 1988 and has held a variety of financial management and leadership roles in materials management, treasury, financial and enterprise-wide risk management, and financial planning and operations. He was named chief investment officer in 2007, responsible for the management of the Company’s global pension and insurance assets and was appointed assistant treasurer in January 2016.
“Gary has been instrumental in driving financial discipline, transparency and efficiency, and brings a broad array of experience and management across multiple disciplines and geographies,” said Howard Ungerleider, Dow’s vice chairman and chief financial officer. “I am pleased to have his focused leadership as we continue to drive our strategic agenda forward.”
Ruiz joined Dow in 1980 in Ecuador as a financial planning manager and held several treasury positions in Latin America and in the U.S. before being elected assistant treasurer in 1996. He was appointed corporate director of insurance and risk management in 2001 until elected to his current position. Prior to joining Dow, Ruiz was a credit officer of Citibank.
“Throughout his career, Fernando has been a key facet of Dow finance, and under his watch the Company’s treasury department has grown into a world-class institution,” said Ungerleider. “His insights and leadership have done so much for the company, and he exemplifies our values of integrity and respect for people.”
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?