Jon Huntsman: A Profile of Integrity
Selfless giving unto others represents one’s true wealth. - Quote found on the Huntsman Cancer Institute building.
A recent article published by the Orlando Sentinel reported that according to the 2007 online survey for Junior Achievement and Deloitte & Touche USA LLP, 40 percent of teenagers say you must break some rules in order to get ahead. Many seem to believe, and apparently some of them are teenagers, that compromising your integrity is good business, enabling you to move ahead of your competitors. Thankfully, seasoned entrepreneurs like Jon Huntsman prove differently.
In 2005 Huntsman published his book, Winners Never Cheat, which chronicals the life experiences that have shaped his ethical approach to business.
A Philanthropist
Born in Blackfoot, Idaho, Jon Huntsman lived in poverty and grew to be a multi-millionaire. He graduated from the Wharton School before becoming a staff member of the Nixon administration. Even at that time he was already demonstrating shades of his humanitarian nature. Rocky Anderson, mayor of Salt Lake City, said the following:
I was impressed with Jon from the first, when he told me he lost respect for Richard Nixon when he learned that Nixon had not given anything to charity one year he was president … It was clear to me that Jon’s real motivation in his work and accumulation of wealth was to give much of what he has to make people’s lives better.
Huntsman worked for the Dow Chemical Company before starting Huntsman Chemical in 1982. It wasn’t long before his business became a muti-million dollar company. It also wasn’t long before he became known as a philanthropist.
A Man of Integrity
And while his contributions to cancer research and other causes are well-known (the Deseret Morning News estimates that he’s contributed $525 million to charitable causes), less known may be his dedication to honesty, integrity, and ethics.
Huntsman believes a handshake should be as good as a written contract. When, in 1986, he sold 40% of his company to Great Lakes Chemical Company, $54 million was the original price agreed upon by both parties. However, within the time it took lawyers to draft the legal documents the company had appreciated to $250 million. Instead of negotiating a better deal, Huntsman kept with the original agreement. In an article published by The Whaton Club of DC Hunstman said, “He and I shook hands and made an agreement at $54 million and that’s exactly the price at which the attorney would draft the document. Even though I could have forced Great Lakes to pay an extra $200 million, I never had to wrestle with my conscience or to look over my shoulder. My word was my bond.”
In 2001, Huntman’s company encountered financial difficulties. Instead of following the advice of colleagues, peers, and good friends to declare bankruptcy, Huntsman felt morally obligated to take measures that would resolve these financial problems without declaring. He acquired emergency financing and made his company public in 2005.
In an interview conducted by the Wharton School, Huntsman was asked if it’s more difficult for entrepreneurs to be ethical. He answered:
I don’t think one environment is necessarily more conducive than another to ethics. When one starts a business and is trying to make payroll, if there’s ever a time when ethics are required, it’s then. You’ll be recognized far more if you’re ethical. Your conduct then can make or break you.
After selling Huntsman Corp. to a Europian Company he told Deseret Morning News, “My dreams in life have never been to try and build a major international chemical business. My hopes and desires in life have been to eliminate human suffering, mostly through cancer, and to try to bring peace and a pain-free existence to people who suffer.”
It is well-publicized that upon his death, all Huntsman’s wealth will be donated to charity.
There are things more important than getting ahead, and Jon Huntsman has demonstrated in a long life dedicated to philanthropic interests and integrity that one businessman can make a difference in the world, all while adhering to a strong code of personal ethics.
References
Anderton, Dave. “Huntsman Corp. sold to Europe company.” 27 June 2007. Deseret Morning News.
Caldwell, Tanya. “Breaking rules necessary to get ahead, teens say.” 6 December 2007. OrlandoSentinel.com
“Jon Huntsman, Sr.” Wikipedia.
“Jon Huntsman’s Moral Compass.” Wharton Entreprenurial Programs.
“Jon Huntsman: Wharton Benefactor & Exemplar.” The Wharton Club of DC.
