MOSCOW (MRC) -- The Dow Chemical Company announced that Chief Financial Officer William H. (Bill) Weideman has elected to retire from the Company, following 38 years of service with Dow, said the producer in its press release.
The Board of Directors has elected Howard I. Ungerleider to succeed him as chief financial officer, and his appointment will become effective October 1, 2014. Weideman most recently served as executive vice president and chief financial officer, a role he assumed in November 2009. He will officially retire at the end of 2014, and will begin working with Ungerleider to ensure a smooth transition of leadership responsibilities.
Ungerleider, 46, joined Dow in 1990 and his career has spanned a wide variety of commercial, business, financial, geographic, functional and enterprise-level leadership roles globally. In 2006, he was appointed North American commercial vice president for Dow's $6 billion Basic Plastics business portfolio. From 2008 to 2011, Ungerleider served as vice president of Investor Relations, where he was responsible for creating and driving an investor outreach program regarding Dow's strategic transformation and performance in the midst of the worst global economic crisis in decades.
He was named president for Dow’s Performance Plastics Division in 2011, and in 2012 was named executive vice president of Dow’s Advanced Materials Division, and joined Dow’s senior-most executive team. Under his leadership, the Advanced Materials businesses have grown to more than $11 billion in sales across more than 130 countries.
Weideman, 60, joined Dow in 1976 and held numerous financial leadership roles during the span of his nearly 40-year career. He was appointed vice president and corporate controller in 2006, interim chief financial officer in November 2009 and was named to his current position in 2010. He assumed responsibility for Corporate Strategic Development and executive oversight for Dow AgroSciences in August 2012. He has also served as a member of the Company’s Executive Committee.
As MRC wrote earlier, Dow Chemical Co is not entitled to more than USD1 billion of tax deductions based on a decade of transactions with "sham" partnerships that Goldman Sachs Group Inc and the law firm King & Spalding promoted. A unanimous three-judge panel of the 5th U.S. Circuit Court of Appeals let stand a lower court ruling that Dow entered the two Chemtech partnerships that ran from 1993 to 2003 mainly to avoid taxes, and had no legitimate business purpose for them.
The Dow Chemical Company is an American multinational chemical corporation. As of 2007, it is the second-largest chemical manufacturer in the world by revenue (after BASF) and as of February 2009, the third-largest chemical company in the world by market capitalization (after BASF and DuPont). Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber.
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