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Andrew N. Liveris
Born 5 May 1954
Darwin, Northern Territory, Australia
Occupation President, Chairman and CEO, Dow Chemical

Andrew Liveris is a Greek-Australian-American executive from Australia and is the Chairman, CEO and President of The Dow Chemical Company based in the United States.

Contents

Early life and family

Andrew Liveris was born in Darwin, Northern Territory, Australia, and attended the selective Brisbane State High School before attending the University of Queensland where he studied chemical engineering. After graduating with first class honours in 1976, Liveris joined The Dow Chemical Company in Melbourne, Australia. He and his wife, Paula, have three children, Nicholas, Alexandra, and Anthony.

Current occupation

Liveris is President, Chief Executive Officer (CEO) and Chairman of Dow Chemical, a $58 billion global chemical and plastics manufacturer based in Midland, Michigan. Liveris succeeded William Stavropoulos as CEO in 2004, after holding the position of Chief Operating Officer.

Liveris' 30-year Dow career has spanned manufacturing, sales, marketing, new business development and management. He has spent the bulk of his career in Asia, where he was general manager for the company's operations in Thailand, and later head of all Asia-Pacific operations.

He has been a member of Dow's Board of Directors since February 2004 and was elected as Chairman of the Board effective April 1, 2006.

While CEO of Dow Chemical in 2007, Andrew N. Liveris earned a total compensation of $16,182,544, which included a base salary of $1,641,667 and stocks granted of $5,892,919, and options granted of $5,585,306.[1]

Restructuring Dow

Liveris had a strategy to restructure Dow away from the Commodity Chemical business towards the Specialty Chemical business, which is less cyclical. His plan was to divest half of the company's Commodity business into a Kuwaiti Joint Venture, K-Dow and buy Specialty Chemical manufacturer Rohm and Haas with the proceed. In late 2008 / early 2009 Liveris' strategy began to disintegrate, as the Kuwaiti Parliament forced Kuwait's withdrawal from the Joint Venture. Given the way the Divestiture and Merger agreements were written, the company was left in an unfavorable position. This has caused Liveris to fall out of favor with many share holders and Wall Street. As a result of the mistakes in the implementation of his strategy (as well as the Global financial crisis of 2008 - 2009) the company's market value has fallen over 84% (stock : $41.10 > $6.47) since Liveris took control. One of the resulting measures of the BOD to overcome this crisis was cutting the dividend to shareholders by 62%; until then the company had never taken such a measure in its history.

Update: As of August 6, 2009, Dow Chemical stock is trading at $23.64, quadruple its low of $5.89 from March 2009.

Other positions

Liveris is a Chartered Engineer and a Fellow of The Institute of Chemical Engineers.

Liveris serves on the board of directors of Citigroup. He is the chairman of the board of the American Chemistry Council and of the International Council of Chemical Associations.

He is also a trustee of Tufts University and a board member of the Herbert H. and Grace A. Dow Foundation.

Awards & Recognition

  • In 2005, Liveris received an honorary doctorate from his alma mater, the University of Queensland and was named Alumnus of the Year for 2005.
  • In 2007, Liveris received the Premier of Queensland's Expatriate Achievement Award at the Queensland Expatriate Awards at the Rainbow Room in New York.
  • In January 2009, CNBC's Jim Cramer placed Liveris at the top of his Cox-Madoff Wall of Shame, declaring Liveris to be "Maybe the single worst CEO ever to run a company…into the ground." [2]
  • In May 2009, Cramer made a rare move and removed Liveris from his Wall of Shame for "good behavior." Wall of Shame CEOs typically remain on the Wall until they are forced from their jobs. According to Cramer, "Liveris has been doing everything in his power to fix his errors," citing Dow’s improved cash balance, expected cash flows and synergies and cost reductions from the Rohm & Haas deal. "I like the new guy," Cramer said.[3]
  • In August of 2009, Liveris was personally thanked by the two American journalists who were imprisoned in North Korea. Apparently he provided ex President Bill Clinton with the transportation for the Americans.

References

External links

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