DowDuPont came out with two big announcements today as the company prepares to split into three publicly traded entities, one for materials science, specialty products and agriculture.
Jim Fitterling will become CEO of the materials science spin-off, which will retain the Dow name. He is the current COO for the Materials Science Division of DowDuPont.
Andrew N. Liveris will step down as executive chairman effective April 1 and retire on July 1. Liveris led Dow prior to the merger with DuPont.
Jeff Fettig, co-lead independent director for DowDuPont, will take over as executive chairman.
“Dow has achieved record operating results and shareholder value under Andrew’s leadership, which continues as part of the DowDuPont merger,” Fettig said. “Andrew is truly a global CEO in every sense of the term, and his leadership not only at Dow, but across the entire business community, will be felt for decades.”
Outside of the boardroom, Liveris has served in advisory roles for President Trump and Obama and advocated for manufacturing as central for the health of national economies. He also wrote a book, “Make It in America,” about achieving manufacturing success in the U.S.
“Over the last 14 years, we have transformed Dow from a cyclical chemicals manufacturing company into one powered by science, driven by innovation and delivering solutions to the world. We have aggressively invested in R&D and radically transformed our portfolio of businesses while proudly maintaining our commitment to our heritage and values,” Liveris said. “With that transformation complete and Dow entering into its next phase of growth, now is the right time for me to effect my previously announced plan to transition and then to retire.”