Newly elected Dow chief charts recovery plan

Omnexus - Dec 19, 2002

MIDLAND, MI, Dec. 19 -- William Stavropoulos, Dow's newly elected president and CEO, outlined a game plan Thursday to get the company back on firm financial footing. He said the company in the short-term will improve its cash flow by improving productivity and cutting costs. Stavropoulos proposed several measures which would save more than $1 billion in cash flow during 2003. "This effort is going to be far-reaching, touching every part of the company, and putting everything on the table," Stavropoulos said. "The bottom line is we only spend money on the essentials." In a surprise management shakeup last Friday, Dow removed 34-year veteran Michael Parker from the top post and replaced him with the former president and CEO. In a...

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