Changes at the top for Dow, Evonik

Dow has named Karen S. Carter, currently COO, as its new CEO with effect from 1 July, when she will also join the board of directors. The company said that this announcement “reflects the culmination of a multi-year, thoughtful succession planning process and supports continuity as Dow continues to advance its strategy as a world-leading material science company”.
 

Carter has over three decades of experience at Dow, with senior leadership roles across business, commercial and corporate functions. She was previously president of Packaging & Specialty Plastics, the company's largest operating segment, and as COO, oversaw business and operational performance company-wide, with responsibility for operating segments and key functional organisations.

Jim Fitterling, who Carter will succeed, had been CEO since 2018 and board chair in 2020, leading the company Dow through its spin-out from DowDuPont. In his new role as executive chair of the board, he will “focus on long-term strategy, governance and key external relationships, while supporting continuity in leadership and execution”, the company said.

Meanwhile, an extraordinary meeting of Evonik’s supervisory board has unanimously agreed to extend Christian Kullmann’s contract as CEO until 2030. This will be formally confirmed at the AGM on 3 June. Kullmann joined Evonik in 2003 and was appointed chief strategy officer in 2014. He has headed the management board since May 2017.

“Christian Kullmann stands for stability and continuity in challenging times,” says supervisory board chairman Bernd Tönjes. “He has steered Evonik through difficult waters in recent years. The supervisory board is counting on the executive board to keep the course and continue to make Evonik fit for the future.”

The same meeting appointed interim CFO Michael Rauch as the new, permanent CFO from 1 May. Rauch spent 16 years at Henkel, Germany’s largest maker of adhesives, sealants and coatings. More recently, he has also held CFO and CEO roles at Swiss vending machine operator Selecta, CompuGroup Medical and perfumery retailer Douglas. Dr Claus Rettig, who has been performing the operational tasks in the finance department since September, will now focus on his role as head of the Asia-Pacific region.