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Article: Dow fires Parker, reappoints Stavropoulos as CEO. (Top of the Week).(Michael Parker replaced with William Stavropoulos at Dow Chemical)
- Article from:
- Chemical Week
- Article date:
- December 18, 2002
- Author:
CopyrightCOPYRIGHT 2002 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dow Chemical ousted its president and CEO Michael Parker last week and replaced him with chairman and former CEO William Stavropoulos, citing the company's "disappointing financial performance." Dow says there was no concern of impropriety reflected in the board's decision.
One source says there has been concern on Dow's board for at least the past four months as earnings deteriorated in the face of higher feedstock costs and a sluggish economic recovery. The company posted third-quarter net income of 16 cts/share ($148 million), well below what it predicted at the end of the second quarter. Analysts expect the company to make a slight profit in the fourth ...