Andrew N. Liveris

Andrew N. Liveris
Liveris at the World Economic Forum Annual Meeting in 2013
Born (1954-05-05) 5 May 1954
Darwin, Northern Territory, Australia
Residence Midland, Michigan, United States
Nationality Australia[1][2]
Alma mater University of Queensland
Occupation CEO and chairman of The Dow Chemical Company
Predecessor William S. Stavropoulos
Spouse(s) Paula Liveris
Website Biography page

Andrew N. Liveris (born 5 May 1954) was CEO and chairman of The Dow Chemical Company,[3] a global specialty chemical, advanced materials, agrosciences and plastics company based in Midland, Michigan with 2013 annual sales of more than $57 billion.[4] 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 became CEO in 2004 after holding the position of chief operating officer (COO). Afterwards he served as executive chairman of DowDuPont, where he remains a director. He has been appointed to lead advisory groups to the White House under both the Obama administration and Trump administration.

Early life and education

Liveris was born in Darwin, Australia. He is proud of being the grandson of a Greek immigrant and identifies strongly with his Greek heritage.[1][5] He attended Darwin High School until 1974 when Darwin was hit by Cyclone Tracy. He then moved to Brisbane where he continued his education at Brisbane State High School.[1]

He earned a bachelor's degree (first-class-honors) in Chemical Engineering from the University of Queensland.[6] In 2005, he was awarded an honorary doctorate in science by his alma mater as well as being named Alumnus of the Year.[7]

Business career

Transforming Dow

Liveris began his career at Dow in 1976 in Melbourne, Australia.[5] He spent much of his career in Asia before moving to North America, with roles in manufacturing, engineering, sales, marketing, and business and general management. Liveris spent 14 years in Hong Kong and served as Dow's general manager in Thailand before becoming head of Dow's entire Asia-Pacific operations.[8][7]

Liveris joined Dow's board of directors in February 2004, becoming CEO in November 2004.[9] Liveris, appointed CEO in 2004 after the board of directors unanimously selected him in part based upon his plan to transform Dow, began to implement the new strategy. His plan called for Dow to reinforce its core strengths in providing its clients with customised chemicals, plastics and advanced materials (including electronics and agricultural products such as genetically improved seeds). The plan also called for reducing Dow's exposure to commodity chemical and plastics, which were subject to competition especially from new entrants from the Middle East and Asia, who benefit from cost advantages. 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 as cited above. The formation of joint ventures had the further virtue of assuring a low-cost supply of feedstocks for the customer-facing portion of Dow's business. Dow has fully exited some basic chemical and plastic business (as with the sale of Styron).[10]

His election to chairman of the board became effective 1 April 2006.[11] In 2008, under Liveris' leadership as CEO, Dow was ranked 13th on Corporate Responsibility Officer (CRO) Magazine's list of top 100 best corporate citizens.[12]

Rohm and Haas acquisition

Liveris' strongest move to implement the strategy came with the purchase of Rohm and Haas in the summer of 2008 for $16.2 billion. This Fortune 500 company, a leader in speciality chemicals, was the subject of a global auction, which Dow won with a bid of $16.2 billion. The acquisition proved to be synergistic in terms of growth, allowing a broader and deeper presentation to clients with regard to value-added chemicals, plastics, and materials, but also in terms of costs.[13]

The acquisition closed soon after the credit crisis of 2007 and 2008 took hold. The credit crisis caused one of Dow's joint venture partners, Petrochemical Industries Company (PIC) of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), to withdraw from a planned partnership in basic plastics, despite an agreed contract, depriving Dow of $9 billion 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 cost and interest from Kuwait due to its cancellation of the 2008 agreement.[14]

During the Rohm and Haas acquisition, in December 2008, Liveris was quoted as saying "Dow is the only company in the Fortune 200 to have paid its regular quarterly cash dividend without reduction or interruption since 1912. That is 388 consecutive quarters. I have said it before, but I want to say it again, we will not break that streak. Not Dow, not on my watch".[13] The following quarter Dow cut its dividend by 65%.[15] In a press release announcing the quarterly dividend (12 February 2009) Dow's board of directors stated its decision was based on "a confluence of factors, including uncertainty in the credit markets, unprecedented lower demand for chemical products, the ongoing global recession and pending business issues."[16]

In March 2009, Liveris and his management team organized a plan to implement the Rohm and Haas integration, focusing on growth and cost synergies, but also reducing costly 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 that assured maximum valuation.[17]

Dow growth and first federal appointments

In March 2010, Liveris reported a first quarter 48.9% sales increase at Dow Chemical. He attributed his success to accelerated growth in performance business, including advanced polymers in the textile, health care, electronic, and agricultural industries.[18][19]

Liveris has continued to form joint ventures for the basics business, including an initiative in chlor-alkali with the Mitsui Group in Japan as a partner.[20] The recovery plan has been accompanied by a sixfold recovery in the share price.

