Dow stands by decision to fire two executives

18 April 2007 19:22  [Source: ICIS news]

HOUSTON (ICIS news)--Dow Chemical said on Wednesday that it stands by its decision to fire two executives.

Dow said it fired Pedro Reinhard, senior advisor, and Romeo Kreinberg, an executive vice president, because the two made unauthorised talks about selling the company.

“These decisions were taken on the basis of information we received from a highly credible, very reliable source who was in a position to know precisely what was going on,” said Dow spokesman Chris Huntley. He would not identify the source.

“The management team and the board of directors took decisions based on that information,” Huntley said. “Those decisions were entirely appropriated given the information we received."

He would not say if Dow was talking with Reinhard and Kreinberg about a compensation package.

Huntley also confirmed comments made on Wednesday by Dow chief executive Andrew Liveris to Reuters news service.

Liveris said that he stood by the firings, and that Dow made the right decision. Liveris added that Dow fired the two with the consent of the board.

By: Al Greenwood
+1 713 525 2653

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