DowDuPont said today that Andrew Liveris will step down as executive chairman effective 1 April 2018. Jeff Fettig, a legacy Dow Chemical board member and co-lead independent director for DowDuPont, will succeed Liveris as executive chairman. Liveris will continue as a director of DowDuPont through his previously announced retirement on 1 July 2018.
DowDuPont also announced that Jim Fitterling, currently COO for the materials science division of DowDuPont, will become CEO of the materials science business, to be called Dow, upon the spin off of the company, which is expected to occur by the end of first-quarter 2019. Howard Ungerleider, CFO of DowDuPont, will serve as president and CFO of the materials science spinoff.
Liveris has served as Dow Chemical CEO since 2004 and DowDuPont executive chairman since the completion of the Dow-DuPont merger in September 2017. “Over the last 14 years, we have transformed Dow from a cyclical chemicals manufacturing company into one powered by science, driven by innovation and delivering solutions to the world,” Liveris said. “We have aggressively invested in R&D and radically transformed our portfolio of businesses. With that transformation complete and Dow entering into its next phase of growth, now is the right time for [a transition].”
Fitterling joined Dow in 1984 and has executive accountability for all of legacy Dow’s businesses excluding Dow AgroSciences. Ungerleider joined Dow in 1990 and currently serves as CFO of DowDuPont, the holding company comprised of Dow Chemical and DuPont.
“Jim and Howard have been valued members of Dow’s and my most senior leadership team and have each played a pivotal role in developing and executing Dow’s market-driven strategy,” Liveris said. “I am confident there is no better leader than Jim, nor a better team of Jim and Howard, to lead Dow into the next chapter of our storied history.”
By Natasha Alperowicz
Source: Chemical Week
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