Chemicals manufacturer Huntsman Corporation has promoted CFO J Kimo Esplin as head of strategy and investment to oversee the planned spin-off of the company's Pigments & Additives and Textile Effects divisions. 

Esplin will report directly to CEO Peter Huntsman, and his role will also include working with strategic opportunities for the company and its other operating divisions. He previously served as the served as the company's chief financial officer for 17 years.

Additionally, Sean Douglas has been promoted to executive vice president and chief financial officer. He joined the company in 1990 and was most recently vice president for corporate development and treasurer. 

"Kimo's leadership as chief financial officer has been invaluable to the company," said CEO Peter Huntsman. "His new role will allow him to focus on global strategic opportunities that will further create shareholder value.

"As a company, we are intensely focused on improving our free cash flow generation, growing our downstream differentiated businesses, and separating our pigments and additives and textile effects businesses. Having Kimo and Sean assume their new roles at the beginning of the year will ensure our ability to successfully deliver these objectives."

The Texas, US-based business last month said it plans to separate its Pigments & Additives and Textile Effects businesses from Huntsman in the first half of 2017.