Materials Science Company to be called Dow Announces Senior Leadership Succession
Jim Fitterling to Serve as Chief Executive Officer Howard Ungerleider to Serve as President and Chief Financial Officer
MIDLAND, Mich. - March 12, 2018 - The Materials Science Division of DowDuPont (NYSE: DWDP), today announced that the Materials Advisory Committee of the DowDuPont Board of Directors, intends to appoint Jim Fitterling, currently Chief Operating Officer for the Materials Science Division of DowDuPont, and President and Chief Operating Officer of The Dow Chemical Company, to the role of Chief Executive Officer of the intended Materials Science Company to be called Dow, as announced on Feb. 26, 2018, upon intended separation of the company.
Additionally, the Materials Advisory Committee also announced that Howard Ungerleider, Chief Financial Officer of DowDuPont, and Vice Chairman and Chief Financial Officer for The Dow Chemical Company, will serve as President and Chief Financial Officer of the intended Materials Science Company.
Both Fitterling and Ungerleider will continue to serve in their current roles at DowDuPont until the completion of the division’s intended separation, which is expected to occur by the end of first quarter of 2019.
“Ensuring a thoughtful and orderly leadership succession has been a top priority for the Board and for me throughout my tenure as CEO and as a result we have had a very comprehensive succession process since the beginning of my tenure. We have conducted a robust and thorough validation of our candidates through internal and external benchmarking, and as we stated upon the announcement of the DowDuPont transaction, we intended to announce the future leadership of Dow in advance of the spin and creation of the new Dow,” said Andrew N. Liveris, current DowDuPont Executive Chairman. “Therefore we believe that now is a good time to put in place the succession plans. Many of our mega-investments, including in Saudi Arabia and on the U.S. Gulf Coast, have started up; the integration of Dow Corning is complete; and our plans to launch the three new spincos are almost completed, with the spin of the future Dow set for the end of the first quarter of 2019. I am confident there is no better leader than Jim, nor a better team of Jim and Howard, to lead Dow into the next chapter of our storied history.”
Liveris added, “Jim and Howard have been valued members of Dow’s and my most senior leadership team and have each played a pivotal role in developing and executing Dow’s market-driven strategy. Working side-by-side with both individuals over the last number of years, I have seen first-hand their unrivaled knowledge of our business and industry, unparalleled understanding of our customer’s needs, and commitment to fostering an innovative, collaborative and inclusive culture for our people. I am proud of both of them as leaders and as representatives of Dow’s values.”
“It has been an unbelievable honor to lead Dow for the last 15 years, and I am extremely proud of the work our people have done over that time to put Dow in the position it is in today – the world’s leading Materials Science company. Dow’s future is extremely bright,” concluded Liveris.
“I am very excited and humbled to lead Dow into its next phase of growth,” said Fitterling. “Andrew led one of the most complex and forward-looking corporate transformations in all of industry. As a result, today Dow delivers higher and more stable returns for our investors, more innovative and collaborative solutions for our customers, and more world-class opportunities for our employees. I am committed to working with Howard, and the rest of the Dow team, to further this momentum. Our goal is to continue to exceed the expectations of our customers and shareholders by leveraging our integration-backed and innovation-led business model to provide solutions to world-scale challenges.”
Fitterling’s Career Background
Fitterling has played a key role in developing and executing Dow’s strategy to invest in a market-driven portfolio of advantaged and technology-enabled businesses that create value for Dow shareholders and customers. He joined Dow in 1984 and served in a variety of Sales, Marketing and Supply Chain positions before being named Commercial Director for Liquid Separations, Dow Pacific in the mid-1990s. He later was named to lead the Liquid Separations business unit and served as President and CEO of FilmTec Corporation, a wholly owned subsidiary of Dow based in the U.S.
Then, he returned to Asia Pacific where he led the whole of Dow’s operations in Thailand and the SCG-Dow Group of joint venture companies, and subsequently was named CEO of The OPTIMAL Group, affiliate of Petroliam Nasional Berhad (PETRONAS), Malaysia's state-owned oil corporation and The Dow Chemical Company.
For the past 10 years, Fitterling has managed significant portions of the Company and has led a number of strategic and transformative actions. He has served as president of Dow Packaging and Specialty Plastics business; and as senior vice president of Corporate Development. In this role, he led the carve out of Dow’s styrenics and chlorine businesses, as well as $6 billion of growth projects on the U.S. Gulf Coast. In 2015, he was named vice chairman and chief operating officer, adding executive oversight for all of Dow’s businesses and operations, and led the merger of equals with DuPont. He was named to his current role in 2016. At the same time, he has been driving a strategy to deploy digitalization to improve the way the company innovates, serves customers, inspires employees and delivers on its sustainability goals and objectives.
Fitterling is a member of the Board of Directors of the National Association of Manufacturers, a member of the Board of Directors of the Chemical Financial Corporation, and a member of the Board of Directors of Sadara Chemical Company. Fitterling earned a Bachelor's degree in mechanical engineering from the University of Missouri - Columbia.
Ungerleider’s Career Background
Ungerleider joined Dow in 1990 and his career has spanned a wide variety of commercial, business, financial, geographic, functional and enterprise-level leadership roles. In 1997, he relocated to Dow's European headquarters in Switzerland, where he had management responsibilities for several of Dow's specialty polyolefin brands. Ungerleider was named Business Director for Dow's global Wire and Cable Compounds business in 2000, and in 2004, he became the Global Director of Integrated Supply Chain for Plastics, Performance Chemicals and Thermosets. In 2006, he was appointed North American Commercial Vice President for Dow's $6 billion Basic Plastics business portfolio.
He was named President for Dow’s Performance Plastics Division in 2011. In 2012, he was named Executive Vice President of Dow’s Advanced Materials Division and joined Dow’s senior-most executive team. Under his leadership, the Advanced Materials businesses grew to more than $11 billion in sales across more than 130 countries. He was elected as CFO by Dow’s Board of Directors in 2014 and was named Vice Chairman in 2015. He was appointed CFO of DowDuPont in May 2016 effective upon the close of the merger transaction between Dow and DuPont, which occurred on August 31, 2017.
Ungerleider earned a Bachelor's degree from the University of Texas in Austin and a Master's degree in Business Administration from University of California in Los Angeles. He serves on the Boards of Directors of the Michigan Israel Business Bridge, Mid-Michigan Baseball Foundation, Keep America Beautiful and the Board of Trustees of The Rollin M. Gerstacker Foundation; and is a member of the Executive Committee of the Business Leaders for Michigan business roundtable.
DowDuPont (NYSE: DWDP) is a holding company comprised of The Dow Chemical Company and DuPont with the intent to form strong, independent, publicly traded companies in agriculture, materials science and specialty products sectors that will lead their respective industries through productive, science-based innovation to meet the needs of customers and help solve global challenges.
The Dow Chemical Company (Dow) combines science and technology knowledge to develop premier materials science solutions that are essential to human progress. Dow has one of the strongest and broadest toolkits in the industry, with robust technology, asset integration, scale and competitive capabilities that enable it to address complex global issues. Dow’s market-driven, industry-leading portfolio of advanced materials, industrial intermediates, and plastics businesses deliver a broad range of differentiated technology-based products and solutions for customers in high-growth markets such as packaging, infrastructure, and consumer care. Dow is a subsidiary of DowDuPont (NYSE: DWDP), a holding company comprised of Dow and DuPont with the intent to form three strong, independent, publicly traded companies in agriculture, materials science and specialty sectors. More information can be found at www.dow.com.