IRI Presents Distinguished Journal Award to Dow Chemical Company CTO

Dr. William F. Banholzer outlines his key leadership challenges for “Creating Value in Turbulent Times”

New Orleans, LA, November 10, 2011 – The Industrial Research Institute (IRI) announced yesterday the winner of its prestigious Holland Award during a reception and dinner at its Member Summit in New Orleans, LA. The award, given to those who exemplify originality of new management concepts in articles published in IRI's journal, Research-Technology Management (RTM), went to Dr. William F. Banholzer, Chief Technology Officer (CTO) at The Dow Chemical Company.
 
Dr. Banholzer’s article, “Creating Value in Turbulent Times,” was published in the January-February 2010 issue of RTM, and illustrates the challenges he faced as CTO of Dow Chemical in 2008 when petroleum costs experienced wide price swings concurrently with the instigation of a deep-seated recession and banking crisis. In describing the “perfect storm” that hit Dow Chemical in 2008, he laid out the six main challenges Dow’s leadership faced while trying to navigate through the economic turbulence.
 
“I consider it a great honor to be recognized for sharing the lessons I learned in tough economic times,” stated Dr. Banholzer during his acceptance speech. “Sound practices that manage innovation and deliver both long and short term success are crucial to the continued success of a company – and at no time more important than during a downturn.”
 
Research-Technology Management, the official journal of IRI, publishes practitioner-oriented best practice articles on managing technological innovation.
 
“As a journal dedicated to sharing the practical insights of R&D leaders,” remarked Ed Bernstein, president of IRI, “RTM presents the Holland Award as special recognition of those individuals who have gone the extra mile in providing original and thought-provoking views on technology and innovation management. Dr. Banholzer’s article was an excellent example of the work and challenges these leaders face when dealing with a tough economy.”
 
The Holland award is named after IRI's founder, Maurice Holland. Selection of the Holland Award recipients is made by the RTM Board of Editors. The award, established in 1982 to foster excellence in research, is given based on:
• significance to the field of R&D, technology and innovation management;
• originality of new management concepts; and,
• excellence in clarity of presentation.
 
William F. Banholzer, Ph.D., is Executive Vice President, Ventures, New Business Development and Licensing, and Chief Technology Officer (CTO) for The Dow Chemical Company, Midland, MI, where he has responsibility for driving innovation, value creation and Dow’s R&D activities around the world. He joined Dow in 2005 after a 22-year career with General Electric Company. In 2002, Dr. Banholzer was elected to the U.S. National Academy of Engineering, one of the highest distinctions that can be accorded to an engineer. In 2006, he was elected by the Academy to serve as one of the 12 councilors that form the governing body of the NAE. Dr. Banholzer earned his bachelor’s degree in chemistry from Marquette University and his master’s degree and Ph.D. in chemical engineering from the University of Illinois. He is a certified Six Sigma Master Black Belt, holds 16 U.S. patents, and has over 80 publications, which have received over 1,000 citations, for his work in the fields of chemistry and engineering.
 
For more information about IRI, and to receive a copy of Dr. Banholzer’s article, please contact Michele Taussig at taussig@iriweb.org.

About the Industrial Research Institute
The Industrial Research Institute (IRI) is an organization of 200+ industrial and service companies having a common interest in the effective management of technological innovation. IRI member companies span diverse industries and represent a substantial portion of our nation’s gross domestic product. IRI is the only cross-industry organization creating innovation leadership solutions and best practices in innovation management developed through collaborative knowledge creation. For more information, call 703-647-2580 or visit www.iriweb.org.

About Research-Technology Management
Research-Technology Management (RTM) is IRI’s peer-reviewed, bimonthly journal, published since 1958. It features articles covering the entire spectrum of technological innovation, from research and development through product development to marketing. RTM is a leading source of knowledge and best practices on innovation management for leaders of research, development, and engineering worldwide.

About Dow
Dow (NYSE: Dow) combines the power of science and technology with the "Human Element" to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2010, Dow had annual sales of $53.7 billion and employed approximately 50,000 people worldwide. The Company's more than 5,000 products are manufactured at 188 sites in 35 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.