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Starboard seeks minority (4 of 10) board representation via the BLUE proxy card. Nominees: James L. Gallogly (ex-LyondellBasell CEO), Sandra Beach Lin, Susan C. Schnabel, Jeffrey C. Smith (Starboard Managing Member). 238 pages — ~170 pages of body across 10 sections plus a large supplemental appendix from p.173. Rhetorical backbone is the 'fooled shareholders three times' motif anchored on 2014/2016/2018 Investor Day failures; reinforced by a founder-family entrenchment frame (Huntsmans have led the company every year since 1970). Heavy peer-gap charts (EBITDA margin, valuation multiple, ESG rating). Clean institutional Starboard visual style — consistent navy/red/grey palette, red-dashed 'replace' boxes over director photos on p.30. No sum-of-parts or DCF; thesis rests on peer-gap math and governance. Author attributed to Starboard Value LP as a firm; Jeffrey Smith appears only as a nominee, not as signatory.", "kpisCited": [ { "detail": "Huntsman +80% vs. Primary Peers +822%, Performance Peers +642%, S&P Chemicals +411%, S&P 500 +417% — ~562% deficit to Performance Peers", "metric": "Total shareholder return since IPO (Feb 2005 - Sep 2021)" }, { "detail": "Huntsman (6%) vs. S&P 500 +78%, Primary Peers +43%, Performance Peers +20%", "metric": "TSR since Peter Huntsman became Chairman (Jan 2018 - Sep 2021)" }, { "detail": "Huntsman 11% vs. Primary Peers 16%, Performance Peers 18% — gap widened to ~600-900bps in recent years", "metric": "Adjusted EBITDA margin (since IPO average)" }, { "detail": "Huntsman 15% — worst among Primary Peers (Celanese 30%, Albemarle 26%, Ashland 23%, Dow 21%, Eastman 21%)", "metric": "2021 Adjusted EBITDA margin" }, { "detail": "Targeted $2.0B Adjusted EBITDA by 2016; actual $1,127M — 44% below target", "metric": "2014 Investor Day target vs. actual" }, { "detail": "Targeted $1.3B core Adjusted EBITDA by 2017; actual $1,134M normalized — 11% below target", "metric": "2016 Investor Day target vs. actual" }, { "detail": "Committed to ~$60/share by 2020; actual ~$25 at year-end 2020 — failed", "metric": "2018 Investor Day share-price target" }, { "detail": "~600bps run-rate uplift (15% 2021 Adj. EBITDA margin → 21% pro forma) from ~4% gross-margin + ~2% opex improvements", "metric": "Margin improvement opportunity" }, { "detail": "Huntsman at 'B' — worst among Primary Peers and only one with a recent downgrade", "metric": "MSCI ESG rating" }, { "detail": "8.4% of Huntsman disclosed via Schedule 13D on Sep 28, 2021", "metric": "Starboard stake" }, { "detail": "Huntsman +45% vs. Performance Peers (4%) from Sept-2021 to Feb-2022 — ~49pp outperformance", "metric": "Post-13D share-price reaction" } ], "closingAsk": "Vote on Starboard's BLUE proxy card today to elect our four director nominees and bring meaningful change and accountability to Huntsman.", "extraction": { "at": "2026-04-23 01:57:21+00", "model": "unknown-legacy", "runId": null, "seconds": 194.1952, "promptVersion": null }, "scqaReward": "Starboard estimates ~600bps of run-rate Adjusted EBITDA margin expansion (from 15% to 21%) achievable via gross-margin and operating-expense improvements, closing the peer gap and unlocking substantial shareholder value.", "thesisTypes": [ "governance_board", "operational_turnaround", "management_change" ], "top3Reasons": [ "Huntsman returned +80% since its 2005 IPO vs. +822% for Primary Peers under CEO Peter Huntsman.", "Management failed three consecutive Investor-Day commitments (2014, 2016, 2018).", "Four independent nominees can unlock ~600bps margin expansion and restore Board accountability." ], "scqaSituation": "Huntsman Corporation is a diversified chemicals company that went public in 2005 and has been led throughout its 50+ year history by members of the founding family, with Peter Huntsman as CEO since 2000 and Chairman since 2018.", "thesisSummary": "Starboard Value, holding an 8.4% stake, argues Huntsman Corporation has chronically underperformed peers since its 2005 IPO under CEO Peter Huntsman, a member of the founding family that has led the company throughout its 50-plus-year history. Total shareholder return trails Primary Peers by 742 percentage points since IPO, and 2021 Adjusted EBITDA margins sit at 15% versus a 24% primary-peer average — a ~900bps deficit that has widened over time. Management missed financial commitments at three consecutive Investor Days (2014, 2016, 2018), and the reactive January 2022 board refreshment installed directors Starboard deems conflicted or insufficiently independent. Starboard nominates four replacements — James Gallogly, Sandra Beach Lin, Susan Schnabel, and Jeffrey Smith — to the 10-person board, arguing credible oversight can drive ~600bps of margin expansion and restore accountability. Shareholders should vote the BLUE proxy card.", "primaryDemands": [ "Elect Starboard's four independent nominees (Gallogly, Beach Lin, Schnabel, Smith) to Huntsman's 10-person Board at the 2022 Annual Meeting", "Replace four incumbent directors Starboard deems not truly independent or conflicted (Beckerle, Ferrari, Egan, Munoz)", "Hold Peter Huntsman and management accountable for delivering on financial commitments", "Drive ~600bps of Adjusted EBITDA margin improvement