During Stavropoulos's tenure as CEO, Dow Chemical Company underwent a major transformation,[8] the centerpiece of which was a total restructuring of the company. Dow’s division into largely autonomous geographic units was replaced by an organizational structure based on fifteen global businesses and ten global functional units. Hand in hand with this, Dow introduced a new performance review system that aimed to encourage accountability, and it greatly expanded its capacity in information technology ― most notably, a global company-wide intranet was established to which all employees were given access.[9][10][11] As part of its transformation strategy, Dow divested itself of ventures that were no longer competitive or did not fit well with the company's strengths, e.g., its consumer products operation (DowBrands). At the same time, it invested $18 billion to acquire businesses. These acquisitions either expanded Dow's base in specialty chemicals and industrial biotech, or they positioned Dow in new geographies.[12][13]
During Stavropoulos's tenure as CEO Dow's productivity improved, its stock price increased significantly, and the company became less dependent on the sale of commodity chemicals, which made it less subject to the cyclicality of the commodity chemical market.[14][15][16]
As CEO, Stavropoulos led the effort to increase and publicize Dow's commitment to environmental protection and workplace safety. In 1995 the company pledged $1 billion to achieving ten-year environmental, health, and safety goals. A company-wide campaign engaged all employees in the campaign to reduce accidents, effluents, emissions, and use of energy and water.[17][18][19][20]
In November 2000, Stavropoulos stepped down as Dow's CEO and became company chairman.[21] However, at the end of 2002, he was asked by Dow's Board of Directors to return as CEO, a request he accepted. He then worked with Dow's executive leadership team to devise and implement a sequence of actions that put the company back on strong financial footing.[22][23][24][25][26] At the end of 2004, Stavropoulos once again bowed out as head of Dow. He remained Chairman of the company until March 2006.
