The patriarch of the Utah family that founded the Huntsman Corp. has announced that he is stepping down as executive chairman of the company. In Jon Huntsman Sr.’s place, son Peter Huntsman has been named chairman of the board of directors. Peter Huntsman has been serving as president and CEO, roles that he will maintain. The executive chairman position has been eliminated, the company said in a press statement. The changes were effective Jan. 1.
After serving as executive chairman of the company he founded 48 years ago, Jon Huntsman Sr. will continue to serve on the board of directors as a director and chairman emeritus.
“I am honored to be taking on this responsibility at a time when the company has never been stronger and had more opportunities before it,” said Peter Huntsman. “This will be a smooth transition as our founder, my father, will continue in a valuable capacity as a board member, maintaining vital relations with customers, suppliers and policy makers as well as sharing his total 56 years of industry experience.”
“It’s a high honor to turn the chairmanship role over to Peter Huntsman, who I consider to be one of the world’s outstanding CEOs,” said Huntsman Sr. “Huntsman Corp. will continue to experience its sound growth and strong financial controls under Peter’s experienced oversight. It has been both a great challenge and a special privilege to be chairman for almost half a century.”
Huntsman Corp. is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2016 revenues of approximately $7 billion. The company is now based in The Woodlands, Texas, but maintains a strong presence in Utah. The company’s products number in the thousands and are sold worldwide to manufacturers serving the consumer and industrial end markets. Huntsman operates more than 75 manufacturing, R&D and operations facilities in over 30 countries and employs approximately 10,000 people within four business divisions.