Andrew N. Liveris

Andrew Nicholas Liveris
Citizenship Australia and United States
Alma mater University of Queensland
Occupation Chairman and CEO, The Dow Chemical Company
Predecessor William S. Stavropoulos
Spouse(s) Paula Liveris
Andrew Liveris speaking at a Dow event in 2015.

Andrew Nicholas Liveris (born 5 May 1954) is Chairman and Chief Executive Officer of The Dow Chemical Company.[1] Liveris has been a member of Dow's board of directors since February 2004, CEO since November 2004 and was elected as chairman of the board effective 1 April 2006. Liveris succeeded William S. Stavropoulos as CEO in 2004, after holding the position of Chief Operating Officer. Liveris also served as Co-Chair of President Obama's Advanced Manufacturing Partnership in the United States.[2] In January 2014, Liveris was appointed Officer of the Order of Australia for "services to international business". He also received two honorary doctorates, from The University of Queensland and Michigan State University.

Early life and education

Liveris was born to a Greek migrant family in Darwin, Australia. His family came to Darwin on a trading ship in 1915. He attended Darwin High School until 1974 when Darwin was hit by Cyclone Tracy, and his family's construction business was destroyed. His father died when he was 15 years of age, and his uncle took over his family.[3]

Liveris then moved to Brisbane where he continued his education at Brisbane State High School.[4][5]

Liveris holds a bachelor's degree (first-class-honors) in Chemical Engineering from the University of Queensland (UQ).[4] Noted UQ professor, Don Nicklin, initially encouraged him to look for work in American companies.[3]

Career

Liveris' Dow career began in 1976 in Melbourne, Australia, as a recent university graduate. After several promotions, he helped run an Asia-Pacific business out of Hong Kong and eventually became General Manager of Dow's Thailand operations.[6] In 1992, after another promotion, Liveris relocated to the US, where he remained except for a three year stint as President of Dow Chemical Pacific.[7][8][9] In 2002, Dow's board considered him and a few other candidates as future postulants for CEO.[3]

Dow

Liveris, appointed CEO in 2004 after the board of directors unanimously selected him, undertook a review of Dow's strategy.[3] As a consequence, he called for Dow to reinforce its customised chemicals, plastics and advanced materials businesses (including electronics and agricultural products such as genetically improved seeds). The plan he proposed also called for reducing Dow's exposure to commodity chemicals and plastics. Part of the plan to "de-risk" the business called for the formation of joint ventures to free up Dow capital for deployment in more specialised areas of the business. The formation of joint ventures had the benefit of assuring a low cost supply of feedstocks for the customer-facing portion of Dow's business.[10] Dow has fully exited from some basic chemicals and plastic businesses (as with the sale of Styron and its polypropylene and chlorine businesses).[11][12]

Liveris' largest move in this direction came with the purchase of Rohm and Haas, finalised in April 2009.[13] This Fortune 500 company, a leader in specialty chemicals, was the subject of a global auction, which Dow won with a bid of $16.2 billion. The acquisition allowed a broader presentation to clients with regard to value-added chemicals, plastics and materials, but was beneficial to Dow also in terms of costs.[14][15]

The acquisition closed soon after the Financial crisis of 2007–08 took hold. The crisis caused one of Dow's joint venture partners, Petrochemical Industries Company of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation, to withdraw from a planned partnership in basic plastics. This translated into a $9 billion loss in proceeds designated to fund the Rohm and Haas deal. The London-based International Court of Arbitration ruled in March 2012 to award Dow $2.16 Billion plus costs and interest from Kuwait due to its cancellation of the 2008 agreement.[16]

In March 2009, Liveris and his management team organised a plan to implement the Rohm and Haas integration, reducing debt from the transaction through public offerings, along with equity offers. The plan also called for the divestiture of non-strategic assets, which was accomplished through a sales process.[17] On February 12, 2009, the company declared a decrease in dividend of about 60% compared to the previous quarter. It represented the first time the company had diminished its investor payout.[18][19] Since that time, however, the company has increased its dividend multiple times.[20]

In 2011, Dow and Saudi Arabian Oil Company (Saudi Aramco) developed the joint venture, Sadara Chemical Company, worth $20 billion.[21] This project will require a tenfold increase in Dow's Middle East regional storage and handling requirements.[22] Sadara Chemical Company began production in 2015.[23]

