Huntsman Group is replacing a new generation of leaders.
Forty-eight years after Huntsman's managing director, Jon Huntsman will resign on December 31 and will serve as honorary chairman on the company's board of directors.
His son, Peter Huntsman, will take full lead and the company earned $ 7 billion in 2016.
Peter Huntsman will serve as chairman of the board, which also adds to his responsibilities since becoming chief executive in 1994.
Peter Huntsman, 54, said: "I am honored to take over at a time when the company is not yet so strong and has more opportunities." This will be a smooth transition as our founder, my father, will continue Continue to maintain contact with customers, suppliers and policy makers as a board member and share his 56 years of industry experience. "
Jon Huntsman, who turned 80 in June of this year, said that handing over power to his son was 'a supreme honor' he calls 'one of the most prominent CEOs in the world.' " Nearly half a century of chairman of the company is "a huge challenge and privilege," but Huntsman predicts that 'Huntsman Corporation will continue its strong financial growth with Peter's experience and vision.
The news did not have a big impact on the market, with shares of Huntman corp. Traded on the New York Stock Exchange tightening 0.16 points or 0.5 percentage points to close at $ 32.82 on Tuesday.
The company was first established in 1970 as a substantial expansion of Huntsman Container Company and the acquisition of Texaco Chemical Company in 1994. Five years later Huntsman acquired Texaco and the Polyurethane , Titanium dioxide, aromatic hydrocarbons and petrochemical products business.
After its listing in 2005, Huntsman became the world's largest paint player in 2014 when it acquired performance additives and titanium dioxide for Rockwood Holdings inc. For about $ 1 billion and now operates in more than 30 countries With 75 manufacturing, R & D and operations facilities, there are approximately 10,000 employees in all four business units.