Less than a year after returning to Dow Chemical Co., William Stavropoulos has relinquished his role as president to Dow veteran Andrew Liveris.
Stavropoulos, who came out of retirement in December to improve Dow's finances, will remain as chairman and chief executive officer of the Midland-based company.
Liveris, 49, will take over as president and chief operating officer. Liveris, a native of Australia, has been with Dow for 27 years, most recently serving as business group president of performance chemicals.
In a Nov. 11 news release, Dow also announced it is forming an executive leadership team consisting of Stavropoulos, Liveris, Executive Vice President Arnold Allemang and Executive Vice President and Chief Financial Officer Pedro Reinhard. The team will help the company prioritize and integrate ``all dimensions of the company,'' Stavropoulos said.
Since returning from a two-year retirement, Stavropoulos has put into place a plan that to date has closed several facilities, cut 3,100 jobs and resulted in $380 million in cost reductions. Those moves seem to have had a positive effect, as Dow's sales in the first nine months of 2003 were up almost 18 percent vs. 2002 to $24.3 billion. The firm's profit jumped 70 percent to $801 million in the same comparison.
Plastics-related sales accounted for about 47 percent of Dow's nine-month sales total and almost 53 percent of the firm's pretax profit.