Sep 16 2005
To further accelerate implementation of the company's long-term strategy, The Dow Chemical Company will realign its current three portfolios of businesses into two: Basic Plastics & Chemicals, and Performance Plastics & Chemicals, according to Andrew N. Liveris, president and CEO. Several executive changes have been announced as a result.
"Our strategy for the past decade has been to move to a basics- and performance-based business model," Liveris stated. "Dow is accelerating the implementation of that strategy, capitalizing on our historical strengths in low-cost production, as well as our growth and success in innovative, market-driven businesses. This alignment will drive independent strategies and actions based on the needs of each type of business within these portfolios, with the ultimate goal of maximizing Dow's earnings and extracting the full value of our company's strengths in diversification, integration, global reach, and technology."
Effective immediately, Liveris announced that:
- Phillip H. Cook, Senior Vice President of Performance Chemicals and Thermosets, has been named Corporate Vice President of Strategic Development and New Ventures and will assume responsibility for Strategic Development, New Ventures and licensing for the company. Together with Liveris and other members of the Office of the Chief Executive (OCE), he will further develop Dow's corporate strategy, as well as lead the company's New Ventures efforts and licensing businesses.
- Michael R. Gambrell, senior vice president of Chemicals and Intermediates, has been named Executive Vice President for the Basic Plastics & Chemicals Portfolio. Together with Liveris and other members of the OCE, he will accelerate the development of low-cost feedstock positions in key geographies. The focus of Gambrell's portfolio will be leveraging Dow's competitive advantages in plant integration, operational excellence, product and process technology, low-cost feedstocks, and joint ventures.
- Romeo Kreinberg, senior vice president of Plastics, has been named Executive Vice President for the Performance Plastics & Chemicals Portfolio. Together with Liveris and other members of the OCE, he will accelerate the company's strategy to preferentially invest in Performance Businesses, which are less cyclical and provide a solid base of earnings throughout the industry cycle. In doing so, Kreinberg will focus on positioning Dow's products and services on a market- and customer-driven basis, with an emphasis on innovation in new products and new applications.
"These moves further align our focus on our Strategic Themes." Liveris said. "Both the Basics and the Performance Portfolios are vital to Dow's long-term success, enabling value growth and furthering our product, systems and ultimately our solutions offerings to our customers. This change will sharpen the focus on the specific strategies, expertise and implementation required for every business to succeed."