In the fourth quarter of 2014, relying on cheap oil and natural-gas derivatives (in part due to the U.S. "fracking boom"), Dow announced the creation of new operating segments, and is significantly expanding its operations in Texas and Louisiana, investing $6 billion in its U.S. Gulf Coast plants. Dow stated it would boost its end-market orientation and increase its commitment to ethylene and propylene.[24] Its manufacturing facilities in the United States would be enlarged by 40 percent, according to Forbes.[25][26] Among the investments stipulated are the restart of a hydrocarbons cracker in St. Charles, Louisiana, a propylene dehydrogenation facility in Freeport, Texas (which started operations as of December 2015),[27] expansion of hydrocarbon cracking capabilities in Plaquemine, Louisiana and a new cracker in Freeport Texas – as well as derivatives that serve the packaging, food safety, consumer durables, and automotive industries, with the company stating other units could become available in the future.[25][28][29][26]

On March 27, 2015, Dow and Olin Corporation announced a move under which Dow would separate a portion of its chlorine business and merge that new entity with Olin, with the new business having estimated revenues of $7 billion.[30] Upon completion of the transaction, Olin became the largest chlorine producer in the world.[31] About the exchange, Liveris stated to the Wall Street Journal: "Our drive is to get better, not bigger".[32] Dow is, as of 2015, focusing resources on specialty chemicals that earn margins of at least 20%.[33][31][3]

On December 11, 2015, Dow and DuPont announced they planned to combine in an all-stock merger of equals.[34] The combined company will be named DowDuPont. The company then intends to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies.[35] The three companies would include an agriculture company, a material science company, and a specialty products company. In an interview with CNBC reporter David Faber, Liveris said the merger was the culmination of more than 10 years of work to bring the two companies together.[36] At the same time, Dow announced that it would become the 100% owner of Dow Corning Corporation, a 50:50 joint venture between Dow and Corning.[34] Liveris is slated to retire from the company by the second quarter of 2017.[37] Edward Breen, the CEO of DuPont will head the combined company post-merger, Liveris remaining as Executive Chairman after the deal closes.[38][39]

Make it in America

Liveris is the author of Make It in America: The Case for Re-Inventing The Economy, a book released in January 2011, based on Dow's vision for an 'Advanced Manufacturing Plan' announced in June 2010.[40][41] It is divided into eight chapters and is 240 pages long.[42] The book,[43] published by John Wiley & Sons, was named No. 9 on the Inc./800-CEO-READ best-seller list for 2011.[44]

His first book, updated in paperback in January 2012, received wide publicity in the business world.[45][46] The Financial Times called it a "widely praised polemic".[47] According to the Wall Street Journal, in the book Liveris "calls for a national strategy to revive manufacturing", while proposing several reform ideas.[45]

The book argues that when US-based firms move their high-tech manufacturing processes overseas, the country loses skills needed for "whole groups of products", citing the Amazon Kindle as an example. Industries born in the US, such as highly advanced computer circuitry, are for this reason now existent only outside the country. Liveris, among other proposals to stimulate the industry, seeks an overhaul of the K-12 education system to include a greater focus on the sciences; and thinks the government should sign more free-trade agreements and implement a national strategy to encourage more manufacturing, a strategy including cutting taxes and making regulations more uniform in order to compete with other continents.[45] Manufacturing, he posits, "can create jobs, economic health and growth at a level such that the services industry will never be able to do".[48]

Board memberships

Liveris serves on the board of directors of IBM and is a member of the executive committee of the Business Roundtable. Liveris is also a former president of the International Council of Chemical Associations.[49] He served as Vice-Chairman of The Business Council for 2011 and 2012, and as its chairman in 2013 and 2014.[50][51] He is a member of the President's Export Council,[52] and a member of the executive committee of the Business Roundtable, and the American Australian Association.[53][54]

Andrew Liveris, together with Rafael Reif, President of the Massachusetts Institute of Technology, chaired the Advanced Manufacturing Steering Committee 2.0 with the goal to "revitalize" the U.S. manufacturing sector.[40][41]

Liveris has collaborated with Muhtar Kent, Chairman and CEO of The Coca-Cola Company, George David, Chairman of the Coca-Cola Hellenic Bottling Company, and George Stamas, Partner at Kirkland & Ellis, to found The Hellenic Initiative (THI), a non-profit, non-governmental organisation, that aims to encourage entrepreneurship and job-creating investments in Greece.[55] As of 2015, he serves as chairman of its board.[55] He is on the board of trustees for the United States Council for International Business and is a Trustee of the California Institute of Technology.[53][3] Liveris is a member of the Business Advisory Board for the University of Technology Sydney (UTS) Business School, and in April 2012 he became a member of the Special Olympics International board of directors, a position he no longer holds.[56][57][58]

