Dow Chemical Fires Adviser, Officer for Unauthorized Merger Discussions

Dow Chemical Co. (DOW) said Thursday it had fired a senior adviser and a company officer over unauthorized discussions with third parties about the possibility of purchasing the company.

Pedro Reinhard, a senior adviser and member of the board of directors, and Romeo Kreinberg, a company officer, were dismissed with board approval, Andrew Liveris, Dow chairman and CEO, said in a statement.

"The values of integrity and respect for people are at the very core of our company," Liveris said.

"I think I speak for all employees when I say we are greatly saddened by the disrespect shown by our former colleagues. But we will move on to shape our future with an even greater resolve to execute our strategy and deliver value to our shareholders."

The statement said Reinhard and Kreinberg had "engaged in business activity that was highly inappropriate and a clear violation of Dow's Code of Business Conduct."