BOSTON () – Huntsman Corp. on Wednesday reacted to Starboard Value’s decision to nominate four directors to its board, saying the two sides had consulted on key issues but that an active investor was forcing him to fight in an “unnecessary” board room. he said.
Chemicals maker Huntsman said the Starboard investment firm has not been constructive in deciding who will be the CEO.
“Starboard is more concerned with setting up its own nominees for Huntsman’s Board than allowing the Board and management team to create shareholder value through many of our Starboard-supported initiatives,” the Texas headquarters said. in the apartment statement.
Huntsman says he welcomes shareholders ’constructive insights, but Starboard is forcing him into an expensive and misleading“ unnecessary proxy choice ”.
A few hours after Huntsman nominated Starboard four directors, including its chief executive, Jeffrey Smith, for the 14-member board earlier in the day, a detailed chart of who did what and how to try to find new board members announced.
A few days ago, Huntsman appointed new directors and made other changes, saying the move was part of a long-term plan to update the board’s composition. The company said it had informed Starboard of its plans and asked for the names of the Starboard director nominees in early December. According to Huntsman, Starboard only returned with names in early January.
Starboard did not immediately respond to a request for comment.
While the two sides could not meet face-to-face with the directors, Huntsman said they had worked more constructively on other issues.
“There has been and remains no disagreement with Starboard on the company’s goals and strategic initiatives,” Huntsman said in a statement.
At $ 8.2 billion, Huntsman manufactures chemicals ranging from building materials to plastics.
He has scheduled his annual meeting for March 25, so if the two sides do not resolve the issue in advance, investors will have a chance to decide who should be on the board.
Report by Svea Herbst-Bayliss; Edited by Grant McCool