An advocate for the importance of manufacturing to the long-term health of a nation's economy, Liveris was appointed in July 2010 to the President's Export Council by President Barack Obama. The council advises the government on increasing exports, to foster job creation and support U.S. economic growth.[21][22][23]

In June 2011, Liveris was named an inaugural co-chair (with Susan Hockfield) of the Advanced Manufacturing Partnership (AMP), formed by President Obama. The AMP was a private sector task force including government, industry, and academic leaders, formed "to identify the most pressing challenges and transformative opportunities to improve the technologies, processes and products across multiple manufacturing industries" and advise the U.S. government.[24][25]

Later time as CEO, audit controversy

In 2015, concerns were raised by Dow's internal auditing department about Liveris's personal spending. Auditors testified that he used the company's Customer Events Department for personal events including family events and various services. The Liveris family subsequently repaid several hundred thousand dollars to Dow. Also, the head of the auditing department retracted the annual auditing reports for multiple years due to concerns for inaccurate reporting to SEC and shareholders.[26]

In March 2017, he said the ban on onshore gas exploration by the Victorian Government in Australia was "nonsense," and that he offered "Dow’s unfettered help with no intended positives for Dow" in learning extraction techniques.[27]

In April 2017, Dow said that it was considering retaining Liveris beyond his planned retirement on 30 June 2017, to help oversee the planned merger between Dow and DuPont.[28] In May, Dow said that Liveris would retire from the DowDuPont company mid-2018, serving as executive chairman until between April and July 2018.[29] He stepped down from his executive positions at DowDuPont on April 1, 2018, remaining a director.[30] He remained chairman and CEO of The Dow Chemical Company.[31] After his retirement, Liveris outlined plans to author several books and remain tangentially active with Dow. He also said he would join the board of Saudi Aramco.[32] He toured Dow facilities in 12 countries in June 2018 and also was at the opening of the Andrew N. Liveris Visitors and Heritage Center in Midland.[32]

Manufacturing council

In December 2016, Liveris was named by Donald Trump to lead his American Manufacturing Council.[33][34] Liveris said Trump created a climate that is condusive to business effectiveness for his company.[35]

On 27 January 2017, Trump publicly announced the names of the 28 members to make up the council,[36] with Liveris heading the Manufacturing Jobs Initiative.[37]

Discussing tax, trade,[38] and cutting regulations on businesses, in January 2017 Liveris and other business figures met with Donald Trump. Liveris and the other executives were tasked with returning to the White House a month later to suggest how to increase US manufacturing, reporting to Wilbur Ross. Liveris said it was "an exciting moment for Dow, and, frankly, the country," as he believed Trump would help promote "fair trade."[39]

In February 2017, Liveris organized a manufacturing working group to meet with Trump, which included executives from major companies to talk about job growth and economic policies.[40] The council met with Trump on 23 February 2017. Speaking for the council on that day, Liveris said the 24 CEOs were "encouraged by [Trump administration] pro-business policies" The CEOs present that day represented companies that employ 2 million.[41][42]

Also in February 2017, Liveris was standing next to Trump when the executive order "mandating the creation of task forces at federal agencies to roll back government regulations" was signed.[43] Trump afterwards gave him the pen.[44]


Writing

Make it in America

Liveris is the author of Make it in America : the case for re-inventing the economy (first published 2011, updated 2012) [45] which presents a comprehensive set of practical policy solutions and business strategies. It builds upon ideas presented in the Dow Chemical Company's 'Advanced Manufacturing Plan', announced in June 2010. Liveris argues that a healthy manufacturing sector is essential to creating jobs. Failing to support American manufacturing, as well as research and development, undermines America's potential to engage in new growth sectors such as clean energy and nanotechnology. Instead, other nations are establishing themselves in these areas. Liveris outlines an agenda that he believes will establish a sustainable economic model for the United States.[46][47] Make It in America was named No. 9 on the Inc./800-CEO-READ Business book best-seller list for 2011.[48]

