The longtime chief executive of Dow Chemical, who led the company through the financial crisis, a merger with rival DuPont and then the planned disassembly of the entire enterprise, is stepping down.
“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,” Andrew Liveris says in a written statement today. “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.”
Andrew Liveris announced two years ago he'd retire by mid-2017, but that was delayed until the company named a successor.
In a press release, DowDuPont says Liveris will give up his executive chairmanship in April, and his role as director in July, when he officially retires.
Jeff Fettig, a longtime independent director, will become executive chairman. Jim Fitterling will lead the materials-science company, to be created during a planned breakup next year.
DowDuPont will break itself into three distinct companies after a successful, $62 billion merger between Dow and DuPont last year. One of the three companies will be based in Midland. The other two in DuPont’s home state of Delaware.
