William Stavropoulos was the president and chief executive officer of Dow Chemical. He was a product of Dow Chemical. He progressed through the ranks and knew how Dow Chemical operated. He had first-hand knowledge of the success that Dow Chemical possessed. So what was so great about his tenure as the president and chief executive officer? It was his vision.
Mr. Stavropoulos realized that all good businesses, like all good portfolios, are diversified. He also looked at his company and decided; if we are not the "top dog" in a venue, how can we become that top dog? In doing so he had to make some drastic changes. When "you're doing well, it's hard to change." This is especially true "if you're being changed and you're not in charge of the change" , as was the case for Dow Chemicals. They had a proven track record, so why change?
William Stavropoulos brought a plan to the table.
It was a very detailed, and time consuming plan. He had three phases and four strategic themes with many steps in each phase. Having this plan drawn up, helped him convince Dow Chemicals that he knew what he was doing and that they would profit from his plan. Preparation, dedication, and confidence, the three big keys to making excellent business decisions, were oozing from Mr. Stavropoulos' pours.
Dow Chemicals began to revamp its internal structure. Mr. Stavropoulos caught sight that there was too much bureaucracy within the company. He made the determination to downscale the arrangement of the employee structuring and removed six layers of management. Dow Chemical also realized that they were more effective and profitable in specialized products as opposed to consumer based products. Therefore, they have made a 180 degree turn in their product mix.
Dow Chemical has...