Dow Chemicals fires two top executives

04/13/07 - newratings.com

NEW YORK, April 13 (newratings.com) – Dow Chemical Co (DOW) Thursday fired two high level executive to stop rumours that it is in takeover talks.

The two executives were accused of being in secret talks with potential buyers of Dow Chemical and were operating without the board’s approval. Te two executive fired are J Pedro Reinhard, board member at the company and former chief financial officer, and Romeo Kreinberg, who was head of plastics and chemicals and a new member of the group that charts out Dow Chemical’s strategic initiatives.

The Sunday Express had reported that the company was the target of a takeover bid by a consortium of private equity groups and Middle East investors led by Kohlberg Kravis Roberts. Dow Chemical had denied any plans of selling the company.

Dow Chemical’s share price jumped 2% to $46 following the news of the two executives being asked to leave.