Hexion Specialty Chemicals Announces Post-Merger Senior Leaders

07-Mar-2008

Hexion specialty chemicals, Inc. announced the post-merger senior leaders for the company, contingent on the close of its acquisition of Huntsman Corporation. The transaction is expected to close during the second quarter of 2008, pending receipt of regulatory approvals and the satisfaction of other closing conditions. Once the merger transaction is completed:

Peter R. Huntsman, President and CEO of Huntsman Corporation, will become Chairman of the Board for the combined company;

Craig O. Morrison, Chairman, CEO and President of Hexion Specialty Chemicals, will become President and Chief Executive Officer;

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Donald J. Stanutz, Division President, Performance Products, of Huntsman Corporation, will become Chief Operating Officer;

William H. Carter, Executive Vice President and CFO for Hexion, will assume that role in the new company.

Mr. Huntsman has served in his current role with Huntsman Corporation since July 2000 and previously served as President and Chief Operating Officer since 1994. In 1987, he joined Huntsman Polypropylene Corporation as Vice President before serving as Senior Vice President and General Manager. He has also served as President of Olympus Oil, as Senior Vice President of Huntsman Chemical Corporation and as a Senior Vice President of Huntsman Packaging Corporation, a former subsidiary of the company.

Mr. Morrison joined Borden Chemical, Inc., a predecessor company of Hexion Specialty Chemicals, in March 2002 as President and CEO. He was named Chairman in 2005. Prior to joining Hexion, he served as President and General Manager of Alcan Pharmaceutical and Cosmetic Packaging, a division of Alcan, Inc., and as President and General Manager of Van Leer Containers, Inc. He also served as a management consultant with Bain & Company, and worked in a variety of management roles within GE Plastics.

Mr. Stanutz has served in his current role as Division President, Performance Products since 2004. He also has served the Huntsman organization as Executive Vice President and Chief Operating Officer of Huntsman LLC, as Executive Vice President, Global Sales and Marketing, and as Executive Vice President, Polyurethanes, PO and Performance Chemicals. Prior to joining Huntsman in 1994, Mr. Stanutz served in a variety of senior positions with Texaco Chemical Company.

Mr. Carter has served as Executive Vice President and Chief Financial Officer of Hexion Specialty Chemicals, Inc., and its predecessors, Borden Chemical, Inc., and Borden, Inc., since 1995. Prior to joining Hexion, he served as the Price Waterhouse engagement partner for Borden. He previously served Price Waterhouse in various client assignments in manufacturing, real estate and financial services.

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