Personal

Liveris and his wife, Paula, from Broken Hill, currently reside in Midland, Michigan and have three adult children.[59][3] They also own property in Sydney.[3] In 1980, his uncle "Les" Liveris, was awarded an Order of Australia, "for public service and service to the community".[3]

In 2005 he was awarded an honorary doctorate in science by his alma mater as well as being named Alumnus of the Year. He was appointed Inaugural Chair to The University of Queensland in America Foundation in 2011.[60]

On March 2011, the press reported that in an internal audit, Dow discovered their customer events department miscategorized Liveris' expenses from 2007 to 2011. The Wall Street Journal reported the department had not billed Liveris for some expenditures. According to a September 2015 Reuters investigative report, "Dow internal watchdogs had a months-long standoff with the CEO over his expenses."[61] The expense matter in question was discovered during a routine internal audit that was part of Dow’s standard process, and led to a full internal and ultimately external investigation. As a result of the investigations, several shortcomings in record-keeping and processing were identified. Upon discovering the issue, Liveris repaid the Company $719,923. The matter was publicly disclosed through Dow’s 2011 Proxy filing.[62][63][64]

Awards and recognition

References

  1. ↑ "Andrew Liveris: Executive Profile & Biography – Businessweek". investing.businessweek.com. Retrieved 19 July 2012.
  2. ↑ "President Obama Launches Advanced Manufacturing Partnership Steering Committee “2.0”". The White House. The White House. Retrieved 12 November 2015.
  3. 1 2 3 4 5 6 7 8 9 White, Andrew. "Andrew Liveris is the accidental CEO - of Dow Chemical". The Australian. The Australian. Retrieved 12 November 2015.
  4. 1 2 "#165 Andrew N Liveris – Forbes.com". forbes.com. Retrieved 19 July 2012.
  5. ↑ Malley, Alex. "Andrew Liveris: Feature Interview". The Bottom Line. The Bottom Line. Retrieved 13 November 2015.
  6. ↑ Dun & Bradstreet Reference Book of Corporate Managements. Dun & Bradstreet, Incorporated. 2008.
  7. ↑ Chemical Engineering. McGraw-Hill Publishing Company. 2007.
  8. ↑ Business Review Weekly: BRW. Business Review Weekly.
  9. ↑ Chemical Week. McGraw-Hill. 1998.
  10. ↑ Bertie Charles Forbes (July 2008). Forbes. Forbes Incorporated.
  11. ↑ Fisher, Daniel. "Shale Gas And Buffett's Billions Fuel Turnaround At Dow Chemical". Forbes. Forbes. Retrieved 12 November 2015.
  12. ↑ Reisch, Marc S. (May 29, 2006). "Liveris Tells It Like It Is". Chemical & Engineering News 84 (22): 10–15.
  13. ↑ Verbraeken, Hans. "Dow Chemical beticht Turkse branchegenoot van spionage". Het Financieele Dagblad. Het Financieele Dagblad. Retrieved 12 November 2015.
  14. ↑ Moore, Heidi N. "Parsing Dow Chemical CEO Andrew Liveris". Wall Street Journal. Wall Street Journal. Retrieved 12 November 2015.
  15. ↑ Nocera, Joe. "Dow Imperiled by Its Deal for Rohm & Haas". NYT. NYT. Retrieved 7 October 2015.
  16. ↑ Kaskey, Jack. "Dow Awarded $2.16 Billion From Kuwait Over Aborted Deal". Businessweek. Businessweek. Retrieved 12 November 2015.
  17. ↑ Crooks, Ed. "Dow Chemical to spin off low-margin assets". Financial Times. Financial Times. Retrieved 12 November 2015.
  18. ↑ "Against the Grain: Buy Dow Chemical!". The Street. The Street. Retrieved 7 October 2015.
  19. ↑ Marvin, Chuck. "Dow Chemical Likely Glad Week's Over". The Street. The Street. Retrieved 7 October 2015.
  20. ↑ "Ex-Dividend Reminder: Dow Chemical, Agrium and Yamana Gold". Forbes. Forbes. Retrieved 22 January 2016.
  21. ↑ "Sadara Chemicals Complex, Al Sharqiya, Saudi Arabia". ChemicalsTechnology. ChemicalsTechnology. Retrieved 7 October 2015.
  22. ↑ McAuley, Anthony. "Dow Chemical and DP World sign storage and shipping deal". The National. The National. Retrieved 7 October 2015.
