Andrew Liveris will step down as executive chairman of DowDuPont in April, less than a year after completing a merger that created what is now one of the world's largest chemicals companies, DowDuPont said on Monday.
Jim Fitterling, now the chief operating officer for DowDuPont's material sciences unit, will take on the role of the Chief Executive of Dow after the breakup next year, the Journal said. Fitterling current is chief operating officer, according to a company news release. Liveris will continue as a director of DowDuPont through his previously announced retirement from the company effective July 1, 2018. "I want to thank the 54,000 women and men of Dow around the world for their hard work and dedication - without their tireless efforts, Dow would not be where it is today", said Liveris.
Liveris, who has led Dow Chemical Co. for 14 years, guided the company through a severe spike in energy prices in 2007-08 (petrochemicals as a major cost for chemical producers), as well as the global economic crisis that followed, nearly upending the company founded late in the 19th century.
"Jim and Howard have been valued members of Dow's and my most senior leadership team and have each played a pivotal role in developing and executing Dow's market-driven strategy". DowDuPont will break itself into three distinct companies after a successful, merger between Dow and DuPont past year valued at close to $70 billion.
Dow and DuPont completed their $130 billion merger in September. Ungerleider is CFO of DowDuPont and vice chairman and CFO for Dow.
A second specialty products unit will be called DuPont and the third agricultural unit Corteva Agriscience.
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