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DowDuPont Announces Senior Executive Appointments

Turkchem 03 Jun 2016 48 3 dk okuma

TURKCHEM

Subject to the completion of customary procedures required for such transactions, including shareholder and regulatory approvals, this merger transaction

DuPont (NYSE:DD) and Dow Chemical Company (NYSE: DOW) have announced senior management personnel who will take office at DowDuPont Inc. ("DowDuPont") following completion of the proposed merger. Subject to customary procedures in such transactions, including shareholder and regulatory approvals, the merger is expected to be completed in the second half of 2016. As previously announced, Dow Chairman and CEO Andrew N. Liveris will serve as Chairman of the DowDuPont Board of Directors. DuPont Chairman and CEO Edward D. Breen will assume the CEO role at DowDuPont. In addition to their other duties, Liveris will oversee Materials Science, and Breen will oversee Agriculture and Specialty Products operations. Both executives will report to the DowDuPont Board of Directors.

Announced senior management appointments:

·Currently Dow's CFO responsible for oversight of Dow AgroSciences, Dow Corporate Strategy Development, Corporate Planning, Finance, Information Technology and Business Services, Howard Ungerleider will serve as CFO (Chief Financial Officer) of the newly formed DowDuPont. In addition, following the restructuring of Dow's ownership in the Dow Corning joint venture on 1 June, he will also serve as Chairman of that company's Board of Directors. ·Currently serving as Senior Vice President and Chief Legal Officer at DuPont, Stacy Fox will assume the Chief Legal Officer role at DowDuPont. ·Currently serving as Vice President and Chief Legal Officer at Dow, Charles J. Kalil will assume the role of Chief Legal Officer to the DowDuPont Chairman and Chief Legal Officer, Materials Science. ·Currently serving as Dow President and COO (Chief Operating Officer), Jim Fitterling will serve as COO of DowDuPont Materials Science. Subject to approval by the DowDuPont Board of Directors, DowDuPont plans to separate this company as an independent, pure-play industry leader in the sector. The Materials Science company, to be named Dow, will consist of Dow Performance Plastics, Performance Materials and Chemicals, Infrastructure Solutions, Customer Solutions (excluding Dow Electronic Materials) operating segments, as well as the DuPont Performance Materials segment. Following the restructuring of Dow's ownership in the Dow Corning joint venture on 1 June, Dow Corning Silicones will be included. ·DuPont Vice President and leader of the DuPont Agriculture segment James C. Collins, Jr. will serve as COO of DowDuPont Agriculture. Subject to approval by the DowDuPont Board of Directors, DowDuPont plans to separate this company as an independent agriculture company serving only the sector. The Agriculture company will combine the Seeds and Crop Protection operations of DuPont and Dow. ·Currently serving as Vice President and Leader of Electronics and Communications, Industrial Biosciences, Nutrition and Health, Performance Materials and Safety & Protection operations at DowDuPont, Marc Doyle will assume the COO role at DowDuPont Specialty Products. Subject to approval by the DowDuPont Board of Directors, DowDuPont plans to separate this company as an innovation-driven technology-focused company. The Specialty Products company will consist of DuPont Nutrition and Health, Industrial Biosciences, Safety & Protection and Electronics & Communications operations, as well as the Dow Electronic Materials operation.

Ed Breen: "We have built a world-class management team"

Regarding these appointments, DuPont Chairman and CEO Edward D. Breen stated "The announcement of the DowDuPont senior management team represents an important milestone in the merger process." He continued: "By drawing on two highly successful leadership teams, we have built a world-class management team for the companies that will operate as independent business divisions as soon as practicable following the merger." Dow Chairman and CEO Andrew N. Liveris said "Each of these executives has proven success in their roles and in creating shareholder value." Liveris added: "Beyond establishing three independent companies, DowDuPont will benefit from the leadership of executives executing a clear strategy designed to deliver outstanding solutions and choices for customers—bringing together exceptional talent from both organizations to drive strong, focused businesses." Additional DowDuPont Board members and other leadership roles are expected to be announced prior to completion of the merger. Following completion of the merger, the DowDuPont Board of Directors will establish three advisory committees to oversee the commercial operations while preparations for the planned separations of the Agriculture, Materials Science and Specialty Products companies are underway. Additionally, each advisory committee will establish a capital structure and select a leadership team for its respective company. Based on current expectations of Dow and DuPont, the planned company separations will occur as soon as practicable following completion of the merger. However, the planned separations are not expected to take more than 18–24 months following completion of the merger.