News Flash: MIDLAND, MI, 13th Sep, 2004.
The Dow Chemical Company (NYSE: DOW) today announced that the Office of President, CEO and Chairman will be outsourced as of October 31, the end of the fiscal year. The move is being made to save $45 million in annual salary and benefits. Further savings in air travel are expected to add to Dow's bottom line.
"At the end of the day, the cost savings will be quite significant" says Dow board member and Executive Vice President, Rob Highwayman, who, with
the aid of Dow's outsourcing arm, Dow Services, has studied Outsourcing extensively. "We simply can no longer afford this inefficiency and remain competitive in the world stage," Highwayman said.
Sanji Gurvinder Singh, 23, of Indus Teleservices, Mumbai, India, will be assuming the Office of President, Chairman and CEO as of October 31. Hewill receive a salary of $320 USD a month with proportionate benefits. Mr. Singh will maintain his office in India and will be working primarily at night, due to the time difference between the US and India.
"I am excited to serve in this position," Mr. Singh stated in an exclusive interview. "I always knew that my career at the Dow call center would lead to great things."
A Dow spokesperson noted that Mr. Singh has extensive experience in public speaking and has been given Mr. Liveris's script tree to enable him to answer any question without having to understand the issue.
Mr. Liveris, 50, has announced that he will join the faculty of the Stanford School of Business, specializing in medieval business and the related subject of employee motivation. No one at the Stanford School of Business was available for comment.
The Dow board continues to explore other outsourcing possibilities including Dow's unquantifiable vice presidents.
In an unrelated news item it was learned that Dow was selling five corporate jets complete with passengers thought to be board members and Dow executives. While the value of the content was not thought to be significant it is believed that their accumulated air-miles could be used to facilitate additional outsourcing initiatives.
Dow employees were in a somber mood after the announcement. Company announced that counselors will be available all week to help employees get through the difficult time.
The Dow Chemical Company.