DowDuPont Executive Chairman Andrew Liveris on Tuesday said the chemicals and agriculture giant mostly got its transition plan right, but made adjustments after listening to investors.
DowDuPont, which was formed when chemical giants Dow Chemical and DuPont merged earlier this month, said on Tuesday it was
The companies made the decision after a quartet of high-profile activist investors pushed for change. However, they suggested they did not alter their plan simply due to that pressure, but after receiving feedback from a broad swath of investors and conducting a months-long review process with consulting firm McKinsey & Company.
"We were about 80, 90 percent right the first time around, but ... we listened to investors. We did our work, and these actually create game-changing, market-driven companies in the future," Liveris told CNBC's "Squawk on the Street."
At issue was how the company would break down the combined company into three separate firms: agriculture, materials science and specialty products. The company now plans to move businesses totaling more than $8 billion in annual sales from its materials science division to the specialty-chemical unit.