05.28.16
DuPont and The Dow Chemical Company announced senior leadership appointments for DowDuPont Inc., 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 CEO of Dow, will become executive chairman of DowDuPont. Edward D. Breen, chair and CEO of DuPont, will become CEO 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 recently announced include:
• Howard Ungerleider will become CFO for DowDuPont. Ungerleider is currently vice chairman and CFO 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 SVP and general counsel for DuPont.
• Charles J. Kalil will become special counselor to the executive chairman of DowDuPont, as well as general counsel for the Material Science business. Kalil is currently EVP and general counsel of Dow.
• Jim Fitterling, currently president and COO for Dow, will become COO 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 EVP for DuPont and leader of DuPont’s Agriculture business segment, will become COO 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 EVP and leader of DuPont’s Electronics & Communications, Industrial Biosciences, Nutrition & Health, Performance Materials and Safety & Protection businesses, will become COO 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.
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 CEO of Dow, will become executive chairman of DowDuPont. Edward D. Breen, chair and CEO of DuPont, will become CEO 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 recently announced include:
• Howard Ungerleider will become CFO for DowDuPont. Ungerleider is currently vice chairman and CFO 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 SVP and general counsel for DuPont.
• Charles J. Kalil will become special counselor to the executive chairman of DowDuPont, as well as general counsel for the Material Science business. Kalil is currently EVP and general counsel of Dow.
• Jim Fitterling, currently president and COO for Dow, will become COO 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 EVP for DuPont and leader of DuPont’s Agriculture business segment, will become COO 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 EVP and leader of DuPont’s Electronics & Communications, Industrial Biosciences, Nutrition & Health, Performance Materials and Safety & Protection businesses, will become COO 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.
