Stavropoulos to replace Parker as Dow chief
Stavropoulos to replace Parker as Dow chief
The board of directors of Dow Chemical's have elected Chairman William S. Stavropoulos as President and CEO, replacing Michael D. Parker. The board cites"disappointing financial performance over the last eight quarters". Parker, 56,took the helm in 2000 after more than 30 years at Dow. Stavropoulos, 63, served as president and CEO at Dow from 1995-2000, and has been chairman of the board since 2000. "This is a complete surprise to us, and contrasts with Dow's history of having one of the best managed succession processes", says John E. Roberts,analyst at the Buckingham Research Group (New York). "This current shake-up may be a positive longer-term, but signals weaker near-term earnings per share",says Roberts. Parker remains on the board, and is currently negotiating terms and conditions with Dow.
