On Thursday, The Dow Chemical Co. (DOW) announced that Pedro Reinhard, a senior advisor and member of the Board of Directors, and Romeo Kreinberg, an officer of the company, engaged in business activity that was highly inappropriate and a clear violation of Dow's Code of Business Conduct. Reinhard and Kreinberg were involved in unauthorized discussions with third parties about the potential acquisition of the company. In its press release, the company stated that it moved quickly, learning of the misconduct Tuesday and informing its board Wednesday. Reinhard and Kreinberg were fired Thursday morning with full support of the Board, the release said.Shares of Dow Chemical jumped Monday after a British newspaper reported a group of Middle Eastern investors and U.S. buyout firms was preparing a bid for the chemical giant. The Sunday Express, a British tabloid, reported over the weekend that the group, including private equity firm Kohlberg Kravis Roberts & Co., had secured financing for a $50 billion bid for the Midland-based company. Dow Chemical said Monday that it is not in discussions about a leveraged buyout. Dow did not immediately comment on its plans to fill the two vacancies. Dow Chemical makes and sells chemicals, plastics and farm products to customers in a range of industries. In 2006, Dow Chemical reported it earned $3.72 billion on sales of $49.1 billion.It is the latest in a string of media reports, mostly from British and Indian newspapers, that have either referred to rumours of a pending private-equity buyout or paired Dow Chemical with Indian chemical firm Reliance Industries in a potential joint venture.Reinhard was chief financial officer of Dow, the largest U.S. chemical company, before stepping down from that post in 2005. He is on the board of Colgate-Palmolive Co. (CL) and the board of the Royal Bank of Canada (RY) (RY.TO), as well as Sigma-Aldrich Corp. (SIAL). In February 2006, he left the board of The Coca Cola Co. (KO).Kreinberg joined the company in 1977. He became a member of the office of the CEO in September 2004 and was named executive VP in September 2005. Kreinberg is a member of the board of Dow Corning Corp. and Oman Petrochemical Industries Co. LLC. He is a board member of the United States Council for International Business.Dow said it received information about the actions of the executive and the board member from a source, whom it would not identify.The values of integrity and respect for people are at the very core of our company, said Andrew Liveris, chairman and CEO. "I think I speak for all employees when I say we are greatly saddened by the disrespect shown by our former colleagues. But we will move on to shape our future with an even greater resolve to execute our strategy and deliver value to our shareholders, Liveris stated.We will uphold Dow's 110-year history of commitment to the highest standards of integrity, ethical conduct and corporate governance, Liveris added.Dow Chemical's shares rose 95 cents, or about 2%, to $46.04 in Thursday morning trading on the New York Stock Exchange.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.