Huntsman Corporation HUN
The three reasons
- 1
Three consecutive Investor Days (2014, 2016, 2018) missed EBITDA targets by hundreds of millions
- 2
IPO shareholders have underperformed chemical and S&P 500 indices by 330% and 337%
- 3
Board's defensive actions (abridged nomination window, refused Universal Card) disenfranchise shareholders
Primary demands
- Elect Starboard's four nominees (Gallogly, Lin, Schnabel, Smith) to the Board at the 2022 Annual Meeting
- Adopt a Universal Proxy Card for the contested election
- Reverse the abridged 10-day director nomination window
- Refresh the Board to bring independent, accountable directors with chemicals/industrials experience
- Hold management accountable for executing on stated EBITDA and share-price targets
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (4)
Notes
Open letter from Jeffrey C. Smith to Chairman Peter Huntsman announcing nomination of four directors (James L. Gallogly, Sandra Beach Lin, Susan C. Schnabel, Jeffrey C. Smith) for the 2022 Annual Meeting. Strong rhetorical pattern: walks through three consecutive Investor Day misses (2014, 2016, 2018) to indict execution credibility, then pivots to governance grievances (abridged nomination window, refused Universal Proxy Card, defensive board reshuffle). Tone oscillates between collaborative ('share similar aspirations', 'open-minded about reaching a mutually agreeable solution') and adversarial ('disenfranchise shareholders', 'shareholder-unfriendly tendencies'). No charts; pages 4-5 are nominee bios with headshots. References Schedule 13D filed Sep 27, 2021. No explicit price target or sum-of-parts valuation in this letter.