DowDuPont Settles on Management Team
Dow and DuPont Announce Senior Leadership Appointments for DowDuPont
WILMINGTON, Del. and MIDLAND, Mich., May 23, 2016 /PRNewswire/ – DuPont (NYSE (NYX): DD) and The Dow Chemical Company (NYSE: DOW) today announced senior leadership appointments for DowDuPont Inc. ("DowDuPont"), following the consummation of the proposed merger of equals.
The appointments will be effective upon completion of the proposed merger transaction, which is expected to close in the second half of 2016, subject to satisfaction of customary closing conditions, including receipt of stockholder and regulatory approvals.
As previously disclosed, Andrew N. Liveris, chairman and chief executive officer of Dow, will become executive chairman of DowDuPont. Edward D. Breen, chair and chief executive officer of DuPont (DFT), will become chief executive officer of DowDuPont. In addition to other duties, Liveris will have responsibility for the Material Science business, and Breen will have responsibility for the Agriculture and Specialty Products businesses. Both executives will report to the DowDuPont Board of Directors.
Senior leadership team appointments announced today include:
- Howard Ungerleider will become chief financial officer for DowDuPont. Ungerleider is currently vice chairman and chief financial officer of Dow, with executive oversight for Dow AgroSciences, Dow's Corporate Strategy Development, Corporate Planning, Finance, Information Technology & Business Services, and chairman of Dow Corning, pending the successful close of Dow's ownership restructuring of this joint venture on June 1.
- Stacy Fox will become general counsel for DowDuPont. Fox is currently senior vice president and general counsel for DuPont.
- Charles J. Kalil will become special counsellor to the executive chairman of DowDuPont, as well as general counsel for the Material Science business. Kalil is currently executive vice president and general counsel of Dow.
- Jim Fitterling, currently president and chief operating officer for Dow, will become chief operating officer for DowDuPont's Material Science business, which DowDuPont intends to separate as a leading, independent, pure-play industry leader, subject to approval by the DowDuPont Board. The Material Science business, to be named Dow, will consist of the Dow Performance Plastics, Performance Materials & Chemicals, Infrastructure Solutions, and Consumer Solutions (excluding the Dow Electronic Materials business) operating segments, as well as the DuPont Performance Materials segment. It will also include Dow Corning Silicones, pending the successful close of Dow's ownership restructuring of this joint venture on June 1.
- James C. Collins, Jr., currently executive vice president for DuPont and leader of DuPont's Agriculture business segment, will become chief operating officer for DowDuPont's Agriculture business, which DowDuPont intends to separate as a leading, independent, pure-play agricultural company, subject to approval by the DowDuPont Board. The Agriculture business will unite DuPont's and Dow's Seed and Crop Protection businesses.
- Marc Doyle, currently executive vice president and leader of DuPont's Electronics & Communications, Industrial Biosciences, Nutrition & Health, Performance Materials and Safety & Protection businesses, will become chief operating officer for DowDuPont's Specialty Products business, which DowDuPont intends to separate as a technology driven innovative leader, subject to approval by the DowDuPont Board. The Specialty Products business will include the DuPont Nutrition & Health, Industrial Biosciences, Safety & Protection and Electronics & Communications businesses, as well as the Dow Electronic Materials business.
"Each of these executives has a proven track record of executing against a strategic agenda and maximizing stockholder value creation," said Liveris, chairman and chief executive officer of Dow. "By combining the immense talent from both organizations, DowDuPont's three business divisions will each have a strong and focused leader at the helm driving a clear strategy designed to deliver superior solutions and choices for customers, in addition to setting up the three independent companies."
"Today's announcement of the DowDuPont senior leadership team marks another major milestone in the process to merge and move ahead with our intention to create three, highly focused, independent companies," said Breen, chair and chief executive officer of DuPont. "Drawing on two exceptional leadership teams, we have put together a world-class group of executives that will be responsible for quickly integrating the companies, capturing our anticipated cost and revenue synergies and working to operate as independent business divisions as soon as possible after the merger closes."
The DowDuPont Board of Directors and other leadership roles are expected to be announced prior to the closing of the merger. Upon the completion of the DowDuPont merger, the DowDuPont Board will establish three advisory committees chartered to generally oversee the business affairs of each of the Agriculture business, Material Science business and Specialty Products business in preparation for the intended business separations. Additionally, each advisory committee will develop a capital structure and select the leadership team of its respective business.
Dow and DuPont currently anticipate that the intended business separation transactions will be consummated as soon as practicable following the consummation of the merger, but consummation of the intended business separation transactions is not expected to exceed 18-24 months after the merger close.