UPDATE 2-Dow Chemical to rework business structure

* Dow to change business reporting structure

* Business units to report to executive committee

* Won't alter how quarterly results reported

* Shares fall 1.8 percent

Sept 4 (Reuters) - Dow Chemical Co, the largest chemical maker in the United States, said it will rework its business structure and appoint business presidents who will report directly to an executive committee.

The move is partly Dow's response to the weak global economy as it tries to boost sales by cutting bureaucracy and responding more quickly to customer requests.

In July, Dow reported a lower-than-expected second-quarter profit as worldwide demand for chlorine, plastics and electronic parts plunged.

"We will have less structure at the top of the company with more deployment and implementation in the markets and out in the field," Chief Executive Andrew Liveris said in a statement on Tuesday.

The business presidents, who will be named later this week, will report to a five-member executive committee that includes Liveris and Chief Financial Officer Bill Weideman.

The committee will "be accountable for setting the overall direction and strategy for Dow," spokeswoman Rebecca Bentley said in an e-mail.

The company said it will immediately eliminate the current business division structure and move to a global business unit model.

The change will not effect how Dow reports its quarterly results in its seven operating segments. The company's third-quarter results are set to be released Oct. 25.

Dow Chemical's shares fell 1.8 percent to $28.77 in afternoon trading.