Jul 5, 2018
Dow Chemical settles with SEC over ex-CEO's undisclosed perks
The Dow Chemical Co. has reached a settlement with the U.S. Securities and Exchange Commission following a three-year investigation that found its former chief executive failed to disclose about $3 million in perks.
The company agreed to pay the SEC $1.75 million and to hire a consultant to make sure the company is complying with SEC rules related to executive perks, according to Reuters.
Liveris stepped down as CEO in April following a multi-billion dollar merger with DuPont. In 2017, he earned $65.7 million in compensation for his final year with the company.
The SEC investigation, which Reuters detailed over several stories, found Liveris used Dow aircraft for his family to use and threw parties at the Super Bowl while Dow customers were in attendance.
Dow officials said the expenses were legitimate business expenses, but added the company has started implementing changes to improve disclosures.