Midland, Mich –Dow Chemical Co. announced on 21 Nov it will add four new independent directors to its board as of January 2015, increasing the total number of its directors to 14.
According to a press release by Dow, Richard Davis, chairman, president and CEO of US Bancorp, Mark Loughridge, former chief financial officer of IBM, Ray Milchovich, lead director of Nucor and former chairman and CEO of Foster Wheeler AG, and Robert Miller, non-executive chairman of the board of American International Group (AIG) are to join the company.
All four individuals will be included in Dow’s nominations for election at the 2015 annual meeting of shareholders. Loughridge, Milchovich and Miller will join the board effective 1 Jan 2015, and Davis will join the board in May 2015, following Dow’s 2015 annual meeting.
The appointments are, reportedly, linked to a power struggle with investment firm Third Point, to which Milchovich and Miller are linked.