Karen Carter became Dow CEO on July 1, becoming the first woman and first Black CEO of the nearly 130-year-old chemicals manufacturer. In her first earnings report, she delivered a net income of $802 million and a 20% jump in net sales, the most profitable quarter in four years, boosted by North American petrochemical margins driven by the Iran war and high oil prices. The company plans to cut 4,500 jobs, 55% complete, after posting an annual loss of about $1.5 billion last year. About 60% of Dow’s footprint is in the Americas, where plants benefit from cheap and abundant ethane, while unprofitable European facilities are being shuttered.
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