Dow Chemical Defends CEO Liveris Against Improper Spending Accusations

Dow Chemical Co. has defended its Chief Executive Officer Andrew Liveris after a report claimed he was being investigated by the Securities and Exchange Commission over allegations of using company funds for personal benefit. Citing sources close to the matter, Reuters reported on Thursday that a probe was underway. Reuters said it was unclear if the investigation was limited to the Liveris allegations or if the net had been cast wider. In a statement late Thursday, the company issued a press release, saying the newswire had "simply recycled old allegations that the Company made public long ago and addressed through independent review, enhanced audits, and improved controls." Dow Chemical said the matters were disclosed in 2011 via the filing of a proxy statement with the SEC, which was publicly available. Reuters reported that it learned the SEC issued subpoenas for "thousands of pages of documents and testimony" as part of a whistleblower-retaliation lawsuit last year by former company employee Kimberly Wood.