Dow Chemical admitted this week that the company accidently paid more than $700,000 worth of the company’s CEO’s personal expenses.
Midland-based Dow Chemical explained in a filing with federal regulators that ‘shortcomings’ in the company’s record keeping led to the company paying $719,000 in bills that CEO Andrew Liveris should have paid himself. The filing with the Securities and Exchange Commission does not detail the expenses inadvertently charged to the company.
Liveris took home more than $21 million in compensation last year. A spokesman says he wrote a personal check to reimburse the company.
Liveris has been Dow’s CEO since 2004. He’s been the chairman of the board since 2006.