* Liveris to retire as chairman of DowDuPont in July 2018
* Dow Chemical plans to invest more than $12 bln over 10 yrs
* Investments include expanding Dow's Texas cracker
May 11 Dow Chemical Co, which is merging
with DuPont, said Chief Executive Andrew Liveris would
retire as chairman of the combined DowDuPont company in July
Liveris said in February 2016 he would retire by mid-2017,
following a prolonged battle with hedge fund manager Daniel
Loeb, who had been questioning his leadership.
Liveris is slated to serve as the executive chairman of the
combined DowDuPont company after deal close, expected in August.
He will then serve as the chairman of the combined company
between April and July 2018, Dow said on Thursday, when the
company held its annual shareholder meeting.
The companies have previously said DuPont Chief Executive Ed
Breen would be the CEO of the merged company.
Dow and DuPont named the board of the combined company on
Thursday, and said the board's priorities would include
"undertaking, as soon as practicable, a comprehensive review of
the portfolios and their alignment."
Dow and DuPont plan to merge and then split into three
companies focused on agriculture, specialty chemicals and
Dow also said on Thursday it would invest more than $12
billion over 10 years, mostly in the United States.
The investment plans include the expansion of the company's
cracker in Texas and the construction of a 600,000 metric ton
polyethylene unit in the U.S. Gulf Coast.
Chemical companies typically process refined oil products
such as naphtha - created by separating crude oil into lighter
groups - at facilities called crackers to create petrochemicals
such as ethylene and propylene.
These are further processed into products such as plastics,
soaps or synthetic fibers.
"The positive investment environment in the U.S. chemical
and materials sector, driven by competitive feedstocks and a
skilled workforce, is a driver for Dow to further invest in the
USA," Liveris said in a statement.
Liveris heads a private-sector group on manufacturing that
advises President Donald Trump's administration.
Dow Chemical shares were nearly unchanged at $61.61 in
afternoon trade, while DuPont was trading at $78.64.
(Reporting by Swetha Gopinath in Bengaluru; Editing by Sriraj