Dow Chemical Co. remains in the news today following last week's firing of senior executives Romeo Kreinberg and J. Pedro Reinhard. The latest news: Reinhard has released a statement denying that he was "involved in any clandestine effort to take over the company," and Dow is taking steps to remove Reinhard from its board of directors. According to an Associated Press report, Reinhard's statement says: "I categorically deny that I have been part of any secret effort to take over or acquire Dow Chemical." It adds: "I have always faithfully complied with my fiduciary duties to Dow," and "My conscience is clear." On the board action: Midland, Mich.-based Dow announced that its board has "authorized a revised slate of nominees" to be considered at the company's May 10 annual meeting. The new slate includes "each of the current directors, with the exception of J. Pedro Reinhard." What happens if shareholders already returned their proxy, casting their ballots for the board of directors? Dow said it will not count ballots cast for the board's nominees for Reinhard, "in light of his no longer being a nominee of the Board of Directors." I don't think we've heard the last word on this battle. Corporate annual meetings typically are boring, scripted affairs, but Dow's annual meeting could be a bit more interesting this year.
Dow wants Reinhard off board
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