Huntsman Corporation on Thursday announced the resignation of David J. Matlin and Christopher R. Pechock from Huntsman Corporation's board of directors, effective August 8, 2007.
Both Matlin and Pechock are principals of MatlinPatterson Global Advisers LLC, certain affiliates of which recently completed the sale of approximately 57 million shares of Huntsman Corporation common stock pursuant to an underwriting agreement announced by the company on August 2, 2007.
Jon M. Huntsman, Chairman and Founder of Huntsman Corporation, said, “On behalf of the Board, we express our appreciation for the years of service Mr. Matlin and Mr. Pechock have rendered on the Board of Huntsman Corporation.”
David J. Matlin, CEO of MatlinPatterson Global Advisers LLC, commented, “It has been a wonderful experience to be involved with such a fine group of directors, officers and managers. We leave the Board, not because of any disagreement with the Board or the Company, but because our firm last week sold over 70% of its stock holdings, leaving it with an ownership percentage of less than 10% of the Huntsman equity.”
Affiliates of MatlinPatterson Global Advisers LLC continue to hold an interest in shares of Huntsman common stock by way of a beneficial interest in HMP Equity Trust.
Pursuant to the terms of a Voting Agreement dated July 12, 2007, they have agreed, subject to certain exceptions, to retain ownership and vote approximately 19.9 million shares in favor of the Agreement and Plan of Merger with Hexion Specialty Chemicals Inc.
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