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Summarized by Kent Larsen
Huntsman Dropped from Forbes List In Error
(Forbes magazine drops billionaire from list of most wealthy)
Canadian Broadcasting Corp (CP) 17Jun00 B2
SALT LAKE CITY, UTAH -- The latest issue of Forbes magazine ranks the
world's 'working' billionaires,but wealthy LDS Church member Jon M.
Huntsman, who actively manages his $3.9 billion portfolio of
companies isn't on the list. Hi absence left some in business circles
shocked, wondering if Huntsman had suffered a major reversal or given
away most of his money.
Forbes magazine acknowledged last week that Huntsman was simply left
off the list in error. "It was a total oversight. His name never
should have been dropped," Forbes associate editor Kerry Dolan said.
"It's really ruffled a few feathers around here."
Forbes looks at personal fortunes twice annually, once each Fall when
it ranks the richest Americans, and again during the summer when it
looks at the world's billionaires. Huntsman should have appeared on
the list just after Iraqi President Saddam Hussein, who's fortune is
estimated at $7 billion and fellow LDS Church member James L.
Sorenson, who's fortune is estimated at $2.7 billion.
While Huntsman Corp. officials aren't worried about bragging rights,
they say that the omission does cause problems, "This goes beyond
ego. Once you get on there, people wonder what happened when you drop
off," Olsen said. "We've had people calling seriously concerned."
Huntsman never comments on his personal worth, and told the media
when reached in California that his businesses have never been
stronger.
The magazine says that the omission occurred because of a database
glitch. It has apologized to Huntsman and says it will correct the
error in its August issue.
Meanwile, The Huntsman Corporation announced that Peter Huntsman, the
37-year-old son of Jon Huntsman, will become the company's new Chief
Executive Officer on July 1st. The second oldest of Huntsman's nine
children, Peter joined the company 17 years ago after dropping out of
the University of Utah. Jon M. Huntsman will continue to serve as
chairman of the company while his first son, Jon M. Huntsman Jr., 40,
serves as vice chairman.
The change was voted in a family meeting. The company said that
further changes are on the way also. The change is part of a
long-term plan to bring the Huntsman children into the business.
Peter Huntsman left his studies at the University of Utah 17 years
ago to take a truck driving job with Huntsman Corp. He has risen
through the ranks, most recently serving as chief operating officer
and moving to Europe to oversee the company's acquisition of parts of
Imperial Chemical Industries that Huntsman purchased in 1999.
The company also disclosed that it expects to make $10 billion to $11
billion in sales this year, up from $7 billion last year.
See also:
Huntsman Clan Elects Successor
Salt Lake Tribune 17Jun00
By Phil Sahm: Salt Lake Tribune
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