Fitterling a 'good choice' for New Dow's CEO, says Bernstein
DowDuPont yesterday announced the retirement of Andrew Liveris from the board effective July 1 and the appointment of James "Jim" Fitterling as the CEO of Dow when it is spun out in the first quarter of 2019, while Howard Ungerleider was appointed CFO of New Dow, Bernstein analyst Jonas Oxgaard said in a research note to investors. Oxgaard said none of the announcements were unexpected and the uncertainty around the Dow succession has been settled, as investors had worried that Liveris would make a play for the CEO role post-spin, "and while unlikely, it was still a concern." Fitterling, who was the expected choice for CEO, is "good choice" for New Dow, as he is a "strong" operator with a "good" track record and intimate knowledge of the company. Oxgaard has an Outperform rating and $90 price target on DowDuPont.