{
  "docId": "019dd923-622c-750b-8b9c-d2462d604dd8",
  "docSlug": "ceae37179e57",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-01-12 00:00:00",
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  "notes": "This is a page from a shareholder letter (activist investor Starboard Value). It uses narrative to expose management's broken promises and the Board's defensive tactics.",
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  "components": [
    {
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      "kind": "callout",
      "text": "Collectively, the Company's years of missed execution and unfulfilled promises have translated into poor stock performance, leaving long-term shareholders significantly worse off than if they had simply invested in the chemical or broader market indices.",
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      "kind": "paragraph",
      "text": "While we want to reiterate both our firm belief that Huntsman possesses excellent assets and our excitement around the Company's value creation potential, we also firmly believe that years of operational underperformance have created significant entrenched skepticism...",
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      "kind": "paragraph",
      "text": "one-time commodity price boon, would have posted even more disappointing results. Finally, at Huntsman's investor day in 2018, no one, we believe, would dare accuse the Company of lacking aspiration when it set a target for 10% Adjusted EBITDA CAGR...",
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      "kind": "paragraph",
      "text": "As you are well aware, we had hoped to collaborate on a plan for Board refreshment... However, rather than engage constructively with us, the Board inexplicably chose to react in a highly defensive manner, taking three distinct actions...",
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      "kind": "source-note",
      "text": "While the Company spun off its Pigments & Additives business in mid-2017... Adjusted EBITDA decline calculated pro forma... Stock price performance includes the impact of dividends... The initial director nomination deadline...",
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