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James Huntsman stepping down from Huntsman Corp.
Updated: 2016-03-30 11:09 Source: Plastics News share:

James Huntsman is leaving Huntsman Corp. — the chemicals firm founded by his father — after a 23-year career.

James Huntsman most recently had served as president of Huntsman’s Advanced Materials unit, which includes epoxy, acrylic and polyurethane-based polymers. He will be followed in that role June 1 by Scott Wright, who has been with the firm since 1999, most recently as vice president of Europe for Advanced Materials.

In a recent news release, officials with Huntsman in The Woodlands, Texas, said that James Huntsman has elected to step down to pursue personal interests. He has served as Advanced Materials president since 2011.

Huntsman President and CEO Peter Huntsman — James Huntsman’s brother — said in the release that he is “confident that [Wright] will lead that business to new levels of success.”

Advanced Materials ranked fourth among Huntsman’s five operating units in 2015 with sales of $1.1 billion — down 12 percent vs. 2014. The unit’s EBITDA performance, however, improved 11 percent to $220 million for the year.

The current Huntsman Corp. dates back to 1982 when it was founded by Jon Huntsman Sr. — father of Peter and James — after a 20-year career in plastics packaging.

Huntsman Corp. posted sales of just under $10.3 billion in 2015 — down 11 percent vs. 2014. Huntsman ranks as one of the world’s largest PU makers.

On Wall Street, Huntsman’s per-share stock price was above $20 in mid-2015 but bottomed out near $8 in mid-February. It has rebounded since then and was at $13.30 in late trading March 29.

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