NEW YORK – Dow Chemical Co. says it will add four new members to its board of directors after pressure from hedge fund activist Daniel Loeb's Third Point.
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Shares of the specialty chemicals maker rose 2.6 percent to $52.82 in morning trading Friday.
The new additions are Mark Loughridge, Raymond Milchovich, Robert Miller, who will join the board in January. Richard Davis will join in May.
Dow has also agreed to include the group in its nominees for election at the 2015 annual meeting nominate.
In January, Third Point disclosed that it bought a stake in Dow, but did not disclose how many shares it bought. Third Point says Dow is its biggest investment.
As recently as last week, Third Point published a website and video pushing Dow to shake up its board and increase shareholder value.