Peter R. Huntsman will become chief executive officer of Salt Lake-based Huntsman Corp. on July 1, the privately owned chemical company announced Friday.
Huntsman, 37, is the son of company founder and chairman Jon M. Huntsman Sr., who will relinquish his title of CEO but will remain chairman. Peter Huntsman will now be responsible for all business operations, the company said.
Jon Huntsman also will remain involved in employee relations, customer relations and in leading the company's merger and acquisition initiatives, the company said, adding, "He also will enhance his many humanitarian and charitable activities.
Jon Huntsman Jr. will continue as the company's vice-chairman and will assume the additional responsibility of chairman of the Executive Committee of the board of directors.
Peter Huntsman joined Huntsman Corp. 17 years ago as a truck driver. He went on to hold management positions in several of the company's divisions, including vice president—polymers; senior vice president—purchasing and logistics; president—Huntsman Petrochemical Corp. (Texaco Chemical) and most recently, president and chief operating officer (COO.)
Peter Huntsman will retain the title of president as well as CEO but will drop the COO designation. Spokesman Don H. Olsen said other managerial changes will be announced later that may or may not name a new COO.
"Peter has prepared himself well," said Huntsman Sr. "He is known as one of the industry's most successful chief operating officers, noted for promoting safety while increasing productivity and operating efficiencies. He is eminently qualified to assume the responsibilities of CEO of Huntsman Corporation."
Huntsman Sr. said he and his wife, Karen, "always dreamed, as we were struggling to develop our business, that one day we would turn the reins of leadership over to one of our children. In fact, the greatest honor of our lives has not been to build a business but to be parents and watch our children mature into gifted leaders.
"Volumes could be written about all that has transpired in our lives since we established our business 30 years ago. I have never been healthier, never felt better, and it is extremely gratifying for us to be able to make this transition on our
own timetable rather than when unforeseen circumstances may force us to make a change. And so we have chosen this time to solidify the position of the second generation, and we look forward with great anticipation to the next 30 years."
Peter Huntsman said he was honored to take over as chief executive from his father.
"His reputation as an astute businessman and as a leader in our industry is well established. Most importantly, in his 30 years as CEO of our company he has developed a rich legacy of the worth of each of our employees and the importance of their individual health and safety. He has placed equal emphasis on the necessity of protecting the environment.
"I am anxious to build upon that legacy."
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