A major shake-up at a mid-Michigan chemical company.
Liveris, 63, has been at the helm of Midland, Mich. -based Dow Chemical Co. since 2004. And Jim Fetterling is expected to take over as Dow's CEO after the company splits into three parts next year. Fitterling, 56, is now the chief operating officer.
Liveris had considered leaving previous year amid activist pressure as DowDuPont looked to reshape management to prepare for a breakup. "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". The review is being led by Dow Chief Executive Officer Andrew Liveris, DuPont CEO Ed Breen, DuPont lead director Sandy Cutler and Dow lead director Jeff Fettig.
Delays getting regulatory approvals for the deal prompted board discussions on Liveris delaying his retirement previous year.
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The planned agriculture company remains as originally envisioned when the merger of Dow Chemical and DuPont was announced in December 2015. A Dow lifer, Liveris faced pressure from Third Point, which didn't want him involved in the merged company.
The committee also said it will appoint Howard Ungerleider as president and chief financial officer of the division.
The deal will be completed after the stock market closes on August 31, the companies said in a statement Friday.