Liveris' ego might be the sword he finally falls into. The SEC investigation will probably confirm the observations of the former Dow auditor Anderson on personal misuse of Dow money. Quote: The Liveris expenses were not business-related at all, Anderson alleged. "The word 'primarily' misleads." Moreover, Anderson said, the Customer Events Department would never have billed Liveris. Customer Events "never billed anybody for anything," Anderson testified. "This was not just 'Oops, we forgot to bill.'"
Liveris defense is that 'he did not know' and when he found out he reimbursed and in fact 'over compensated'. The contrary is true. When one reads the transcripts it is clear that he initially wanted to pay much less and was 'forced' to pay more than $700,000. In fact Anderson indicated he needed to pay back more than a $1 million. Another interesting fact Liveris himself mentioned that this 'mistake' was going on for 5-6 years. He only compensated for three years probably because of 'deleted' records.
Dow deserves a better CEO. Both his performance and ethics have been dismal. Just check the stock performance over the past 10 years.
This is all clear narcissistic behavior of someone who has lost all contact with reality. I'm sure Liveris does not understand this commotion at all. He feels entitled to this as he thinks he 'deserves' these extra perks because of his great contributions to Dow. He has saved Dow and set new directions and of course only through his sheer genius. Facts prove differently. The stock has not done anything since he has taken the reign. In fact Dow almost went bankrupt by his escapades and luck saved him. Think Ascot, Haltermann, Chirotech, Rohm & Haas (take a look at the Goodwill still on the books), etc. All his great achievements. Of course the best CEO since Herbert himself. Compare it to BASF or to tracking of the S&P500. Any measuring stick will show that he has failed miserably; yet he is paid in excess of $20 million a year. The only way he could do this is by collecting yes-men around him. Emperor behavior and you will see that he is the only one that is not accountable. Headwinds, unexpected events, etc., we've heard it all and will hear it again. He should have long retired at 60 but of course he is invaluable to Dow. He will only go if forced from the outside.