Dow Fires Executives

Wow, you don't see that every day... two senior Dow Chemical folks fired for unauthorized buyout talks, supposedly with Middle Eastern investors, KKR and others. Hope KKR gives them a nice reference for their next job.

Three days after it insisted it wasn't up for sale, Dow Chemical has fired two executives it claims held unauthorized talks to sell the company. In a press release, Dow said Pedro Reinhard, a board member, and Romeo Kreinberg, an executive vice president, had engaged in business activity that was highly inappropriate and a violation of the company's ethics code.

The company said action was swift: After knocking down buyout rumors on Monday, the company learned about the unauthorized discussions on Tuesday. The board was notified Wednesday, and the two men were fired Thursday morning.

Full note at Dealbook

Posted on April 12, 2007 and filed under Finance.