8-KLeadership ChangesExhibits & Filings

DOW INC. 8-K Report, Executive Changes (Oct 25, 2023)

Filed October 25, 2023For Securities:DOW

Summary

Dow Inc. (DOW) announced a significant leadership change in its finance department via an 8-K filing on October 25, 2023. Effective November 1, 2023, Jeffrey L. Tate has been appointed as the new Chief Financial Officer (CFO), succeeding Howard Ungerleider, who is retiring in January 2024 after providing his notice of retirement on October 20, 2023. This transition marks the return of Mr. Tate to Dow, where he previously held various senior finance and operational roles before his most recent tenure as CFO at Leggett & Platt. The appointment of Mr. Tate, a seasoned executive with extensive experience within Dow and other public companies, is a key development. Investors should note the comprehensive compensation package offered to Mr. Tate, including a substantial base salary, annual cash incentive, and significant long-term equity awards, underscoring the company's commitment to attracting and retaining strong financial leadership. While Mr. Ungerleider's retirement marks the end of an era, the smooth handover to an internally familiar, yet externally experienced, executive is designed to ensure continuity in financial strategy and operations.

Key Highlights

  • 1Dow Inc. has appointed Jeffrey L. Tate as its new Chief Financial Officer (CFO), effective November 1, 2023.
  • 2The current CFO, Howard Ungerleider, is retiring from the company in January 2024.
  • 3Mr. Tate is returning to Dow, bringing extensive experience from previous senior finance roles within the company and most recently as CFO of Leggett & Platt.
  • 4Mr. Tate's compensation package includes an annual base salary of $895,000, target annual cash incentive of 110% of base salary, and substantial long-term equity awards with a target value of $3.7 million.
  • 5He will also receive a one-time cash bonus of $250,000 and a one-time equity award valued at $3.5 million, subject to continued employment and vesting conditions.
  • 6The leadership transition was approved by the Board of Directors on October 20, 2023.

Frequently Asked Questions

Jeffrey L. Tate has been appointed as the new Chief Financial Officer (CFO) of Dow Inc., effective November 1, 2023.

Howard Ungerleider has elected to retire from the Company. His retirement from Dow will occur in January 2024.

Mr. Tate, 54, has a long history with Dow, having joined in 1992 and held various senior finance, operating, and general management roles. Most recently, he served as Executive Vice President and Chief Financial Officer of Leggett & Platt from September 2019 to June 2023. His previous roles at Dow include VP of Finance for Packaging & Specialty Plastics, Corporate Auditor, Finance Director of Performance Materials & Performance Plastics, and Director of Investor Relations.

Mr. Tate's compensation includes an annual base salary of $895,000, eligibility for an annual cash incentive program with a target of 110% of his base salary, and eligibility for long-term incentive compensation with a target award value of $3.7 million. He will also receive a pro-rated portion of his 2023 annual cash incentive, a one-time cash bonus of $250,000, and a one-time equity award valued at $3.5 million.