Memberships

Liveris serves on the board of directors of the battery company Novonix,[49][50] and he is also on the board of IBM and a member of the executive committee of the Business Roundtable. Liveris is also a former president of the International Council of Chemical Associations.[51] He served as vice-chairman of The Business Council for 2011 and 2012, and as chairman for 2013 and 2014.[52][53][54][55] He is a member of the Peterson Institute for International Economics, and the American Australian Association.[56]

Liveris is on the board of trustees for the United States Council for International Business and is a trustee of the California Institute of Technology. Liveris is a member of the Business Advisory Board for the University of Technology Sydney (UTS) Business School. In April 2012 he became a member of the Special Olympics International board of directors.[57][58][59]

Liveris 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 and Ellis LLP, to found The Hellenic Initiative (THI), a non-profit, non-governmental organisation with the goal of encouraging entrepreneurship and job-creation investments in Greece.[60] [61]

The $250 billion Saudi Arabia Public Investment Fund (PIF) appointed Andrew Liveris as a special adviser on matters of strategic importance, to assist the fund in efforts to boost the value of its portfolio, and ensure the contribution of PIF companies to Saudi Arabia’s economic vision program 2030. [62]. He is also joined the board of Australia’s WorleyParsons.[63]. WorleyParsons (WOR) chairman John Grill said Mr Liveris’ “breadth of global leadership experience” in the US and Middle East will enhance the abilities of its board.[64]

Awards and recognition

Personal

Liveris and his wife Paula have three adult children,[1] including Anthony Liveris,[80] founder of the data analytics firm Applecart [81], which recently partnered with Ari Emanual's William Morris Endeavor. [82] As of 2018 Liveris and his wife travel between their homes in Australia[32] and Midland, Michigan.[2]

