Sunday, October 31, 2004
PAUL WYCHETHE SAGINAW NEWS
MIDLAND -- A day before the country picks its next leader, Dow Chemical Co. will hand the reins to its new chief.
Andrew N, Liveris assumes the top position Monday at the chemical giant as its president and chief executive officer.
Two years ago, Dow officials brought back William Stavropoulos to steer the company while it searched for a replacement for former boss Michael Parker, who they ousted after two years.
Stavropoulos, who returned to the top post in 2002 after retiring two years earlier, will lose the CEO duties but remain chairman of the Board of Directors.
Liveris had served as the president and chief operating officer.
Though Dow had its financial difficulties over the past couple of years -- including major job cuts -- the company is on the upswing and beat Wall Street's expectations in the third quarter.
The company posted a profit of $617 million, compared with $332 million last year. The Midland-based maker of plastics, specialty chemicals and agriculture products also recorded quarterly sales of $10 billion, a 26 percent increase.
"They certainly seem to be going in the right direction," said Larry Martin, a broker with Raymond James & Associates Inc. in Saginaw Township.
"There aren't a lot of big companies giving dividends out anymore.
"It looks like they're doing something right."
Liveris says he plans to keep it going.
"We've increased earnings and cash flow and reduced debt -- all in the face of difficult industry conditions," he said.
"I'm working on our strategy, with a focus on two things: Identifying our long-term businesses and where we will grow, both in terms of geographic areas like China where growth projections are high, and investing in areas where we can have access to competitively-priced feedstock and energy supplies, like the Middle East and Asia."
Here's more on Liveris:
Q. How would you describe your leadership style?
Liveris:It's hard to describe your own style, but I believe that I'm a pretty open and down-to-earth person, able to interact with people at any level and from any background. That's one of the things I love about my job. I'm also very results-driven. I communicate my expectations and expect people to deliver on them. I try always to do what I say I will do because, to me, that's a measure of a person's character. At the same time, I'm not overly detail oriented. I focus on strategy, aligning and motivating people, delegating, and holding people accountable for results. "Accountability" is a word that people will continue to hear from me a lot. And I'd say I have a bias for action; I analyze the strategic landscape and make decisions promptly. I do not over-analyze. Everyone who works around me also knows that I'm absolutely passionate about business and customers. I try to really listen -- to customers, employees and other stakeholders -- because that's key to learning and making better decisions. And I try to take coaching and feedback well and to trust the counsel of my leadership team.
Q. What do you see in Dow's future?
Liveris:It's an exciting future. You know, the tough times we faced -- and how Dow people responded swiftly and responsibly -- shows that Dow people can accomplish just about anything in the face of a challenge. So I look to the future with confidence and optimism. v
Paul Wyche covers business for The Saginaw News. You may reach him at 776-9674.
© 2004 Saginaw News
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