Only a month after being named president and chief operating officer, Andrew Liveris has announced a major business reorganization at Dow Chemical Co.
Midland, Mich.-based Dow, one of the world's largest plastics and chemicals makers, now will split a majority of its businesses into three units: plastics; chemicals and intermediates; and performance chemicals and thermosets.
Each unit will be led by a senior vice president.
Plastics will include Dow's polyethylene, polypropylene, PET, polystyrene, engineering thermoplastics, fabricated products, automotive, wire and cable and rubber and elastomers businesses. The unit will be led by Romeo Kreinberg, a 26-year Dow veteran who previously had served as business group president of polyolefins and elastomers.
Chemicals and intermediates will include organic intermediates, solvents and monomers, oxide derivatives, chlor-vinyls, chlorinated organics, propylene oxide/propylene glycol and acrylates. The unit will be led by Michael Gambrell, who has been with Dow since 1976 and most recently served as business vice president of chlor-vinyls.
Performance chemicals and thermosets will include polyurethanes, PU systems, epoxy, latex, specialty polymers, water-soluble polymers, custom and fine chemicals and licensing. The unit will be led by Phillip Cook, a 33-year Dow vet who most recently was global business vice president for epoxy products and intermediates.
Dow's hydrocarbons and energy and ethylene oxide/ethylene glycol businesses are not included in the reorganization. Those businesses still will be run by business group President Theo Walthie.
``Our new team will work to further develop the company's strategy, to examine our business mix so that we have the most value-creating businesses going forward, and to gain the maximum efficiency from our company's overall resources,'' Liveris said in a Dec. 11 news release.
Liveris, a 27-year Dow veteran, assumed the president's role at Dow in early November. That role had been held by William Stavropoulos, who came out of retirement in December 2002 to improve Dow's finances. Stavropoulos - who remains as Dow's chairman and chief executive officer - put into place a plan that to date has closed several facilities, cut 3,100 jobs and resulted in $380 million in cost reductions.
The reorganization will not change how Dow reports its financial results. Results still will be reported under six segments: performance plastics; performance chemicals; agricultural sciences; plastics; chemicals and hydrocarbons; and energy.
In a separate move, Dow announced that Robert Wood, business group president for thermosets and Dow Automotive, has left the company to pursue other interests. In 27 years with Dow, Wood held a number of executive positions in household products, Dow Brands, polyurethanes and other segments.
In a Dec. 10 news release, Stavropoulos described Wood as ``a talented leader'' who ``will be a key asset for any organization or cause with which he chooses to affiliate.''