Processing Magazine

Dow fires two executives over acquisition talk

April 17, 2007

Only days after announcing that it''s not in talks involving a leveraged buyout, Dow Chemical Co. has shown the door to a senior adviser and a company officer, accusing them of trying to negotiate a deal behind the company''s back, according to the Associated Press. Senior adviser Pedro Reinhard, who retired as the chemical giant''s chief financial officer in October 2005, and Romeo Kreinberg, a divisional executive vice president, were dismissed with the approval of the board of directors, Andrew Liveris, Dow Chemical chairman and CEO said in a statement. The statement said Reinhard and Kreinberg had "engaged in business activity that was highly inappropriate and a clear violation of Dow''s Code of Business Conduct. Kreinberg has said there is no truth to the accusations made against him and he is seeking legal counsel.