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Huntsman Announces New Outside Directors

Published on 2005-03-29. Author : SpecialChem

Salt Lake City, UT -- Jon M. Huntsman, Chairman of the Board of Huntsman Corporation (NYSE: HUN), announced that four individuals have joined the company's board of directors effective March 23, 2005. The new board members are:

Nolan D. Archibald, Chairman, President and Chief Executive Officer of The Black & Decker Corporation. Mr. Archibald also serves as a director of Lockheed Martin Corporation and Brunswick Corporation. Mr. Archibald will be a Class III director whose term will expire at the company's 2007 annual meeting of stockholders. He will serve on the compensation and nominating and corporate governance committees.

H. William Lichtenberger, the former Chairman and Chief Executive Officer of Praxair, Inc. Mr. Lichtenberger also previously served as President and Chief Operating Officer of Union Carbide Corporation. He is a director of Arch Chemicals Inc., Ingersoll-Rand Company Limited and AEA Investors, LLC. Mr. Lichtenberger will be a Class III director whose term will expire at the company's 2007 annual meeting of stockholders. He will serve on the audit committee and as chairman of the nominating and corporate governance committee.

Wayne A. Reaud, a trial lawyer and the founder of Reaud, Morgan & Quinn in Beaumont, Texas. Mr. Reaud has acted as counsel for plaintiffs in mass tort litigation involving asbestos premises claims and personal injury cases. He represented the State of Texas in its litigation against the tobacco industry. Mr. Reaud is also the Chairman of the Beaumont Foundation of America. Mr. Reaud will be a Class II director whose term will expire at the company's 2006 annual meeting of stockholders. He will serve as chairman of the compensation committee.

Alvin V. Shoemaker, a private investor and the former Chairman of First Boston, Inc. Mr. Shoemaker is also presently a director of Wynn Resorts Limited, Frontier Bank, and Hanover Corporation. Mr. Shoemaker will be a Class II director whose term will expire at the company's 2006 annual meeting of stockholders. He will serve on the audit and compensation committees.

Mr. Huntsman commented, "Each of these individuals is an experienced leader in his respective area and each will provide extraordinary leadership and oversight to Huntsman Corporation. I am personally grateful for their willingness to serve on the Board and look forward to working closely with them for the benefit of our shareholders."

The new board members join the company's existing directors, which include Jon M. Huntsman, Founder and Chairman of Huntsman Corporation; Peter R. Huntsman, President and Chief Executive Officer of Huntsman Corporation; David J. Matlin, Chief Executive Officer of MatlinPatterson Global Advisors, LLC; Richard Michaelson, Chief Financial Officer of Life Sciences Research, Inc.; and Christopher R. Pechock, an officer of MatlinPatterson Global Advisors, LLC.

Huntsman is a global manufacturer and marketer of commodity and differentiated chemicals. Its operating companies manufacture basic products for a variety of global industries including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman today has revenues of $11.5 billion, 11,300 employees and 62 operations in 22 countries.

Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. Accordingly, there can be no assurance that the company's expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Source: Huntsman


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