is fully engaged in the active oversight of Huntsman’s continuing portfolio transformation, and the company is delivering the strongest profit and margin performance for the current businesses," a Huntsman spokesperson said. The company will report fourth-quarter earnings next month. Huntsman's stock price climbed 2.3% in early trading after Starboard made its announcement. "Rather than engage constructively with us, the board inexplicably chose to react in a highly defensive manner, taking three distinct actions over the past two weeks that we believe were intended to disenfranchise shareholders," Smith wrote in the letter posted to the fund's website. Starboard said it is concerned that the new faces are "perpetuating old shareholder-unfriendly tendencies". Its move comes only days after Huntsman added two new board members, appointed Cynthia Egan as its new lead independent director, and named Sonia Dula to the compensation committee with an eye to having her become chair, steps Starboard criticized.
"We believe shareholders deserve a board that is unburdened by past loyalties, welcomes fresh viewpoints, and demands accountability so that the company can maximize its incredible potential," Smith, who is one of the nominees, wrote to board chairman and CEO Peter Huntsman. (Reuters) - Activist hedge fund Starboard Value LP has nominated four directors, including its own chief executive, to Huntsman Corp's board, arguing that new members would help maximize the chemical maker's potential.Īccording to a letter sent by Starboard CEO Jeffrey Smith on Wednesday, the fund, one of Huntsman's largest investors with a more than 5% stake, has nominated two women and two men with experience on public company boards and in the chemical and refining industry to the 14-member board. Jeffrey Smith, CEO of Starboard Value LP and Chairman of Papa John's International Inc., speaks during an interview on CNBC on the floor of the NYSE in New York
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