MIDLAND, MI, Dec. 13 -- Dow Chemical Co. took action in response to its disappointing financial performance the last two years, appointing William Stavropoulos as president and chief executive officer, to replace Michael Parker.
In a statement, Dow said its board reached the decision solely in light of the struggling performance of the company over the last two years. The company also noted that this years results were expected to show no improvement over 2001. Dow has suffered from a long-term downturn in the chemicals industry and has also been challenged with the integration of the Union Carbide business which it acquired in 2001.
Stavropoulos, 63, served as president and COO beginning in 1993, and as president and CEO from 1995 to 2000. He has served as a director since 1990 and became chairman of the board of directors in 2000. Stavropoulos will continue as chairman of the board.
Parker, 56, was named president and CEO in November 2000. He worked 34 years for Dow.