via commercial-execution, resource-reallocation, and manufacturing/supply-chain efficiencies", "Run a sale process for the non-core Textile Effects segment", "Improve governance, executive-compensation design, and ESG/TCFD disclosure", "Vote on Starboard's BLUE proxy card" ], "scqaResolution": "Elect Starboard's four independent nominees — Gallogly, Beach Lin, Schnabel, and Smith — to the 10-person Board on the BLUE proxy card to enforce accountability, demand margin improvement, and oversee portfolio actions including a Textile Effects sale.", "thesisOneLiner": "Huntsman, led by the founding family for its entire history, has missed three consecutive investor-day targets and lags peer EBITDA margins by ~900bps; Starboard's four nominees can unlock ~600bps of margin expansion.", "precedentsCited": [], "scqaComplication": "Under Peter Huntsman's tenure the stock has returned +80% vs. +822% for Primary Peers, EBITDA margins trail peers by ~900bps and have worsened, and the Board has failed to enforce management commitments at three consecutive Investor Days.", "narrativeInterest": 5, "notableSlidePages": [ 5, 7, 12, 13, 30, 39 ], "peerCompaniesCited": [ "Celanese", "Albemarle", "Ashland", "Dow", "Eastman", "Covestro", "Clariant", "Kraton", "H.B. 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Only the difference now is that we have a better balance sheet, we have more cash, we have more opportunity and we have more tools at our disposal.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:14.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3b6d707-f703-497f-a780-ee8fba8fa350", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“So I'll end my remarks on where I started with wanting this slide to be emblazoned in your mind. 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Investor Day target.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:14.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d74dc10-6c3d-4130-a597-13e0b69ede07", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "Even prior to the global pandemic, Wall Street analysts believed the Company would miss its 2018 Investor Day commitment to grow Adjusted EBITDA at a 10% CAGR through 2020.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:14.713+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84391bf8-b3af-4ce5-add8-5f72ffcd261c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: CapitalIQ, Public company filings and presentations, Wall Street consensus. (1) Adjusted EBITDA pro forma for the sale of Huntsman's Chemical Intermediates business. (2) 2020 target calculated by taking 2017 Adjusted EBITDA pro forma for the sale of Chemical Intermediates (i.e. $1,040 million) then adjusting for the impact of one-time events as disclosed on pg. 18 of the Company's 2018 Investor Day presentation, which results in pro forma 2017 Adjusted EBITDA of $965 million. We then apply a 10% growth rate over three years, consistent with management targets in the Company's 2018 Investor Day presentation. (3) $125 million commodity price spike in 2017 per page 4 of the Company's Q4 2017 earnings presentation. $80 million commodity price spike in 2018 per Q1 to Q3 2018 earnings presentations.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"x": 0.05, "y": 0.6 }, "kind": "image", "text": "Huntsman Agrees to Sell its Remaining Interest in Venator Materials PLC", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:15.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2dc012f-1c83-45d3-b076-0c2991cdce48", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "divestiture value: $140 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14da-72ce-9fb1-9a6128ebcaf4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "Huntsman sold its remaining stake in Venator for only $140 million, which was $860 million LESS than what shareholders had been promised in 2018.(1)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:15.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5884e06b-62f4-4dbf-bc01-11b092b80afa", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "The Company’s ownership in Venator was liquidated at a fraction of the value that had been previously communicated to shareholders at Huntsman’s 2018 Investor Day.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:15.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7e45cf2-0274-41f1-901c-9d3d9b10c53b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "quote", "text": "So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:15.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b70e42b-e83f-45e9-960c-ddeb469dd00e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company. — Peter Huntsman, Chairman, President & CEO, May 2018", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14da-72ce-9fb1-94a0ae560817", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts. 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These are all projects that have been announced...And it is just a question of executing on those...So I feel, today, even more confident in that number than I was when -- in March, when we gave that number to our investors.