References

  1. 1 2 3 4 White, Andrew (17 October 2014). "Andrew Liveris is the accidental CEO - of Dow Chemical". The Australian Business Review. Retrieved 30 March 2017.
  2. 1 2 Jacobs, Emma (26 May 2011). "20 questions: Andrew Liveris". Financial Times. Retrieved 30 March 2017. The Greek-Australian chairman and chief executive of Dow Chemical is based in Midland, Michigan
  3. ↑ "Andrew Liveris: Executive Profile & Biography – Businessweek". investing.businessweek.com. Retrieved 19 July 2012.
  4. ↑ "Dow's Most Recent Earnings Material".
  5. 1 2 "Famous Greeks: Andrew Liveris, Chairman of Dow Chemical". Ellines.com. Retrieved 30 March 2017.
  6. ↑ "#165 Andrew N Liveris – Forbes.com". forbes.com. Retrieved 19 July 2012.
  7. 1 2 "Applause: Liveris Receives Honorary Doctorate from University of Queensland; Named Alumnus of the Year". ASI: Adhesives & Sealants. 27 February 2006. Retrieved 30 March 2017.
  8. 1 2 "Andrew Liveris awarded Chemical Industry Medal". Society of Chemical Industry (SCI). 1 March 2013. Retrieved 30 March 2017.
  9. 1 2 "Yale Chief Executive Leadership Institute to Honor The Dow Chemical Company Chairman and CEO Andrew Liveris with Yale Legend in Leadership Award". Yale School of Management. 15 December 2011. Retrieved 30 March 2017.
  10. ↑ "Dow Chemical CEO Andrew Liveris looks to win in specialties and commodity JVs in spite of economic turmoil".
  11. ↑ "William Stavropoulos to Retire as Chairman of Dow; Andrew Liveris Elected Chairman Effective April 1, 2006". The Dow Chemical Company. Retrieved 13 December 2005.
  12. ↑ "Dow ranks one of America's '100 Best Corporate Citizens'" (PDF).
  13. 1 2 Moore, Heidi N. (7 January 2009). "Parsing Dow Chemical CEO Andrew Liveris". The Wall Street Journal.
  14. ↑ "Dow Awarded $2.16 Billion From Kuwait Over Aborted Deal".
  15. ↑ "Dividend Summary for The Dow Chemical Company". The Dow Chemical Company. Retrieved 1 January 2012.
  16. ↑ "Dow Declares Quarterly Dividend of 15 Cents per Share". The Dow Chemical Company. Retrieved 8 February 2012.
  17. ↑ "Dow integration process with Rohm and Haas continues in Middle East".
  18. ↑ Gutierrez, Carl (28 April 2010). "Dow Chemical's Growth Solution". Forbes.
  19. ↑ "Dow's Liveris Calls For Manufacturing Renewal".
  20. ↑ "Dow and Mitsui Form Joint Venture for Chlor-Alkali Production".
  21. ↑ Plishka, Bob (7 July 2010). "Liveris Named to President's Export Council". Dow News. Retrieved 30 March 2017.
  22. ↑ "President's Export Council". International Trade Administration. Retrieved 30 March 2017.
  23. ↑ "President's Export Council Members". International Trade Administration. Retrieved 30 March 2017.
  24. ↑ "President Obama Launches Advanced Manufacturing Partnership". The White House. 24 June 2011. Retrieved 30 March 2017.
  25. ↑ "Andrew N. Liveris, Chairman and Chief Executive Officer of The Dow Chemical Company..." Leadership 100. Retrieved 30 March 2017.
  26. ↑ Schneyer, Joshua; Grow, Brian (7 May 2015). "Dow Chemical's Australian CEO Andrew Liveris challenged on spending for years, documents show". The Sidney Morning Herald. Retrieved 19 October 2015.
  27. ↑ Gannon, Ed (22 March 2017). "Victorian gas ban 'nonsense', President Trump adviser Andrew Liveris says". Weekly Times Now.
  28. ↑ Kaskey, Jack (27 April 2017). "Dow CEO Liveris May Delay Retirement to Complete DuPont Merger". Bloomberg.
  29. ↑ "Andrew Liveris to retire from combined DowDuPont company mid-2018". Reuters. 11 May 2017.
  30. ↑ https://www.usatoday.com/story/money/business/2018/03/12/longtime-dow-chemical-chief-andrew-liveris-stepping-down/415810002/
  31. ↑ https://www.dow.com/en-us/about-dow/our-company/leadership/andrew-n-liveris
  32. 1 2 3 https://www.ourmidland.com/news/article/Reinventing-himself-Andrew-Liveris-looks-back-on-13013410.php
  33. ↑ Bender, Michael C. (10 December 2016). "Trump Names Dow Chemical CEO Andrew Liveris to Lead Manufacturing Council". The Wall Street Journal. Retrieved 30 March 2017.
  34. ↑ "Donald Trump appoints Dow Chemical chief Andrew Liveris as head of manufacturing". ABC News. 10 December 2016. Retrieved 30 March 2017.
  35. ↑ Diaz, Daniella (9 December 2016). "Trump announces Dow Chemical CEO as head of America Manufacturing Council". CNN. Retrieved 15 May 2017.
  36. ↑ Etherington, Darrell (27 January 2017). "Trump's manufacturing council includes Elon Musk, Michael Dell and Mark Fields". TechCrunch. Retrieved 30 March 2017.
  37. ↑ "Dow's Apprenticeship Program Gets Department of Labor Approval". Industry Week. 8 May 2017.
  38. ↑ "CEO's discussed tax, regulations and trade with Trump: Liveris". Reuters. 23 January 2017.
  39. ↑ "Dow Chemical CEO and Trump manufacturing advisor: How US companies can benefit from 'fair trade'". CNBC. 26 January 2017.
  40. ↑ "Dow Chemical CEO on Trump: This is the most pro-business administration since the Founding Fathers". CNBC. 23 February 2017.
