SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 19, 2002
ASHLAND INC.
(Exact name of registrant as specified in its charter)
Kentucky
(State or other jurisdiction of incorporation)
1-2918 61-0122250
(Commission File Number) (I.R.S. Employer
Identification No.)
50 E. RiverCenter Boulevard, Covington, Kentucky 41012-0391
(Address of principal executive offices) (Zip Code)
P.O. Box 391, Covington, Kentucky 41012-0391
(Mailing Address) (Zip Code)
Registrant's telephone number, including area code (859) 815-3333
Item 5. Other Events
On September 19, 2002, Ashland Inc. ("Ashland") reported that James J.
O'Brien, currently president and chief operating officer of Ashland, will
become chief executive officer of Ashland effective October 1, 2002. As
previously reported, he will become chairman of the board of directors
effective November 15, 2002 when Paul W. Chellgren, current chairman,
retires. A copy of the press release is attached as Exhibit 99.1, which is
incorporated herein by reference in its entirety.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated September 19, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
ASHLAND INC.
--------------------------------
(Registrant)
Date: September 19, 2002 /s/ David L. Hausrath
--------------------------------
Name: David L. Hausrath
Title: Vice President and
General Counsel
EXHIBIT INDEX
99.1 Press release dated September 19, 2002.
Exhibit 99.1
Thursday, September 19, 2002, 02:00 PM
O'BRIEN ELECTED ASHLAND INC. CEO EFFECTIVE OCTOBER 1
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Covington, Ky. - Ashland Inc. (NYSE:ASH) announced today that Ashland
President and Chief Operating Officer James J. O'Brien has been elected
chief executive officer effective Oct. 1. As previously announced, he will
become chairman of the board effective Nov. 15 when the company's current
chairman, Paul W. Chellgren, retires.
"With his 26 years of experience, Jim is an excellent choice, and I
was pleased to recommend him to our board, which then moved very quickly,
on Aug. 13, to name him president and chief operating officer and as my
successor. This is a strong signal of their confidence in him and the rest
of the management team," Chellgren said. "The team is working together very
effectively, and the transition has gone extremely well. Consequently, the
board and I decided to move up the date of his succession as CEO to enable
the team to be in place at the beginning of our new fiscal year. This is a
natural and logical starting point for a new CEO. Ashland also followed a
similar two-step succession process in 1996," said Chellgren.
"I am gratified by the board's confidence in me and excited by the
prospect of getting started," O'Brien said. "Our team is already at work
making plans. We're energized and eager to build on Ashland's rich heritage
to create an even more exciting and stronger future for the company, its
customers, its owners and employees."
Effective Oct. 1, O'Brien will hold the position of president and
chief executive officer. On Nov. 15, he will become chairman and chief
executive officer.
O'Brien joined the company in 1976 and served in assignments of
increasing responsibility within Ashland's specialty chemical and
distribution operations. O'Brien was former Ashland Inc. chairman and CEO
John R. Hall's executive assistant in 1992, a position he held until 1994
when he became vice president and general manager of branded marketing for
the former Ashland Petroleum Company. After revitalizing these operations,
O'Brien was named vice president of Ashland Inc. and president of
Valvoline, where he successfully redirected the motor oil marketing company
and created a highly successful business team focused on a master brand
strategy. O'Brien was named a senior vice president of Ashland in 1997 and
joined its executive committee in 2001. Earlier this year, he relinquished
his post at Valvoline to become group operating officer of the corporation
with responsibility for Ashland Specialty Chemical and Ashland Distribution
Company.
A native of Circleville, Ohio, O'Brien is a graduate of The Ohio State
University where he earned a bachelor's degree in accounting and finance
and a master's degree in business administration and where he serves on the
Dean's Advisory Council for the Fisher Graduate School of Business. He is a
member of the American Chemistry Council and is a member of the advisory
board of Fifth Third Bank of Lexington, KY. A 1994 graduate of Leadership
Kentucky, O'Brien is chairman of the board of trustees for Midway College
in Kentucky and a member of the Association of Governing Boards of
Universities and Colleges. He serves on the National Board of Directors of
Big Brothers Big Sisters of America and is a volunteer "big brother" with
Big Brothers/Big Sisters of the Bluegrass.