\" — Peter Huntsman, President & CEO; \"We've spent a lot of time with the investment community talking about a bridge, how we get from where we are to that $2 billion. I think if you dig into those numbers, you'll see that it's certainly achievable in the next 2 to 3 years.\" — John Heskett, VP – Treasury & Planning; \"Our LTM is about $1.4 billion. We have an objective to go to $2 billion of EBITDA. Many of our businesses are sort of at that level...But really, on track we think near term to get to that $2 billion of EBITDA.\" — Kimo Esplin, CFO; \"I would say that we should quite soundly beat the projections that we gave for the $2 billion. 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We believed that we could achieve this number in the next two to three years...we continue to target a $2 billion run rate in 2017. With present industry trends, we think we will continue to see stronger specialty and differentiated growth than we had expected and softer commodity TiO2 in our recovery.\" — Peter Huntsman, President & CEO; \"We continued to emphasize our goal that we gave out about -- it's been about a year and a half now of a $2 billion EBITDA. Obviously, in the last 18 months, the world's economy and so forth is between the price of crude oil. We made that forecast as, what, about $110 a barrel, and what we were seeing growth in China and so forth. And a lot of that's been turned around from what we saw 18 months ago.\" — Peter Huntsman, President & CEO; \"...of the $2 billion [EBITDA], there was roughly $425 billion of the pigment's EBITDA in there, so if you exclude that and you use the FX headwind, that Peter mentioned, of about $140 million. 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I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. 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There are a number of (fair) reasons for management to believe that “now is different” (upgraded portfolio, much cleaner balance sheet), but that is the historical challenge the stock is facing: Convincing the incremental buyer that this time is different. 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}, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-e7508bf92a94/102", "deck": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94#slide-102", "deckJson": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.2, "x": 0.23, "y": 0.4 }, "kind": "callout", "text": "May 23, 2018 ($18.42 / share) Huntsman commits to monetizing Venator stake for $1.0 billion", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:24:49.816+00", "model": 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announces the sale of most of its ownership in Venator to SK Capital for ~$120 million, <15% of the $1.0 billion goal that had been promised to shareholders", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:20.185+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e57a7ed-318f-4b0b-9dad-b7815512b9a5", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find the timing of these two events highly questionable.", "attrs": null, 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Not only did Mr. Ferrari (and Mr. Huntsman) serve on the Board of both Huntsman and Venator, Mr. Ferrari then joined SK Capital as a Senior Director.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:20.185+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4239e2d-06f6-4459-ab1e-25137c5dfece", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings, CapitalIQ. 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More troubling, he recently joined SK Capital after a significant transfer of value from Huntsman to SK Capital.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:20.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcad5b95-3bda-477b-b1cf-2ce78c0568bb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings, LinkedIn, news articles. 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We have an objective to go to $2 billion of EBITDA. Many of our businesses are sort of at that level...But really, on track we think near term to get to that $2 billion of EBITDA.” — Kimo Esplin, CFO, December 2014; “I would say that we should quite soundly beat the projections that we gave for the $2 billion. 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(1) Pro forma for acquisition of Rockwood’s Performance Additives and Titanium Dioxide business, Adjusted EBITDA reflects contribution from the Rockwood asset as if it had been acquired on January 1, 2014. The acquisition closed on October 1, 2014.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Unilaterally amended the company’s bylaws without a shareholder vote, 2. Implemented a staggered Board, a puzzling change for a fund that previously held annual elections, and 3. 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board members who we believe will help instill accountability, improve performance, and demand operational excellence at Huntsman.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:30.