{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9c-de05c2e24e19", "slug": "89e9f01271ea", "title": "Huntsman Corporation (HUN)", "subtitle": "Jeffrey C. Smith · 2022-02", "author": "Jeffrey C. Smith", "date": "2022-02-10 00:00:00", "pageCount": 5, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Huntsman Corporation", "targetTicker": "HUN", "document": { "id": "019dd923-622c-750b-8b9c-de05c2e24e19", "slug": "89e9f01271ea", "title": "Huntsman Corporation (HUN)", "rawTitle": "Starboard Value LP Letter to HUN Stockholders 2.10.2022", "authorId": "03_Starboard_Value", "authorName": "Jeffrey C. Smith", "authorDisplay": "Jeffrey C. 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Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Agitate", "beatId": "afd7b55d-473b-4e2f-a7e7-a60566bb41dd", "matchId": "e1ca218a-20a1-48a6-b781-2a4f0b5f88ec", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The company has failed to meet financial commitments.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Solution", "beatId": "5ba54fdd-d3c9-49f9-b455-01519427dbbd", "matchId": "e1ca218a-20a1-48a6-b781-2a4f0b5f88ec", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Elect Starboard Value LP's nominees for improved performance.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "69f2dbe4-1e65-43e4-9536-03aba5a69935", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. 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Smith. Classic three-part attack structure: (1) stock underperformance vs. peers since IPO, (2) three consecutive missed Investor Day financial promises, (3) CEO pay well above peer median despite misses. Signature rhetorical device is the 'Failed Investor Day Promises' chart (p.3) pairing red target bars with navy actual bars and red dashed 'X% MISS' callouts — a reusable 'broken promises' template. Villain is institutional (the Board and 'management') rather than a named executive — Starboard avoids naming CEO Peter Huntsman directly in the body text (only 'Huntsman CEO' appears as a chart legend label). 'Broken promises' framing on quantitative Investor Day targets functions similarly to CEO-quote-contradiction but uses targets, not verbatim quotes, so that flag is false. No explicit target price or upside %; case is qualitative/governance-driven. Closing ask is the BLUE proxy card; shareholdersforhuntsman.com cited as proxy materials hub.", "kpisCited": [ { "detail": "Huntsman underperformed by 298% (Feb 2005 - Jan 2022, dividend-adjusted)", "metric": "Relative stock performance since IPO vs. S&P 500" }, { "detail": "Huntsman underperformed by 310%", "metric": "Relative stock performance since IPO vs. S&P Chemicals" }, { "detail": "Huntsman underperformed by 575%", "metric": "Relative stock performance since IPO vs. Proxy Performance Peers" }, { "detail": "$2.0B target vs. $1.1B actual — 44% miss", "metric": "2014 Investor Day Adj. EBITDA target vs. 2016 actual" }, { "detail": "$1.3B target vs. $1.1B actual — 11% miss", "metric": "2016 Investor Day Adj. EBITDA target vs. 2017 Core actual" }, { "detail": "$1.3B target vs. $0.9B consensus — 30% miss", "metric": "2018 Investor Day Adj. EBITDA target vs. 2020 consensus" }, { "detail": "$14.5M vs. $11.7M — 24% above median", "metric": "CEO compensation vs. proxy peer median FY2016" }, { "detail": "$16.6M vs. $12.4M — 34% above median", "metric": "CEO compensation vs. proxy peer median FY2017" }, { "detail": "$13.0M vs. $10.8M — 20% above median", "metric": "CEO compensation vs. proxy peer median FY2018" }, { "detail": "$16.1M vs. $9.3M — 73% above median", "metric": "CEO compensation vs. proxy peer median FY2019" }, { "detail": "$13.1M vs. $12.2M — 8% above median", "metric": "CEO compensation vs. proxy peer median FY2020" }, { "detail": "~8.6% of common stock; second-largest stockholder", "metric": "Starboard ownership stake in Huntsman" }, { "detail": "approximately $8.5 billion under management", "metric": "Starboard AUM" }, { "detail": "added or replaced 281 corporate directors on 80 boards over 18 years", "metric": "Starboard board-refreshment track record" } ], "closingAsk": "Please vote the BLUE proxy card to elect Starboard's four independent nominees at Huntsman's 2022 Annual Meeting.", "extraction": { "at": "2026-04-23 01:56:23+00", "model": "unknown-legacy", "runId": null, "seconds": 134.94704, "promptVersion": null }, "scqaReward": "A refreshed Board with seasoned chemicals and finance expertise will enforce accountability, demand operational excellence, close the peer performance gap and drive significant long-term value creation for all Huntsman stockholders.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "Huntsman has underperformed proxy peers by 575% since its IPO", "Management missed Investor Day EBITDA targets three times in a row (44%, 11%, 30% misses)", "Board overpaid the CEO vs. peer median every year FY2016-FY2020 despite failed performance" ], "scqaSituation": "Huntsman is a diversified U.S. chemicals company with strong market positions, differentiated chemistries and a hard-to-replicate manufacturing footprint whose operating performance has dramatically understated the intrinsic value of its assets.", "thesisSummary": "Starboard Value, Huntsman's second-largest stockholder at approximately 8.6%, argues the chemicals company has suffered years of failed operational execution and dramatic long-term stock underperformance — lagging the S&P 500 by 298%, the S&P Chemicals Index by 310% and proxy performance peers by 575% since its 2005 IPO. Management has missed three consecutive Investor Day Adjusted EBITDA targets by 44%, 11% and 30%, yet the Board has paid the CEO 8-73% above the proxy peer median across FY2016-FY2020. To restore accountability, Starboard is running a proxy contest to elect four highly-qualified independent directors at the 2022 Annual Meeting: James L. Gallogly (former LyondellBasell CEO), Sandra Beach Lin (former Celanese EVP), Susan C. Schnabel (aPriori Capital) and Jeffrey C. Smith (Starboard CEO). Stockholders are urged to vote the BLUE proxy card to demand operational excellence and maximize long-term value.", "primaryDemands": [ "Elect Starboard's four independent director nominees (James L. Gallogly, Sandra Beach Lin, Susan C. Schnabel, Jeffrey C. Smith) to the Huntsman Board at the 2022 Annual Meeting", "Hold management accountable for years of failed operational execution and broken Investor Day commitments", "Rein in CEO compensation that has consistently exceeded the proxy peer median despite underperformance", "Vote the BLUE proxy card" ], "scqaResolution": "Starboard, Huntsman's second-largest stockholder at 8.6%, asks fellow stockholders to vote the BLUE proxy card to elect its four independent nominees — Gallogly, Beach Lin, Schnabel and Smith — at the 2022 Annual Meeting.", "thesisOneLiner": "Huntsman has chronically underperformed chemicals peers and missed three straight Investor Day targets; Starboard (8.6%) seeks four new directors to restore accountability and unlock value.", "precedentsCited": [], "scqaComplication": "Huntsman has underperformed the S&P 500, S&P Chemicals and proxy peers since IPO, missed three consecutive Investor Day EBITDA targets by 44%/11%/30%, while the Board still overpaid the CEO relative 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because of the Company's strong market positions, diverse product portfolios, innovative chemistries, and difficult to replicate manufacturing footprint. We see substantial opportunity for Huntsman to improve profitability and become a best-in-class differentiated chemicals company. 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