An Interview With Andrew Liveris On Leading Through Uncertainty

From steering Dow Chemical through the global financial crisis to advising three U.S. Presidents and the Crown Prince of Saudi Arabia, Liveris has faced uncertainty at the highest levels. Introduced by Odgers as President of the Brisbane 2032 Olympic and Paralympic Games, he brings decades of crisis-tested wisdom to a new arena.

In this exclusive interview, part of our ‘Leading Through Uncertainty’ series, Liveris shares the mindset, moments, and methods that have shaped his leadership journey, including the night he nearly lost a $70 billion deal and the lesson he learned sitting alone in a snowstorm, listening to a hologram.

Our ‘Leading Through Uncertainty’ series explores how senior leaders manage continual complexity and ambiguity. In a world where change is the only constant, we spotlight inspirational stories of leadership in uncertain times.   

What Does ‘Leading Through Uncertainty’ Mean To You Personally? 

When I became CEO of Dow just after 9/11, the world was already shifting. Strategy used to be a five-year roadmap. Suddenly, we were managing black swan events before the term even existed. The global financial crisis, shareholder activism, and short-termism forced a new kind of leadership, one that could pivot fast without losing sight of the North Star.

After the first couple of years as CEO, the external influences were becoming quite dramatic and the global financial crisis really brought that home in spades. 

Strategy and transformation then became one, whereby cultural change and the creation of an entrepreneurial class within the corporation could actually keep the North star, keep the direction, but pivot on how to get there. This ability to be very agile and flexible, but still deliver the agenda became all about the people and the culture.

I have lived a life where my personal story mimics that. I had disruption as a child, losing my father, moving to a new city and adjusting to a new education system. I was fortunate to do well academically, but I initially had no idea what I wanted to do.  

In my career, I kept pushing the envelope, not worrying about being fired. I realised that I actually personified what it took to be flexible and agile, and to learn how to be in the moment while never losing direction. 

Can You Share With Us A Moment That Tested Your Leadership During A Time Of Uncertainty?

One which really resonates and gives me goosebumps to this very day was during the middle of the global financial crisis. I was in the middle of a large acquisition and the major funders of that acquisition withdrew, even though the documents were all signed in a time when there was no money to be found. There was also the threat of junk debt rating and collateralising assets that we didn't want to lose, with potential bankruptcy just around the corner.

As this was ‘on my watch’, I had to take full accountability. I went to the Board and explained that we had a way out of it but it wouldn't be pretty, so I offered to tender my resignation if they wanted someone else to do it, but that someone like me who got us here will be able to take us out. The board 100% backed me.

So we began the ‘march through hell’ as I like to think about the Winston Churchill quote: “If you’re going through hell, keep going”, because stopping simply wasn’t an option.

I was negotiating with banks that ultimately didn't exist anymore and had to find new banks to get a bridge loan. It was a weekly pilgrimage to explain what our strategy was. I put our prized assets on the table to be sold and went through the motions of selling them to find buyers just in the ‘what if’ in case we couldn't get financing. 

On the day of the court case, in the very early hours of the morning, I had negotiated with 18 banks and found more money, expensive money. The last part was with the trust that owned the acquired company; the leader of the trust wanted to take an instrument on our stock instead of cash.  

At around 4:00am in my office, they called to say they were not going to be able to take the instrument and needed the cash, which I didn't have at that point. The trust’s Board did not want to pay the bankers fees of $5m, which, when $70 billion of value was at stake, I offered to pay.  

This offer needed ratified so between 4:00am and 7:00am, I was waiting for the call back. It was dark and snowing outside and I had the keys to Dow’s museum nearby, so I drove there and sat in the founder’s chair. I put on the hologram of the founder and I listened to him tell the story of how he founded the company which gave me inspiration.

I went to the office and got the call at 7:00am – it was good news, and so we got the lawyers off the courtroom steps at 8:30am and we closed the deal. 

How Does The Sports And Entertainment Sector Compare To Automotive, Energy, Pharma Industries?  

The big point of difference in these corporate structures that are built around the automotive, energy, and pharma sectors, is the absolute reliance on innovation to make a product. The asset intensity of the product dwarfs and overwhelms the support that goes around the product.

In pharma, the asset is less physical and more about the pipeline and clinical value, but the mindset remains of safety, security, preservation and unfortunately its sister, complacency.

The sports industry is a unique hybrid. It demands innovation and performance like hard asset sectors, but also shares traits with service industries like hospitality and entertainment.

The Olympics, for example, resembles hard asset projects which are start-up, build, deliver and exit, requiring precision, budgets discipline and meticulous timing. Skills from hard asset sectors, especially around sustainability and delivery, are highly transferable here.

How Do You Personally Stay Grounded And Resilient In Challenging Times? 

When young people at the Academy ask me about careers, I tell them I’ve been lucky. I’ve never felt like I’ve worked a day in my life. I’ve always loved what I do, and I look forward to what’s next.

Early on, I learned to live life on the numerator, not the denominator. Add and multiply, don’t subtract and divide. That mindset, shaped by Chinese philosophy I encountered at Dow, taught me that challenge and opportunity are synonymous.

In disruptive times, staying grounded means finding the opportunity within the chaos. That’s why I took on the Olympics role, not just because it’s the right thing to do, but because it’s energising. I get to work with so many different people, help solve tough problems, and show what business leadership can look like.

Some challenges, like navigating three layers of government to build a stadium, can seem impossible. But understanding different agendas and walking in others’ shoes has always motivated me. It’s how I approached my career at Dow, and it’s still how I operate today. 

How Important Has External Advice And Professional Support Been In Your Journey?

Early in my CEO career, I was flooded with recommendations for advisors and everyone had a favourite firm. But I quickly learned that the best advisors aren’t just the ones with good content as many have that; they’re the ones who stick around.

If someone sells you a solution and disappears, leaving juniors to handle the rest, that’s not a relationship, it’s a transaction. The advisors I valued most were those I could build a personal connection with, people I trusted to give thoughtful, tailored advice and not just generic frameworks.

Over time, I built lasting relationships with experts across sectors with consultants, financial advisors, you name it. They became my go-to people in areas where I wasn’t the expert, and I still rely on them today. 

Listen to Andrew’s key takeaways for aspiring Chief Executives: 

What Are Your Key Messages For Leaders?

1. Pick your team and do it fast. Don't assume the previous team is going to have your agenda, so find the people that are and trust them to help get the job done.
2. I can count six different versions of myself. Change and morph yourself as time and circumstances demand, almost move out of your body. Look at yourself and say, ‘is this the leader the company needs or the circumstance needs for this situation’?
3. You’ve got to be able to look around not one, but two corners. It's really your intuition skills, i.e. what got you to the table to being a leader through good and bad experiences, building a repertoire of knowledge that became wisdom - and you should trust it. 

Odgers’ Sports Practice is proud to work with organisations and leaders facing the unique challenges and opportunities within the global sports ecosystem. From major events like the Olympics to long-term transformation across federations, clubs, and governing bodies, we help build leadership teams that deliver impact. 

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