Jon M. Huntsman Becomes Executive Chairman, H. William Lichtenberger Vice Chairman, and Wayne Reaud to Chair Litigation Committe
December 08 2008 - 8:30AM
PR Newswire (US)
THE WOODLANDS, Texas, Dec. 8 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE:HUN) today announced that its board of directors
has expanded the roles of three directors to reflect a structure
designed to enhance the board's strategic oversight of preparations
for the Company's upcoming trials against Apollo Management, its
affiliates and lenders while also providing efficient and effective
leadership for the Company's business strategy during the current
economic climate. Jon M. Huntsman has been appointed to the newly
created position of Executive Chairman, and board member Wayne
Reaud has been appointed Chairman of the board's Litigation
Committee. This newly formed committee will be comprised of Mr.
Huntsman, Mr. Reaud and the President and CEO of Huntsman
Corporation, Peter R. Huntsman, and will focus on the litigation
pending against Apollo and its partners Leon Black and Joshua
Harris, and against Hexion, Credit Suisse and Deutsche Bank. Mr.
Lichtenberger will become Vice Chairman and Lead Director, and will
provide leadership for other matters addressed by the board. Mr.
Jon M. Huntsman, the founder of Huntsman Corporation, has nearly
forty years experience in the chemical industry and has been the
recipient of numerous awards and honors, including as the chemical
industry's top CEO. Mr. H. William Lichtenberger is a former
Chairman and Chief Executive Officer of Praxair, Inc., and also
previously served as President and Chief Operating Officer of Union
Carbide Corporation. He is a director of Ingersoll-Rand Company
Limited. Mr. Wayne Reaud was founder of the law firm Reaud, Morgan
& Quinn in Beaumont, Texas. His legal career spans over thirty
years and includes some of the largest verdicts and settlements
ever obtained by plaintiffs in Texas legal history. Announcing
these appointments, Peter Huntsman stated, "With our forthcoming
Delaware and Texas trials for damage claims against Apollo and its
banks only months away, our Chairman and board of directors are
highly focused on maximizing the opportunities to be addressed in
the months ahead -- both those presented by the current business
climate and those inherent in the pursuit of our damage claims
against Apollo and the banks. The formation of our Litigation
Committee and the addition of a Vice Chairman to our board
structure reflect an increased interest in optimizing the use of
our leadership resources during this period and thereafter." Peter
Huntsman will continue to serve as President and CEO of Huntsman
Corporation. About Huntsman: Huntsman is a global manufacturer and
marketer of differentiated chemicals. Its operating companies
manufacture products for a variety of global industries, including
chemicals, plastics, automotive, aviation, textiles, footwear,
paints and coatings, construction, technology, agriculture, health
care, detergent, personal care, furniture, appliances and
packaging. Originally known for pioneering innovations in packaging
and, later, for rapid and integrated growth in petrochemicals,
Huntsman today has 13,000 employees and operates from multiple
locations worldwide. The Company had 2007 revenues of approximately
$10 billion. For more information about Huntsman, please visit the
company's website at http://www.huntsman.com/. Forward-Looking
Statements: Statements in this release that are not historical are
forward-looking statements. These statements are based on
management's current beliefs and expectations. The forward-looking
statements in this release are subject to uncertainty and changes
in circumstances and involve risks and uncertainties that may
affect the company's operations, markets, products, services,
prices and other factors as discussed in the Huntsman companies'
filings with the U.S. Securities and Exchange Commission.
Significant risks and uncertainties may relate to, but are not
limited to, financial, economic, competitive, environmental,
political, legal, regulatory and technological factors. In
addition, the completion of any transactions described in this
release is subject to a number of uncertainties and closing will be
subject to approvals and other customary conditions. Accordingly,
there can be no assurance that such transactions will be completed
or that the company's expectations will be realized. The company
assumes no obligation to provide revisions to any forward-looking
statements should circumstances change, except as otherwise
required by applicable laws. DATASOURCE: Huntsman Corporation
CONTACT: Media, Russ Stolle, +1-281-719-6624, Investor Relations,
Kurt Ogden, +1-801 584 5959 Web Site: http://www.huntsman.com/
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