  41. ↑ Arter, Melanie (23 February 2017). "'This Is Probably the Most Pro-Business Administration Since the Founding Fathers'". CNS news. Retrieved 15 May 2017.
  42. ↑ Cao, Rachel (23 February 2017). "Dow Chemical CEO on Trump: This is the most pro-business administration since the Founding Fathers". Retrieved 15 May 2017.
  43. ↑ Levin, Bess (20 April 2017). "Dow Chemical Donates $1 Million to Trump, Asks Administration to Ignore Pesticide Study". Vanity Fair.
  44. ↑ "Dow Chemical urges Trump administration to ignore pesticide findings". USA Today. 20 April 2017.
  45. ↑ Liveris, Andrew (2012). Make it in America : the case for re-inventing the economy (Updated ed.). Hoboken, N.J.: Wiley. ISBN 978-1118199626.
  46. ↑ Schneiderman, R.M. (20 June 2011). "A CEO's Defense of Government". The Daily Beast. Retrieved 30 March 2017.
  47. ↑ Assembled Elsewhere
  48. ↑ Schleicher, Dylan (31 December 2011). "The Bestsellers of 2011". 800-CEO-READ. Retrieved 30 March 2017.
  49. ↑ http://www.couriermail.com.au/business/dow-chemical-boss-andrew-liveris-plans-to-join-the-board-of-battery-firm-novonix/news-story/d058a6c538403af170d55e6db8bd0042?nk=5c75ef8f3ac5497ba1d6edc67a96bf53-1507134521
  50. ↑ http://www.theaustralian.com.au/business/companies/andrew-liveris-to-join-board-of-asxlisted-battery-tech-firm-novonix/news-story/ec024a37fc630fe2a2b120781c933e1f
  51. ↑ Pieper, James; Heumann, Jenny (28 September 2012). "BASF's Kurt Bock to Lead Global Chemical Industry Association; Dow's Andrew Liveris Completes Successful Two-Year Presidency". American Chemistry Council. Retrieved 30 March 2017.
  52. ↑ The Business Council, Official website, Executive Committee Archived 21 July 2013 at the Wayback Machine.
  53. ↑ Dow Chairman and CEO Andrew Liveris Elected Chairman, The Business Council dow.com, 19 October 2012
  54. ↑ Press Release: The Dow Chemical Company, Dow Chairman and CEO Andrew Liveris Elected Chairman, The Business Council, Yahoo!, 19 October 2012
  55. ↑ Dow Chief To Head National Business Organization Archived 19 December 2013 at the Wayback Machine. WSGW
  56. ↑ American Australian Association
  57. ↑ "Special Olympics Announces Additions to International Board of Directors". Special Olympics. Retrieved 30 March 2017.
  58. ↑ Business Advisory Board for the University of Technology Sydney (UTS) Business School
  59. ↑ Special Olympics Announces Additions to International board of directors
  60. ↑ Papapostolou, Anastasios (28 August 2015). "The Hellenic Initiative Announces 3rd Annual Banquet". Greek Reporter. Retrieved 30 March 2017.
  61. ↑ https://www.thenationalherald.com/207037/this-venture-fair-spotlights-greeces-young-entrepreneurs/
  62. ↑ https://www.japantimes.co.jp/news/2018/09/02/business/saudi-sovereign-fund-appoints-former-dow-chemical-ceo-andrew-liveris-special-adviser/#.W5ufIy2fnOQ
  63. ↑ https://www.theaustralian.com.au/business/opinion/robert-gottliebsen/andrew-liveris-has-a-gas-plan-to-solve-australias-energy-deadlock/news-story/9aa65bdbb8f1dadefb3f8ae6488d582b?login=1
  64. ↑ https://www.theaustralian.com.au/business/companies/andrew-liveris-adds-worleyparsons-board-seat-to-growing-list-of-corporate-roles/news-story/1d5998ab8517c46c0fc4b0b7c8219ea2?login=1
  65. ↑ Andrew Liveris of Dow Chemical Ranked No. 1 on ICIS Top 40 Power Players
  66. ↑ ICIS Top 40 Power Players: Dow CEO Andrew Liveris takes top spot for 2012
  67. ↑ ICIS Top 40 Power Players Ranking for 2013 Revealed
  68. ↑ Liveris to give Davis Lecture
  69. ↑ Leadership Award Presented to Andrew Liveris
  70. ↑ 2011 Distinguished Performance Awards Dinner
  71. ↑ Brazil's Petrobras wins "Company" and "Producer of the Year" Honors at Platts Global Energy Awards as "CEO" Goes to Dow Chemical's Liveris
  72. ↑ Leadership 100
  73. ↑ The American Hellenic Council honored Andrew Liveris, Rep. Shelley Berkley and Phedon Papamichael in 2012 Annual Awards Gala on 31 March in Los Angeles
  74. ↑ China Development Forum
  75. ↑ Liveris Presides over China Development Forum as 2012 Co-Chair, Delivers Opening Remarks
  76. ↑ True Leaders | Asia and beyond
  77. ↑ Andrew Liveris, Chairman and CEO of The Dow Chemical Company, to be Awarded the 2013 International Palladium Medal
  78. ↑ BENS to Honor Gen. Raymond T. Odierno, USA and Andrew N. Liveris, Chairman, President & CEO, Dow Chemical with Eisenhower Award
  79. ↑ Dow's Andrew Liveris awarded AO for services to international business. The Australian (subscription required)
  80. ↑ https://www.ourmidland.com/news/article/A-new-era-7062282.php
  81. ↑ https://www.crunchbase.com/person/anthony-liveris#section-overview
  82. ↑ https://www.axios.com/exclusive-ari-emanual-endeavor-applecart-1534124139-38fe49ac-6d4a-485c-a743-ad1c47009e3c.html
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