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.


Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scott Heiferman
20 Things You Didn’t Know About Scott Heiferman
Corey Schiller
20 Things You Didn’t Know About Corey Schiller
Oscar Munoz
20 Things You Didn’t Know About Oscar Munoz
Mandy Ginsberg
20 Things You Didn’t Know About Mandy Ginsberg
Do You Really Need to Save That Much for an Emergency Fund?
10 Recession Proof Dividend Stocks You can Lean On
York Water Stock
20 Reasons You Might Consider York Water Stock
10 Creative Ways to Boost Your Social Security Benefits
airplane technologies
20 Technologies That Will Rule the World in 2020
Chatbots
The Growing Use of Chatbots in Customer Service
Data Breach
Four Reputable Companies That Faced Massive Data Breaches
Video Cards
Why are Video Cards So Expensive? Here’s the Answer
Kensington
The 20 Best Seafood Restaurants in NYC
Seattle Center
The 20 Best Hotels in Seattle 2019
The 10 Best Golf Courses in all of Ireland
The 20 Best Seafood Restaurants in Boston
2016 Mercedes-Benz GLC Class
The 10 Best Mercedes GLC Models of All-Time
Best Cadillac Escalade Models
The 10 Best Cadillac Escalade Models of All-Time
Best Ford Ranger Models
The 10 Best Ford Ranger Models of All-Time
Best Ford Explorer Models
The 10 Best Ford Explorer Models of All-Time
Oris Martini Racing Limited Edition
The 20 Best Oris Watches of All Time
Timex Men's Weekender Tan Leather Strap AnalogWatch
The 20 Best Timex Watches of All-Time
Orient Mako XL
The 20 Best Orient Watches of All-Time
The 20 Best Tissot Watches of All-Time