DowDuPont Inc.’s executive chairman Andrew N. Liveris is expected to transition out of his role and will formally retire from the company July 1, 2018.

“On behalf of the board, we want to thank Andrew for his outstanding leadership and vision,” says Jeff Fettig, current co-lead independent director of DowDuPont.

Fettig will serve as the non-employee executive chairman of the board effective April 1 in preparation for Liveris’s retirement.

“Andrew is truly a global [chief executive officer] in every sense of the term, and his leadership not only at Dow, but across the entire business community, will be felt for decades,” Fettis says. “Since joining the board of Dow, it has been a privilege to work alongside Andrew and the rest of the board, as we developed and executed against Dow’s market-driven strategy. I look forward to continuing to work with the entire DowDuPont board to implement the intended separation of DowDuPont into three focused and industry-leading businesses.”

Liveris, for his part, waxes nostalgic about the growth Dow has seen over the past 14 years.

“Over the last 14 years, we have transformed Dow from a cyclical chemicals manufacturing company into one powered by science, driven by innovation, and delivery solutions to the world,” he says. “We have aggressively invested in R&D and radically transformed our portfolio of businesses while proudly maintaining our commitment to our heritage and values. With that transformation complete and Dow entering into its next phase of growth, now is the right time for me to affect my previously announced plan to transition and then to retire. I want to thank the 54,000 women and men of Dow around the world for their hard work and dedication––without their tireless efforts, Dow would not be where it is today.”