Dow Chemical CEO Andrew Liveris will leave the company next year.
MLive and other news outlets reported the long-time Dow CEO’s departure, presumably after the merger with Wilmington-based DuPont Co. and while work gets under way on the subsequent split-up of the two chemical giants into three separate publicly traded entities.
The news came as Liveris announced the appointment of a top member of the Dow management team as the merger process moves forward.
Delaware will see the loss of about 1,700 DuPont employs or about a quarter of its workforce. The layoffs were in the works before the Dow merger was announced.
One of the three businesses will be based in Delaware, with another at Dow’s headquarters in Midland, MI, and the agricultural business location still not announced.
DuPont CEO Edward Breen is slated to become CEO of the combined DowDuPont, although his role is not clear after the separation takes place. The process could take a couple of years, according to pronouncements from the two companies.
Liveris has long been under fire for his management of Dow, especially after the costly purchase of Philadelphia-based Rohm and Haas in 2009.
At one point, Dow looked at backing out of the merger, which came during the teeth of a deep recession and left concerns about the deal’s impact on the financial condition of the company.
Delaware Chancery Court ended up seeking a settlement on a deal between the two companies that allowed the deal to go forward.
A former Rohm and Haas electronic polishing business (formerly Rodel) operates in Newark.
In recent years, Liveris has been selling off companies to sharpen the focus of Dow, which has long been viewed as a commodity chemical company.
Dow has announced plans to buy back Corning’s interest in the successful DowCorning joint venture that produces silicones.