  23. ↑ "Sadara Chemical Company has successfully started up its first production plant, moving on schedule from the construction to the operational phase.". GPCA. GPCA. Retrieved 6 January 2016.
  24. ↑ "Dow Chemical (DOW) Announces Realignment of External Reporting Segments". Street Insider. Street Insider. Retrieved 7 October 2015.
  25. 1 2 McMahon, Jeff. "Dow Bets $6 Billion That U.S. Fracking Boom Will Last Another Decade". Forbes. Forbes. Retrieved 24 November 2015.
  26. 1 2 Szal, Andy. "Dow's Next Big Move — A $6 Billion Manufacturing Expansion". Manufacturing.net. Manufacturing.net. Retrieved 24 November 2015.
  27. ↑ Furr, Laura. "Dow opens massive production facility in Freeport". Houston Business Journal. Houston Business Journal. Retrieved 6 January 2016.
  28. ↑ "EPCA ’14: Half of US PDH projects to be delayed or shelved – exec". ICIS News. ICIS News. Retrieved 7 October 2015.
  29. ↑ Protti-Alvarez, Francinia; Boswell, Clay. "Ascend plans $1.2-billion PDH plant at Chocolate Bayou". IHS Chemical Week. IHS Chemical Week. Retrieved 7 October 2015.
  30. ↑ Gelles, David. "Dow Chemical to Merge Unit With Olin". NYT. NYT. Retrieved 7 October 2015.
  31. 1 2 Fisher, Daniel. "Will $5B Sale Of Dow Chemical's Chlorine Business Silence Its Critics?". Forbes. Forbes. Retrieved 6 October 2015.
  32. ↑ SIDER, ALISON; DULANEY, CHELSEY. "Dow Chemical to Split Off Chlorine Business in $5 Billion Deal". Wall Street Journal. Wall Street Journal. Retrieved 12 November 2015.
  33. ↑ Cameron, Doug. "Dow Chemical Launches Makeover". WSJ. WSJ. Retrieved 7 October 2015.
  34. 1 2 Primack, Dan. "Dow Chemical and DuPont Announce Mega-Merger". Forbes. Forbes. Retrieved 6 January 2016.
  35. ↑ Ariel, Steve. "DowDuPont Will Spin Off into 3 Independent Public Companies". Yahoo Finance. Yahoo Finance. Retrieved 19 January 2016.
  36. ↑ "First on CNBC: CNBC Transcript: DuPont CEO Edward Breen and Dow CEO Andrew Liveris Speak with CNBC’s David Faber on “Squawk on the Street” Today". CNBC. Retrieved 19 January 2016.
  37. ↑ Kaskey, Jack. "Dan Loeb Gets His Way as Dow's Liveris Confirms Planned Exit". Bloomberg. Bloomberg. Retrieved 3 February 2016.
  38. ↑ Solomon, Justin. "Dow Chemical CEO Liveris to step down by mid-2017". CNBC. Reuters. Retrieved 3 February 2016.
  39. ↑ Sider, Alison; Beilfuss, Lisa. "Dow Chemical CEO Plans to Leave Company After Planned Merger". Wall Street Journal. Wall Street Journal. Retrieved 3 February 2016.
  40. 1 2 "President Obama Launches Advanced Manufacturing Partnership Steering Committee “2.0”". Office of the Press Secretary. The White House. Retrieved 24 November 2015.
  41. 1 2 "FACT SHEET: President Obama Announces New Actions to Further Strengthen U.S. Manufacturing". Office of the Press Secretary. The White House. Retrieved 24 November 2015.
  42. ↑ Dodson, Andrew. "Dow Chemical Co. CEO Andrew Liveris' new book makes case for manufacturing in America". mLive Michigan. mLive Michigan. Retrieved 14 January 2016.
  43. ↑ Andrew Liveris (15 December 2011). Make It In America, Updated Edition: The Case for Re-Inventing the Economy. John Wiley & Sons. ISBN 978-1-118-29494-9.
  44. ↑ "The Bestsellers of 2011". 800ceoread. 800ceoread. Retrieved 12 November 2015.
  45. 1 2 3 HAGERTY, James R. "Assembled Elsewhere". Wall Street Journal. Wall Street Journal. Retrieved 12 November 2015.
  46. ↑ Schneiderman, R.M. "A CEO’s Defense of Government". The Daily Beast. The Daily Beast. Retrieved 12 November 2015.
  47. ↑ Crooks, Ed. "WEEK IN REVIEW December 11, 2015 6:11 pm DuPont merger will keep Dow Chemical survivor at the top". Financial Times. Financial Times. Retrieved 14 January 2016.
  48. ↑ De Bernardini, Luigi. "The Role of Manufacturing in Economic Development". AutomationWorld. AutomationWorld. Retrieved 14 January 2016.
