04 September 2012 14:40 [Source: ICIS news]
HOUSTON (ICIS)--Dow Chemical on Tuesday announced a new, less centralised business structure, and the US-based chemicals major also announced a number of executive appointments.
Effective immediately, Dow will eliminate its current business division structure and move to a global business unit model that will have business presidents, it said.
The business presidents will be fully accountable for generating increased earnings. The presidents will report to a newly-formed executive committee, which will set the overall direction and strategy for Dow, monitor and deliver results, and optimise resource deployment across the businesses, the company said.
Members of the executive committee include Dow CEO Andrew Liveris, chief financial officer Bill Weideman, as well as executive vice presidents James Fitterling, Joe Harlan, and Howard Ungerleider.
Fitterling will have executive oversight of feedstocks, performance plastics, and the Asia and ?xml:namespace>
Harlan will have executive oversight of chemicals, energy, and performance materials.
Ungerleider will have executive oversight of advanced materials, which includes coatings and infrastructure solutions, and electronic and functional materials.
Weideman will have executive oversight of finance, Dow AgroSciences, and corporate development
Dow will announce the appointments of the business presidents later this week.
“To accomplish our strategic objectives and deliver increased results in the next stage of Dow’s transformation, it will require a different business organisation and operating structure than the one that has taken us to where we are today in Dow’s transformation,” Liveris said.
“We continue to adapt our business model to take advantage of the changing dynamics in the global marketplace,” Liveris said.
“Moving forward, we will have less structure at the top of the company with more deployment and implementation in the markets and out in the field,” he said.
“We will have less centralization and more decentralisation. We are putting in place the optimal structure for the next phase of our strategy that will better enable us to intensely focus on our customer and on developing markets around the world,” he added.
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