Dow Chemical Revamps Organizational Structure
September 4, 2012
Dow Chemical Co. (DOW) unveiled plans to revamp and decentralize its organizational structure, which will be led by global business unit presidents that report to a five-member executive committee.
Dow Chemical said the business unit presidents will be named later this week.
"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, " said Chairman and Chief Executive Andrew N. Liveris. "We will have less centralization and more decentralization."
Dow, which makes chemicals used in items ranging from diapers to auto-industry products, like many other companies has been aiming to cope with impacts from a sluggish global economy. During July, Mr. Liveris had said Dow planned to accelerate its cost reduction and efficiency programs.
The executive committee will include Mr. Liveris as well as Dow's chief financial officer and several executive vice presidents.
CFO Bill Weideman will have oversight of finance, Dow agrosciences and corporate development.
Also, James R. Fitterling will have oversight of feedstocks, performance plastics, Asia and Latin America. Joe Harlan will have oversight of chemicals, energy, and performance materials. Howard Ungerleider will have oversight of advanced materials, which includes coatings and infrastructure solutions, and electronic and functional materials.
Dow in July reported that second-quarter earnings tumbled 31% as it was hurt by weak demand and lower prices in all geographic areas.
Shares closed Friday at $29.31 and were inactive premarket. Markets were closed Monday for the Labor Day holiday. The stock is up 1.9% this year, trailing the broader market.
Source: Dow Jones Newswires
Engineering News Archive