Published May 10, 2002 in the Midland (MI) Daily News

By Beth Medley Bellor

Michael D. Parker nearly didn’t have anything to say at The Dow Chemical Co.’s 105th annual shareholders meeting.

Board chairman William S. Stavropolous introduced the rest of the board, but skipped Parker. When he did come back to the president and chief executive officer, Parker grinned and shook his fists in the air.

In general, the mood was upbeat.

As usual, a video highlighted some of the last year’s accomplishments, touting Dow’s people in particular.

“I really like that video. It captures the energy running through our company,” Parker said.

He said people are the company’s single most competitive advantage. “We must continue to attract and retain top talent.”

Following a blockbuster 2001 meeting, shortly after the long-awaited merger with Union Carbide Corp. came to fruition, the Midland Center for the Arts auditorium was not as crowded this year. Parker’s recap and predictions were polished and realistic, but there were no surprises.

“While some are predicting an all-out economic recovery in 2002, we are remaining more cautious about recovery in the chemical sector,” he said.

The year should be better than 2001, but by its own hands, he said. He touted the company’s Business Excellence Implementation Process, which offers a framework for “leveraging best-in-class strategy development and execution techniques globally – ever sharpening our focus,” he said.

Through this strategy, acquisitions and the Six Sigma quality program, Parker said Dow fully expects to meet its goal of growing earnings per share by 10 percent per year across the chemical industry’s cycle, so that when the next peak comes earnings will be greater than $6 per share.

Dow shareholders re-elected four directors to three-year terms on the board: Jacqueline Barton, Anthony Carbone, Barbara Hackman Franklin and Harold Shapiro. They also ratified Deloitte and Touche LLP as independent auditors, and authorized an amendment that adds certain part-time employees to the company stock plan.