DuPont (NYSE: DD) and The Dow Chemical Co. (NYSE: DOW) have announced the members of the Board of Directors for the company that would be created pending approval of a proposed $130 billion merger. The companies continue to expect the merger to close in August.
The DowDuPont Board will include 16 members, eight from Dow and eight from DuPont. The appointments will be official once the merger is approved.
"The DowDuPont board of directors will be composed of highly accomplished leaders who are intently focused on the creation of long-term value for shareholders," said Ed Breen, chairman and chief executive officer of DuPont. "Together we will deliver on the significant promise of the DowDuPont combination and the subsequent intended creation of world-leading companies – enabling innovation, growth and reinvestment that will benefit all stakeholders."
The board members will include:
- Andrew N. Liveris, Chairman and CEO, The Dow Chemical Company
- Jeff M. Fettig, Chairman and CEO, Whirlpool Corporation (Co-Lead Director of DowDuPont)
- James A. Bell, Former Chief Financial Officer, Boeing
- Raymond J. Milchovich, Former Chairman and CEO, Foster Wheeler
- Paul Polman, CEO, Unilever
- Dennis H. Reilley, Non-Executive Chairman, Marathon Oil Corp.
- James M. Ringler, Chairman, Teradata Corporation
- Ruth G. Shaw, Former Group Executive, Public Policy and President, Duke Nuclear
- Edward D. Breen, Chair and CEO, DuPont
- Alexander (Sandy) M. Cutler, Former Chairman & Chief Executive Officer of Eaton (Co-Lead Director of DowDuPont)
- Lamberto Andreotti, Former Chair of the Board and CEO of Bristol-Myers Squibb
- Robert A. Brown, President of Boston University
- James L. Gallogly, Former Chairman of the Management Board and CEO of LyondellBasell Industries N.V.
- Marillyn A. Hewson, Chairman, President, and Chief Executive Officer of Lockheed Martin Corporation
- Lois D. Juliber, Former Vice Chairman and Chief Operating Officer of Colgate-Palmolive Company
- Lee M. Thomas, Former Chairman and Chief Executive Officer of Rayonier
Once the merger is complete, DowDuPont will then spin out into three, independently traded entities, including an $18 billion ag-focused business, which will have a major presence in Indianapolis. The DowDuPont Board will be responsible for making sure each entity has a clear focus, appropriate capital structure, and focused investments in innovation, among other priorities.
The companies expect the spin-offs to occur within 18 months of the merger closing.