Huntsman has managed to rebuff a move by activist investor Starboard Value to appoint four members to the chemical company’s board. According to preliminary results from Huntsman’s annual meeting on Mar. 25, shareholders voted to elect all 10 of Huntsman’s nominated directors.
Gearing up for a potential proxy fight at its Mar. 25 annual meeting, Huntsman has written to its shareholders urging them to vote for the company’s nominated directors as it hopes to head off activist investor Starboard Value.
Activist investor Starboard Value has nominated four directors to Huntsman’s board, launching a potential proxy fight. Its candidates are Jeffrey Smith, Starboard’s founder and CEO; James Gallogly, former LyondellBasell CEO; Sandra Beach Lin, former CEO of solar silicon firm Calisolar, former executive vice president of Celanese and president of its then-plastics arm Ticona; and Susan Schnabel, co-founder and co-managing partner of aPriori Capital Partners.
