TIDMDOW
The Dow Chemical Company (NYSE:DOW) today announced a new
business structure and executive leadership appointments.
Effective immediately, the Company will eliminate the current
Business Division structure and move to a Global Business Unit
model that will have business presidents. The business presidents
will be fully accountable for generating increased earnings, and
the accelerated advancement and execution of the Company's
strategy.
The business presidents will report to a newly formed Executive
Committee of the Company.
The Executive Committee will set the overall direction and
strategy for Dow, monitor and deliver results, and optimize
resource deployment across the businesses.
Members of the Executive Committee include:
Andrew N. Liveris, chairman and CEO.
James R. Fitterling, executive vice president, will have
executive oversight of Feedstocks, Performance Plastics, Asia and
Latin America.
Joe Harlan, executive vice president, will have executive
oversight of Chemicals, Energy, and Performance Materials.
Howard Ungerleider, executive vice president, will have
executive oversight of Advanced Materials, which includes Coatings
and Infrastructure Solutions, and Electronic and Functional
Materials.
Bill Weideman, Chief Financial Officer and executive vice
president, will have executive oversight of Finance, Dow
AgroSciences, and Corporate Development.
"To accomplish our strategic objectives and deliver increased
results in the next stage of Dow's transformation, it will require
a different business organization and operating structure than the
one that has taken us to where we are today in Dow's
transformation," said Andrew N. Liveris, Dow's chairman and CEO.
"We continue to adapt our business model to take advantage of the
changing dynamics in the global marketplace. Moving forward, we
will have less structure at the top of the Company with more
deployment and implementation in the markets and out in the field.
We will have less centralization and more decentralization. We are
putting in place the optimal structure for the next phase of our
strategy that will better enable us to intensely focus on our
customer and on developing markets around the world."
Liveris added, "Streamlining our business and leadership
structure will result in a more agile, flexible and
customer-focused company. We have made steady progress in our
businesses and have a tremendous foundation to build on as we
advance our strategy and achieve our future vision for Dow."
The business presidents will be announced later this week.
Dow Executive Committee:
Andrew N. Liveris, chairman & CEO
James R. Fitterling, 50, executive vice president, will have
executive oversight of Feedstocks, Performance Plastics, Asia and
Latin America.
Fitterling joined Dow in 1984. After serving in a variety of
Sales, Marketing and Supply Chain positions in Liquid Separations,
he was named commercial director for Liquid Separations, Dow
Pacific in 1994. He was appointed global business director for
Liquid Separations and president and CEO of FilmTec Corporation, a
wholly owned subsidiary of The Dow Chemical Company in 1998.
In 2000, he was named general manager for Dow Thailand and
managing director for SCC-Dow Group of joint venture companies.
In 2002, he was named CEO of The OPTIMAL Group, affiliates of
Petroliam Nasional Berhad (PETRONAS), Malaysia's state-owned oil
corporation and The Dow Chemical Company. He added responsibility
for the Southeast Asia and Australia region in February 2004.
He also served as the vice president of the Malaysian
International Chamber of Commerce and Industry (MICCI) and was the
Dow representative to U.S. ASEAN Business Council.
Fitterling was named business vice president for Polyethylene in
December 2005; president, Basic Plastics in March 2007; vice
president of Corporate Development in April 2009; senior vice
president of Corporate Development in April 2010; executive vice
president of The Dow Chemical Company & president, Plastics
& Hydrocarbons in August 2010; executive vice president of The
Dow Chemical Company & president, Corporate Development &
Hydrocarbons in March 2011; and was appointed to his current
position in August 2011. Fitterling assumed additional executive
oversight of the Company's Chemicals & Energy Division in
August 2011, in addition to his executive role for Corporate
Development and Hydrocarbons.
Fitterling also serves as chairman of the Board of Directors of
Univation Technologies LLC; a member of the Board of Directors of
EQUATE Petrochemical Co. K.S.C., MEGlobal B.V., The Kuwait Olefins
Co. K.S.C., The Kuwait Styrene Co. K.S.C. and Dow-Mitsui
Chlor-Alkali LLC. He is also a member of the Board of Directors of
Chemical Financial Corporation.
Fitterling earned a Bachelor's degree in mechanical engineering
from the University of Missouri - Columbia.
Joe Harlan, 53, executive vice president, will have executive
oversight of Chemicals, Energy, and Performance Materials.
Harlan joined Dow in September, 2011, coming from 3M Corporation
where he was executive vice president of the Consumer and Office
business. Prior to 3M, Harlan spent 20 years with the General
Electric Company (GE), where he held various finance, business
development, and operational roles in their Plastics, Appliance and
Medical Systems businesses, eventually serving as vice president
and CFO of GE Lighting.