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8cc4136c-3332-49de-9fcd-e6ea7aa8d9be", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "Starboard Has Proposed a Slate of Strong, 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"extraction": { "at": "2026-05-02 19:53:34.859+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3a8c41d-8a5b-4825-bfb4-c41eaf44d74e", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.92, "x": 0.04, "y": 0.76 }, "kind": "quote", "text": "Importantly, we believe that Jim Gallogly stands out among the proposed Starboard nominees and the newly added board members with the potential to be especially impactful on investor confidence, and on the contribution that the refreshed board could make to the Company's bottom line and valuation. In our experience covering LyondellBasell when Mr. Gallogly was its CEO, his leadership was both evident in the Company's results and was rewarded by the equity market. 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These nominees are quite qualified in our view, and we think could be quite effective at aiding and improving the upstream, downstream, and financial footprint at the company...productivity should be a perpetual process, and additional oversight and guidance through its evolution could be helpful for a company that does not have a longstanding productivity culture.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:34.859+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59a84c0e-c958-4d99-87b6-d77d4cf4ff9b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"...with Starboard now nominating a slate of directors it has formally challenged HUN's board structure. These nominees are quite qualified in our view, and we think could be quite effective at aiding and improving the upstream, downstream, and financial footprint at the company...productivity should be a perpetual process, and additional oversight and guidance through its evolution could be helpful for a company that does not have a longstanding productivity culture.\" — BofA Securities, January 2022; \"Mr. Gallogly carries high esteem for making money for Chemicals investors over the past 10+ years – As CEO of LyondellBasell (LYB), shares outperformed the S&P 500 by 382% and outperformed peer Dow Chemical by 357% from emerging out of bankruptcy in 2010 until Mr. Gallogly announced his retirement in late September 2014...We think he carries four main attributes that investors would welcome to the board of Huntsman (or any Chemical company for that matter): 1) operating acumen and focus on safety + cost, 2) a track record of prudent and shareholder-friendly capital discipline, 3) a reputation of being forthright and outspoken in his views, and 4) a track record of delivering on results.\" — Barclays, January 2022; \"Importantly, we believe that Jim Gallogly stands out among the proposed Starboard nominees and the newly added board members with the potential to be especially impactful on investor confidence, and on the contribution that the refreshed board could make to the Company's bottom line and valuation. In our experience covering LyondellBasell when Mr. Gallogly was its CEO, his leadership was both evident in the Company's results and was rewarded by the equity market. 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Having years of experience with Jim from the LALLF/LYB days and having a detailed 1x1 conversation with him back during the Trian/DD board nomination saga, we don't doubt he would be a superior addition to the board. We further know Sandra Beach Lin from her CE days and also have a favorable opinion.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:30.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17012267-9010-4bc0-bb58-a1e329c7b97a", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.92, "x": 0.04, "y": 0.47 }, "kind": "quote", "text": "Investor questions have centered on one particular nominee, James Gallogly (nominated by Starboard). The primary reason why Mr. Gallogly has stood out to investors is as a result of his strong track record at LyondellBasell. Specifically, Mr. Gallogly joined LyondellBasell in 2009 shortly after the company filed for bankruptcy. Over the subsequent approximately five years, Mr. Gallogly engineered the transformation of LyondellBasell from a company in disarray to one that is now broadly considered to be a best-in-class operator of chemical assets world wide. 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Having years of experience with Jim from the LALLF/LYB days and having a detailed 1x1 conversation with him back during the Trian/DD board nomination saga, we don’t doubt he would be a superior addition to the board. We further know Sandra Beach Lin from her CE days and also have a favorable opinion.” — Fermium Research, January 2022; “Investor questions have centered on one particular nominee, James Gallogly (nominated by Starboard). The primary reason why Mr. Gallogly has stood out to investors is as a result of his strong track record at LyondellBasell. Specifically, Mr. Gallogly joined LyondellBasell in 2009 shortly after the company filed for bankruptcy. Over the subsequent approximately five years, Mr. Gallogly engineered the transformation of LyondellBasell from a company in disarray to one that is now broadly considered to be a best-in-class operator of chemical assets world wide. 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I think you're going to see multiple expansion on both sides.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:33.