  49. ↑ Pieper, James; Heumann, Jenny. "BASF's Kurt Bock to Lead Global Chemical Industry Association; Dow's Andrew Liveris Completes Successful Two-Year Presidency". American Chemistry Council. American Chemistry Council. Retrieved 12 November 2015.
  50. ↑ Lynch-Morin, Kathryn. "Dow Chemical CEO Andrew Liveris named chair of The Business Council". mLive. mLive. Retrieved 12 November 2015.
  51. ↑ Harrison, J.D. "Amazon’s Jeff Bezos appointed chairman of Washington-based Business Council". Washington Post. Washington Post. Retrieved 12 November 2015.
  52. ↑ "PRESIDENT'S EXPORT COUNCIL MEMBERS". International Trade Administration. International Trade Administration. Retrieved 12 November 2015.
  53. 1 2 McCrum, Dan. "Catalysing the Liveris function at Dow Chemical". Financial Times. Financial Times. Retrieved 12 November 2015.
  54. ↑ Ballon, Marc. "Viterbi Awards honor engineering excellence". USC News. USC News. Retrieved 12 November 2015.
  55. 1 2 Schneyer, Joshua; Grow, Brian. "Dow’s top auditor challenged CEO on spending for years, new documents show". Reuters. Reuters. Retrieved 12 November 2015.
  56. ↑ Griffiths, Jim. "Australia needs a management skills upgrade". UTS Newsroom. UTS Newsroom. Retrieved 12 November 2015.
  57. ↑ Hughes, Kristin. "Special Olympics Announces Additions to International Board of Directors". Special Olympics. Special Olympics. Retrieved 12 November 2015.
  58. ↑ "Our Board of Directors". Special Olympics. Special Olympics. Retrieved 24 November 2015.
  59. ↑ Liveris, Andrew N. "Liveris: Dow, Midland stand together". Midland Daily News. Midland Daily News. Retrieved 12 November 2015.
  60. ↑ "Dow Chemical CEO Andrew Liveris Hopeful for Greece". Greek Reporter. Greek Reporter. Retrieved 12 November 2015.
  61. ↑ Schneyer, Joshua; Grow, Brian. "Super Bowls and fine wine: Newly released documents offer peek into world of Dow CEO". Reuters. Reuters. Retrieved 12 November 2015.
  62. ↑ Schneyer, Joshua; Grow, Brian (May 7, 2015). "Dow Chemical's Australian CEO Andrew Liveris challenged on spending for years, documents show". The Sidney Morning Herald. Retrieved 19 October 2015.
  63. ↑ Sider, Alison. "Dow Chemical Defends Chief Executive Over Spending". Wall Street Journal. Wall Street Journal. Retrieved 7 December 2015.
  64. ↑ Kruger, Colin. "And we thought Dow Chemical's Andrew Liveris was just a plastics guy". Sydney Morning Herald. Sydney Morning Herald. Retrieved 7 December 2015.
  65. 1 2 "Andrew Liveris - EAIT". The Faculty of Engineering, Architecture and Information Technology. University of Queensland. Retrieved 12 November 2015.
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  67. ↑ BORDELON, BRENDAN. "The Largest Loan in Ex-Im History Is Covered in the Clintons’ Fingerprints". National Review. National Review. Retrieved 12 November 2015.
  68. ↑ Jones, Gemma. "Liveris to give Davis Lecture". ichme. ichme. Retrieved 12 November 2015.
  69. ↑ "Distinguished Performance Award for Excellence in Public Policy" (PDF). CED.org. CED. Retrieved 12 November 2015.
  70. ↑ "Dow’s Liveris to Receive Global Business Group’s Top Award". UCIB.org. UCIB. Retrieved 12 November 2015.
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  72. ↑ "BRAZIL'S PETROBRAS WINS PLATTS ENERGY COMPANY OF THE YEAR AWARD". Platts. Platts. Retrieved 12 November 2015.
  73. ↑ "Archbishop Iakovos Leadership 100 Award for Excellence". Leadership 100. Leadership 100. Retrieved 24 November 2015.
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  82. ↑ Parker, Kristen. "Honorary Degrees and Commencement Speakers Announced". Research at Michigan State UniversityResearch at Michigan State University. MSU Today. Retrieved 12 November 2015.
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