10 Things You Didn’t Know about Peter Huntsman
Peter Huntsman holds three positions at Huntsman Corporation. In short, he is the CEO, the President, and the Chairman of the Board, thus making him the single most important figure at an important manufacturer and marketer of chemical products for a wide range of customers. Here are 10 things that you may or may not have known about Peter Huntsman:
1. Son of Jon Huntsman Sr.
Huntsman is one of the nine children of Jon Huntsman Sr. Primarily, Jon Huntsman Sr. is best-known for being the one who founded Huntsman Corporation, though it is interesting to note that he has founded other companies as well.
2. Brother of Jon Huntsman Jr.
People with a lot of interest in politics might remember the name of Jon Huntsman Jr. For those who are unfamiliar with that name, Jon Huntsman Jr. was the Governor of Utah from 2005 to 2009, who went on to run in the 2012 Republican presidential nomination. Nowadays, he is serving as the Trump administration’s ambassador to Russia.
3. Became CEO and President in 2000
Huntsman’s career has seen him in a number of positions in both Huntsman Corporation and its subsidiaries. By 2000, he had become both the CEO and the President of Huntsman Corporation, meaning that he has been running it for a very long time.
4. Became Chairman in 2018
In January of 2018, Huntsman was named the new Chairman of the Board for Huntsman Corporation as well, replacing his father in the role. This was no more than a short time before Jon Huntsman Sr. died in February of 2018. The combination of these roles means that Huntsman is responsible for running the corporation as the highest-ranked executive as well as protecting the shareholders’ interests by overseeing the executives, thus explaining his immense influence over it.
5. Wants a More Stable Corporation
One of Huntsman’s stated interests is making the Huntsman Corporation more stable in the sense that it will be less exposed to economic booms and busts.
6. Wants More Specialization
For this purpose, Huntsman has expressed a wish for Huntsman Corporation to become more specialized by buying up smaller competitors that enhance its selection of special products. This makes sense because special products tend to have fewer sources, meaning that the demand doesn’t change as much because of economic booms and busts.
7. This Focus Has a Side Benefit
Of course, this focus has a side benefit, which is that special products come with higher profit margins as well. After all, there are fewer sources for these products, which in turn, means that those sources can sell them at higher prices than otherwise possible. In contrast, if a plastics manufacturer sought to sell a common plastic at higher prices, their customers can buy those same products from one of their competitors.
8. Is Seeking Vertical Integration
To some extent, Huntsman is seeking vertical integration as well. Essentially, he wants to be able to control the supply chain for Huntsman Corporation’s special products, which makes sense because that tends to provide businesses with huge cost savings. After all, vertical integration is pretty much just cutting out the middle men but on a much bigger scale.
9. Has Been Streamlining
With that said, it is interesting to note that Huntsman has been overseeing a streamlining of Huntsman Corporation, as shown by its spinning off of a volatile business that went on to become Venator Materials. Said move was beneficial in a number of ways. First, it brought in cash that was used to pay off outstanding debts. Second, it enabled Huntsman to make the Huntsman Corporation less volatile. For the time being, he has held on to the control of the new corporation but he has stated the intent to sell it off at some point in the future. Third, this has enabled the Huntsman Corporation to focus more on its core operations.
10. Wants to Decentralize
Huntsman has stated an interest in decentralizing as well. This is because he believes that the Huntsman Corporation’s most dangerous competition comes from smaller, fast-moving companies rather than its closest peers, which is why he believes that his subordinates need to be empowered to make the corporation as a whole more flexible and more responsive as well.