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7999be75-69dd-46a3-a551-2ee3a7249e9f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.52 }, "kind": "quote", "text": "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:33.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "811e8563-8ebc-40a1-9c2f-f0eab5a6e099", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.71 }, "kind": "quote", "text": "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:33.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91f2d8e1-003b-4ad4-813b-6c5f88d6732d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides.\" — Kimo Esplin, Former CFO, May 2017; \"We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio.\" — Kimo Esplin, Former CFO, March 2016; \"I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers.\" — Peter Huntsman, President & CEO, December 2013", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdeb-81a365014762", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.04, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings and transcripts.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"kind": "paragraph", "text": "Wall Street analysts have noted that Huntsman shares a highly comparable commodity-to-specialty business mix as Celanese and Eastman.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:33.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22bffd29-bb39-4d2a-bbd3-e3e8a9285c1a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "quote", "text": "HUN's Nov. 9 investor day will be first deep-dive since May 2018. Since then HUN divested the bulk of its commodity chems (~8x EV/EBITDA) & consumer adhesives (~15x) exposure & acquired bolt-on specialty polyurethanes & epoxies (~8x post synergies)... 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Although both of those companies have similar mix of commodity/specialty businesses, they trade at higher multiples (currently ~9x EV/EBITDA NTM) as a result of their higher margin structures (mid to low 20s EBITDA margins vs. Huntsman's mid-teens levels).", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:33.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c404f999-626d-43cd-a438-61cf7b80e8a0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“On valuation, despite an earnings profile (25% commodity / 75% specialty) in-line with differentiated peers Celanese (8.3x '22E EBITDA) and Eastman (9.2x '22E EBITDA), Huntsman (6.1x '22E EBITDA) continues to trade more like a commodity chemical company (Lyondell: 5.4x '22E EBITDA)” — Deutsche Bank, February 2022; “We view multiple expansion to more closely in line with diversified chemical peers Celanese (CE) and Eastman (EMN) as still more reflective of a blue sky scenario. Although both of those companies have similar mix of commodity/specialty businesses, they trade at higher multiples (currently ~9x EV/EBITDA NTM) as a result of their higher margin structures (mid to low 20s EBITDA margins vs. Huntsman's mid-teens levels).” — Morgan Stanley, November 2021; “HUN's Nov. 9 investor day will be first deep-dive since May 2018. Since then HUN divested the bulk of its commodity chems (~8x EV/EBITDA) & consumer adhesives (~15x) exposure & acquired bolt-on specialty polyurethanes & epoxies (~8x post synergies)... 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"text": "Similar to polyurethane-based chemistries, both epoxy resins and curing agents are liquids, and are colloquially referred to as components. Epoxy Resin can be both a commodity – the most common is base liquid resin (“BLR”) – or can also be a specialty, such as resins sold into the highly-specified aerospace end market. Curing Agent is used to harden the epoxy resin, so that it turns from a liquid into a solid – the type of curing agent used determines how quickly an epoxy resin hardens and the degree of hardness. An epoxy formulation is the combination of an epoxy resin and a curing agent, also referred to as a system. Epoxy formulations can be used to create lightweight airplane and automotive parts, as an incredibly strong adhesive to bond metal components, or even as a protective coating for furniture, flooring, and infrastructure. 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0.04, "y": 0.8 }, "kind": "callout", "text": "Huntsman’s Advanced Materials business has one of the lowest Adjusted EBITDA margins among peers", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:43.658+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d0ec5da-95c4-4a25-8329-a1def5597f92", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "chart", "text": "2021 Adjusted EBITDA Margin – Huntsman vs. Peers", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:53:43.658+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "576d4607-6c7d-49c5-8303-49a8f0536f3a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adjusted EBITDA Margin: 17%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdef-cdf18a4600f7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Huntsman’s Advanced Materials business seems to be meaningfully less profitable than chemical peers that manufacture similar products, have similar chemistries, or serve similar end markets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": 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