Friday, April 13, 2007
More details have emerged on the firing of two longtime senior officers at Dow Chemical, J. Pedro Reinhard (director and senior adviser) and Romeo Kreinberg (executive VP). Allegedly for the past four months they held a series of secret meetings with JP Morgan Chase and investors about a possible LBO of the company, without informing the CEO or Board of Directors. The Dow Chemical CEO found out about the talks from the investment banker. Kreinberg said there is "no substance" to the rumors. Reinhard remains on the board of directors until the next shareholders meeting unless he resigns. See NYTimes, Dow Fires 2, Citing Talks on a Buyout; WSJ, Officials Fired At Dow Chemical For Secret Talks.