MIDLAND, Mich.—Dow Chemical Co. has reached an agreement with the investment firm that has been trying to force the company to sell off some assets.
The Midland-based resin supplier announced Nov. 21 that it will add four new directors to its board of directors.
The investment firm, New York-based Third Point L.L.C., agreed to vote in favor of Dow's nominees at the 2015 annual meeting, and it has agreed to a one-year standstill and voting agreement.
Three new directors will join the board on Jan. 1: Mark Loughridge, former chief financial officer of IBM; Ray Milchovich, a director at Nucor and former chairman and CEO of Foster Wheeler A.G.; and Robert S. Miller, chairman of American International Group.
A fourth new director, Richard Davis, chairman, president and CEO of U.S. Bancorp, will join in May following Dow's 2015 annual meeting.
In a release, Dow and Third Point said they are pleased to have resolved the matter amicably and to have arrived at an agreeable path forward.