DowDuPont on March 8 announced the official dates of its planned spin offs. First up, the Materials and Science Division of the combined company will become the new Dow on April 1. That will be followed by the expected separation of Corteva Agriscience on June 1.
“We believe that each of the intended three independent companies is set to be an industry leader with the right management and capital structure to better serve customers, compete in their end markets and focus on their innovation priorities,” said Ed Breen, chief executive officer of DowDuPont.
Upon the date of the separation, Dow will become an independent, publicly traded company.
“The new Dow is a more focused, disciplined and market-oriented company,” said Jim Fitterling, chief operating officer of the Materials Science division and chief executive officer elect of Dow. “We are fully prepared for our separation from DowDuPont on April 1, and ready to innovate and grow with our customers while delivering long-term value for our shareholders.”
New board members
DowDuPont on March 11 announced the names of two additional members of the future board of directors of Corteva Agriscience, the agriculture division of DowDuPont.
Dr. Klaus Engel, former CEO of Evonik Industries, and Rebecca Liebert, who recently became senior vice president, automotive coatings at PPG after more than a decade in leadership roles at Honeywell International. The board now totals 11 members.
“Continuing to build a highly qualified board, with the right mix of diverse perspectives and experience, is a critical priority as we work with Corteva Agriscience’s leadership to position it to drive sustainable growth as a global leader in agriculture,” said Greg Page, non-executive chairman-elect of Corteva Agriscience and retired chairman and CEO of Cargill Inc.