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Dow Chemical's Andrew Liveris may be the single worst CEO to ever run a major company – into the ground, Cramer said during Tuesday's Mad Money. Liveris turned this former blue chip "into a bad joke."
Check out this timeline of Liveris' stewardship, using Dow's [DOW
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] declining stock price as a guide.
Jan. 29, 2008, Dow closed at $37.94: Liveris, flush with cash from a $9.5 billion deal with Kuwait to secure low-cost raw materials for the company's commodity plastics business, vows that Dow's earnings won't ever fall below $2.50 or $3 a share.
July 10, 2008, Dow closed at $35.52: Liveris pays a 61% premium for specialty-chemicals maker Rohm & Haas [ROH
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], saying he didn't want to be outbid by competitors. The $18.7 billion buyout was twice what Rohm & Haas was worth, Cramer said.
Dec. 8, 2008, Dow closed at $20.37: Liveris layoffs of 5,000 workers, but insists the dividend is safe. The stock's down 46% from where it was when the CEO guaranteed earnings a year ago.
Dec. 29, 2008, Dow closed at $15.32: A day after Kuwait backs out of its joint venture with Dow, the company announces it will still go through with the Rohm & Haas deal and the dividend will be paid out per usual. The R&H deal forces Dow to take out a $13 billion bridge loan, hurting the company's corporate debt A-rating. DOW stock is down 59% in less than a year.
Jan. 26, 2009, Dow closed at $13.24: Dow Chemical walks away from the Rohm & Haas buyout despite assurances from Liveris that the deal will go through.
Jan. 27, 2009, Dow closed at $13.19: Liveris says on CNBC that a dividend cut is "on the table," a complete reversal of earlier promises. Dow's share price is down 65% over a 12-month period.
It's performance like this that will land a CEO on Cramer's Christopher Cox-Bernie Madoff Wall of Shame. And that's just what the Mad Money host did Tuesday, adding Liveris to this list of the worst of the worst.
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