Midland, MI - December 13, 2010
Andrew N. Liveris, Chairman and CEO of Dow Chemical has taken the top spot this year in ICIS Chemical Business magazine's ICIS Top 40 Power Players. The list contains the most influential people in the global chemical markets in 2010.
“It’s not the reveling in success that makes a true leader – rather it is how they deal with adversity. One could not have asked for a better time to test their mettle than the financial and economic crisis of 2008-2009,” said Joseph Chang, Global Editor of ICIS Chemical Business (http://www.icis.com/magazine).
“But through the dark days, a number of leaders took the steps necessary to make their companies more competitive and positioned for success,” he added.
“Call it the comeback of the ages. Liveris has brought the world’s second largest chemical company back from the brink of financial disaster in 2009 to a position of great strength in 2010,” said Chang.
"For nearly the last two years, Dow has focused on flawlessly executing our acquisition of Rohm and Haas, as well as a host of other defining steps that have remade our company," Liveris said. "In 2010, we outperformed on all fronts - strategically, operationally and financially - clearly demonstrating the power of our new portfolio. This honor is not just about one person, however. It goes to all our employees around the world who day-in and day-out rose above extreme adversity to transform Dow into an innovative, earnings growth company."
On solid financial footing, Liveris is aiming high, targeting earnings per share (EPS) of $3.50-$5.50 in the near term – far above Wall Street consensus estimates of $1.84 for 2011 and $2.45 in 2012.
The Dow CEO will look to continue to invest across its promising portfolio of advanced materials, performance and agricultural businesses and specialty plastics.
In petrochemicals and plastics, the company is seeking to leverage its advantaged cost position in North America stemming from low-cost shale gas feedstock. It announced a plan to boost US ethane cracking capacity by up to 30% over the next three years.
Dow's renewed innovation engine is firing on all cylinders as well. The company remains on track to launch its POWERHOUSE™ Solar Shingle in 2011, named a 2009 Invention of the Year by Time Magazine. Breakthrough disruptive technologies such as Dow Herbicide Tolerant traits from its Ag arm, and new lithium ion battery technology at JV Dow Kokam all are progressing rapidly toward commercialization as well.
ICIS Chemical Business is part of ICIS, the world’s largest information provider for the chemical and energy industries. ICIS aims to help companies in global commodity markets improve their revenues and profits by providing high quality, timely, commercially useful information, business leads and brand positioning across the globe.
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For Editorial Information:
The Dow Chemical Company
The Dow Chemical Company