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DowDuPonts Andrew Liveris steps down, names CEO for new Dow

March 13/2018

MOSCOW (MRC) -- Longtime Dow Chemical Co. leader Andrew Liveris plans to step down next month, ending a nearly 14-year tenure that culminated with the chemical giants combination last year with rival DuPont Co, as per Wsj.

Mr. Liveris will relinquish the role of executive chairman of the combined company April 1, it announced Monday. Co-lead director Jeff Fettig will assume that role at the company, now known as DowDuPont Inc. DWDP -0.72% and soon to be broken apart.

Liveris lieutenant Jim Fitterling will be chief executive of the materials-science company that is expected to be created when the breakup takes place next year.

The Wall Street Journal first reported the news of the executive changes early Monday.

Mr. Liveris, 63 years old, had said he would likely depart this year, but he had delayed the move once already and the advisory board of the materials-science company, to be known as Dow, hadnt yet named a successor.

Dows board and Mr. Liveris had gone through a search process that involved Mr. Fitterling, who is chief operating officer for the materials business, and Howard Ungerleider, DowDuPonts chief financial officer, according to people familiar with the matter. The candidates, both of whom have spent their entire careers at Dow and held several roles, met with directors and made presentations in recent months, the people said.

Mr. Fitterling, 56, won the job in recent weeks, they said. Mr. Ungerleider, 50, will be named president on top of his CFO role.

In an interview, Mr. Liveris said he decided the timing was right with the stock hitting all-time highs this year and the company completing two projects he bet his legacy on: the combination with DuPont and a gigantic petrochemical plant in Saudi Arabia, the people said. He said he made up his mind while on Christmas holidays with his family in his native Australia, feeling the transformation he had wanted was done.

A 40-year veteran of the company, Mr. Liveris will remain a director on the combined board until July 1.
Author:Anna Larionova
Tags:Dow, DuPont.
Category:General News
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