Third Point founder Dan Loeb calls for Dow CEO Andrew Liveris’ ouster
14 Dec 2015
Dan Loeb, the founder of hedge fund Third Point, is calling for the removal of Dow Chemical Co chief executive officer Andrew Liveris, only days after it agreed to combine with DuPont Co in the largest-ever chemicals merger, The Wall Street Journal reported, citing a person familiar with the development.
Loeb, who backs the deal, in a letter to Dow's board on Saturday questioned the timing of its announcement on Friday, only two days ahead of the expiry of a standstill agreement between Dow and the hedge fund, the report said.
Loeb expressed concern the merger might have been rushed to beat the expiry of the accord.
Third Point, which holds a 2-per cent stake in Dow, last year criticised its financial performance and urged Liveris to separate Dow's plastics and petrochemicals operations from fast growth businesses such as crop seeds.
