Huntsman Corp. recently announced several changes to its board of directors, effective January 1, 2022, including the appointment of Curtis E. Espeland and José Muñoz to the board. Cynthia L. Egan has been appointed a new lead independent director, non-executive vice chair of the board, and chair of the Nominating and Corporate Governance Committee. Sonia Dulá has joined the board as a member of the Compensation Committee with the intent that she will become chair when Wayne A. Reaud leaves the board at or before the 2023 Annual Meeting of Stockholders, when he will reach the retirement age.
“As part of our Board’s ongoing refreshment process, I am pleased that we have identified two outstanding independent directors in Curt and José, who both bring extensive experience in operating companies in or relevant to our industry and in executing on strategic growth plans,” said Peter R. Huntsman, chairman, president, and CEO. “With these additions, I’m confident that our Board and the Company will be strongly positioned to ensure management achieves the growth strategy and financial targets we outlined at our November Investor Day to unlock value for our shareholders. We continue to engage with shareholders and appreciate the substantive input that we have received to date as our Company continues to evolve our portfolio and execute on our strategy.”
Huntsman also announced, consistent with its director retirement policy, that three existing directors—Nolan D. Archibald, outgoing lead independent director, vice chair of the board, and chair of the Nominating and Corporate Governance Committee; M. Anthony Burns, prior chair of the Audit Committee, whose upcoming retirement was previously announced at the Investor Day; and Sir Robert J. Margetts—will transition off the board as planned at the 2022 Annual Meeting of Stockholders. Wayne Reaud, chair of the Litigation and Public Policy and Compensation committees, will support the transition of those committees’ oversight duties before stepping down from the board.
According to Huntsman, these changes reflect the latest steps in the board’s multi-year director succession plan, including recruiting directors with skill sets aligned with the company’s upgraded and streamlined portfolio. These appointments ensure the board continues to have the right combination of experience, expertise, and diversity to drive profitable growth for shareholders and to best oversee the company’s strategic initiatives.
Espeland retired in 2020 from Eastman Chemical Co. after almost 25 years in leadership roles. Prior to joining Eastman, he held various positions of increasing responsibility at Arthur Andersen. Espeland has been a director of Lincoln Electric Holdings Inc. since 2012 and lead independent director since April 2018 while also serving on that board’s finance and audit committees and as audit committee chair for three years. He is also a director of global specialty chemicals company Nouryon and serves as chair of the board’s audit committee.
Muñoz serves as chief operating officer of Hyundai Motor Co. In addition to being responsible for the company’s overall results, including the nearly $88 billion in total 2020 revenue, he leads the company’s global operational strategies and their implementation. Muñoz oversees the development and implementation of the company’s fuel cell vehicle and mobility services strategy and serves as president and CEO of Hyundai Motor America, the company’s largest operating subsidiary. Prior to joining Hyundai in 2019, he served in leadership roles at Nissan, Toyota, and Daewoo.
Archibald, Burns, and Margetts are expected to conclude their service on the board, effective at the time of Huntsman’s 2022 Annual Meeting of Stockholders in March. In addition, as the board has successfully implemented substantial refreshment of the board and transition of board and committee leadership, the board has determined it will no longer grant non-executive directors waivers to the company’s director retirement policy requiring directors to resign after their 75th birthday.
“On behalf of the entire Board, I would like to thank Nolan, Tony and Sir Rob for their years of committed service and the important roles they have played in the Company’s success, including their contributions to the deliberate and thoughtful Board refreshment process, the latest phase of which we began more than 18 months ago,” Peter Huntsman said.
“I’m proud of the transformation the Board underwent during my tenure, and Huntsman’s commitment to bringing on diverse expertise and fresh perspectives is demonstrated by today’s addition of two stellar new directors,” said Archibald. “It has been an honor to serve alongside fellow directors truly committed to best-in-class accountability and oversight. I’m confident, given the broad expertise and experience of the incoming and existing directors, the Board is ideally positioned to oversee Huntsman’s next chapter, and I look forward to witnessing the Company’s continued growth and success.”
For more information, visit www.huntsman.com.