US-based producer Dow Chemical announced on Tuesday a new business structure and several executive leadership appointments, changes aimed at decentralizing its operations.
Effective immediately, Dow will eliminate the current business division structure and move to a global business unit model that will have business presidents, the company said.
The business presidents will be fully accountable for generating increased earnings, and the accelerated advancement and execution of company strategy.
The business presidents will report to a newly-formed executive committee.
The committee will set the overall direction and strategy for Dow, monitor and deliver results, and optimize resource deployment across the businesses, according to the company.
The committee will be headed by Dow CEO Andrew N. Liveris.
Others include James R. Fitterling, executive vice president, who will have executive oversight of feedstocks and performance plastics in Asia and Latin America.
Meanwhile, vice president Joe Harlan will have executive oversight of chemicals, energy, and performance materials.
Vice president Howard Ungerleider will have executive oversight of advanced materials, which includes coatings and infrastructure solutions, and electronic and functional materials.
Finally, chief financial officer Bill Weideman will have executive oversight of finance, Dow AgroSciences, and corporate development.
To accomplish our strategic objectives and deliver increased results in the next stage of Dows transformation, it will require a different business organization and operating structure than the one that has taken us to where we are today in Dows transformation, said Liveris.
We continue to adapt our business model to take advantage of the changing dynamics in the global marketplace, he continued. 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. We will have less centralization and more decentralization.
Streamlining our business and leadership structure will result in a more agile, flexible and customer-focused company.
Dow said the business presidents will be announced later this week.