DowDuPont Chairman Andrew Liveris to Step DownBy
DowDuPont, the combined company of the merger of The Dow Chemical Company and DuPont, has announced that Andrew N. Liveris is stepping down from his role as executive chairman, effective April 1, 2018.
Jeff Fettig, currently chief operating officer (COO) for the Materials Science Division of DowDuPont and president and COO of The Dow Chemical Company, will serve as a non-employee executive chairman of the board of DowDuPont. Liveris will continue as a director of DowDuPont through his previously announced retirement from the company, effective July 1, 2018.
Liveris was previously chairman and chief executive officer (CEO) of The Dow Chemical Company and was behind the company’s mega merger with DuPont, which was announced in December 2015 and completed in August 2017. He then became executive chairman of the combined company, DowDuPont, with Edward D. Breen, chairman and chief executive officer of DuPont, taking on the role of CEO of DowDuPont.
“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,” said Liveris in a company statement. “We have aggressively invested in R&D and radically transformed our portfolio of businesses while proudly maintaining our commitment to our heritage and values,” he said. “With that transformation complete and Dow entering into its next phase of growth, now is the right time for me to effect my previously announced plan to transition and then to retire. I want to thank the 54,000 women and men of Dow around the world for their hard work and dedication – without their tireless efforts, Dow would not be where it is today.”
DowDuPont plans to separate its three divisions into separate companies in 2019. DowDuPont now consists of three divisions: Specialty Products, Materials Science, and Agriculture and is dually headquartered in Midland, Michigan (former headquarters of The Dow Chemical Company) and Wilmington, Delaware (former headquarters of DuPont). The intended Specialty Products company, to be headquartered in Wilmington, Delaware, will become the new DuPont. The intended Material Science company, to be headquartered in Midland, Michigan, will become Dow. The intended Agriculture company, to be headquartered in Wilmington, Delaware, will assume the name Corteva Agriscience. The Materials Science Division is anticipated to separate by the end of the first quarter of 2019, and the Agriculture and Specialty Products Divisions are expected to separate by June 1, 2019.
Separately, the Materials Science Division of DowDuPont has also announced a senior leadership succession. Jim Fitterling, currently chief operating officer (COO) for the Materials Science Division of DowDuPont, and president and COO of The Dow Chemical Company, has been appointed to the role of chief executive officer of the intended spin-off materials science company, to be called Dow. In addition, Howard Ungerleider, chief financial officer (CFO) of DowDuPont, and vice chairman and CFO for The Dow Chemical Company, will serve as president and CFO of the intended materials science company, which is expected to be spun off as an independent company by the end of the first quarter of 2019. Both Fitterling and Ungerleider will continue to serve in their current roles at DowDuPont until the completion of the division’s intended separation.
In addition to Liveris’ leadership of DowDuPont, he has been an international advocate for the criticality of manufacturing to the long-term health of national economies. To this end, Liveris has led DowDuPont to collaborate with governments on advanced manufacturing plans in the US, Australia, Europe, Latin America, Asia, the Middle East, and Africa. Liveris also serves in numerous advisory roles with governments on manufacturing, investment, and business development, including Australia, Argentina, Saudi Arabia, and Thailand through service on various councils and committees.