DuPont and The Dow Chemical Company announced that their CEOs will co-chair the board of the combined companies.
The board will consist of 16 members, eight from each company. The compan y will be temporary in nature, with a split-up into three publicly traded entities taking place after the merger is completed.
There had been speculation that Dow CEO Andrew Liveris might depart the company, leaving DuPont CEO Edward Breen in charge.
- From Dow:
- Andrew N. Liveris, Chairman and CEO, The Dow Chemical Company
- Jeff M. Fettig, Chairman and CEO, Whirlpool Corporation*
- James A. Bell, Former Chief Financial Officer, Boeing
- Raymond J. Milchovich, Former Chairman and CEO, Foster Wheeler
- Paul Polman, CEO, Unilever
- Dennis H. Reilley, Non-Executive Chairman, Marathon Oil Corp.
- James M. Ringler, Chairman, Teradata Corporation
- Ruth G. Shaw, Former Group Executive, Public Policy and President, Duke Nuclear
- From DuPont:
- Edward D. Breen, Chair and CEO, DuPont
- Alexander (Sandy) M. Cutler, Former Chairman & Chief Executive Officer of Eaton*
- Lamberto Andreotti, Former Chair of the Board and CEO of Bristol-Myers Squibb
- Robert A. Brown, President of Boston University
- James L. Gallogly, Former Chairman of the Management Board and CEO of LyondellBasell Industries N.V.
- Marillyn A. Hewson, Chairman, President, and Chief Executive Officer of Lockheed Martin Corporation
- Lois D. Juliber, Former Vice Chairman and Chief Operating Officer of Colgate-Palmolive Company
- Lee M. Thomas, Former Chairman and Chief Executive Officer of Rayonier
The appointments will be effective upon completion of the proposed merger transaction.
Identified priorities of the DowDuPont Board include fulfilling governance and compliance requirements and undertaking, as soon as practicable, a comprehensive review of the portfolios and their alignment, the total synergies and the time to spin each of the divisions.
“The DowDuPont board of directors will be composed of highly accomplished leaders who are intently focused on the creation of long-term value for shareholders,” said Breen. “Together we will deliver on the significant promise of the DowDuPont combination and the subsequent intended creation of world-leading companies – enabling innovation, growth and reinvestment that will benefit all stakeholders.”
The companies will include an agriculture company; a Materials Science company; and a Specialty Products company. The ag and specialty products companies will be based in Delaware, with the materials science business remaining in Dow’s home state of Michigan.
The merger and spin-off was driven by the combination of the Dow and DuPont agricultural businesses.
The companies reaffirmed their expectation for closing of the merger to occur between August 1 and September 1 with the intended spin-offs to occur within 18 months of closing.