In 2001, Harlan joined 3M as vice president, Financial Planning.
He then spent two years in Japan with Sumitomo 3M Limited, its
Japanese subsidiary, where he served first as executive vice
president, and then as president and chairman of the board. He
became executive vice president of the 3M Electro and
Communications business based in Austin, Texas, in 2004.
Harlan is a member of the Board of Directors of Flowserve
Corporation acting as Finance Committee chairman and of Dow Corning
Corporation. He also serves as an executive committee member of the
board of the American Chemistry Council and participates on the
Indiana University Deans Advisory Council for the Kelly School of
Business.
Harlan holds a Bachelor's degree in finance from Indiana
University at Bloomington, Indiana.
Howard Ungerleider, 44, executive vice president, will have
executive oversight of Advanced Materials, which includes Coatings
and Infrastructure Solutions, and Electronic and Functional
Materials.
Ungerleider joined Dow in 1990 and his career has spanned a wide
variety of commercial, financial, geographic, functional and
enterprise-level leadership roles both in the United States and in
Europe.
He joined Dow's Food & Specialty Packaging business in 1997
and the following year moved to Dow's European headquarters in
Switzerland, where he held management responsibilities for several
of Dow's specialty polyethylene and polyolefin brands.
Ungerleider was named business director for Dow's global Wire
and Cable Compounds business in 2000, and in 2004 became the global
director of Integrated Supply Chain for Plastics, Performance
Chemicals and Thermosets, managing supply chain activities for
global businesses across Dow's basics, specialties and
market-facing portfolios.
In 2006, Ungerleider was appointed North American commercial
vice president for Basic Plastics business portfolio, which was
comprised of 2,500 employees and served 500 customers throughout
North America.
Ungerleider served as vice president of Investor Relations,
where he was responsible for facilitating dialogue between Dow's
stockholders and the Company's executive leadership. In this role,
Ungerleider was responsible for creating and driving an investor
outreach program that provided timely, credible information
regarding Dow's strategic transformation and performance in the
midst of the worst global economic crisis in decades. He was also a
member of the Finance leadership team, providing counsel and
support to Dow's Chief Financial Officer.
Ungerleider earned a Bachelor's degree from the University of
Texas in Austin and a Master's degree in Business Administration
from University of California in Los Angeles. He serves on the
Board of Directors of Sadara Chemical Company and the Member's
Committee of Dow AgroSciences. He also serves on the Boards of
Directors of Wolverine Bancorp, Keep America Beautiful and is an
Executive Committee Member of the Water & Woods Council of the
Boy Scouts of America.
Bill Weideman, 58, chief financial officer and executive vice
president, will have executive oversight of Finance, Dow
AgroSciences, and Corporate Development.
Weideman joined Dow in 1976. He has had numerous controller and
finance leadership assignments in his 36-year career at Dow,
including: controller for Texas Operations, global business finance
director for Specialty Chemicals, Performance Chemicals, Basic
Chemicals and Basic Plastics. He was appointed vice president and
corporate controller in 2006, interim chief financial officer in
2009 and was named to his current position in 2010. He assumed
executive oversight for Dow AgroSciences in August 2012.
Weideman also serves on the Board of Dow Corning Corporation,
the Dow Chemical Employees Credit Union, Mid Michigan Medical
Center, and Family and Children's Services of Midland. He is also a
member of Central Michigan University Accounting Advisory Committee
and Central Michigan University Development Board.
Weideman holds a Bachelor's degree in Business Administration
(Accounting) from Central Michigan University.
About Dow
Dow (NYSE: DOW) combines the power of science and technology to
passionately innovate what is essential to human progress. The
Company connects chemistry and innovation with the principles of
sustainability to help address many of the world's most challenging
problems. Dow's diversified industry-leading portfolio of specialty
chemical, advanced materials, agrosciences and plastics businesses
delivers a broad range of technology-based products and solutions
to customers in approximately 160 countries and in high-growth
sectors. In 2011, Dow had annual sales of $60 billion and employed
approximately 52,000 people worldwide. The Company's more than
5,000 products are manufactured at 197 sites in 36 countries across
the globe. References to "Dow" or the "Company" refer to The Dow
Chemical Company and its consolidated subsidiaries unless otherwise
expressly noted. More information about Dow can be found at
www.dow.com.
For editorial information:
The Dow Chemical Company
Rebecca Bentley
989-638-8568
rmbentley@dow.com
For editorial information:
The Dow Chemical Company
Nancy Lamb
989-638-7251
nelamb@dow.com
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