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): August 2, 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 August 2, 2002, Ashland Inc. reported that Paul W. Chellgren, Chairman and Chief Executive Officer of Ashland Inc., announced his plans to retire effective November 15, 2002, which is discussed in more detail in the press release attached hereto 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 August 2, 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: August 2, 2002 /s/ David L. Hausrath ------------------------- Name: David L. Hausrath Title: Vice President and General Counsel

EXHIBIT INDEX ------------- 99.1 Press Release dated August 2, 2002

                                                  FOR ADDITIONAL INFORMATION:
                                                  Stan Lampe
                                                  (859) 815-4061
                                                  shlampe@ashland.com

                                                  FOR IMMEDIATE RELEASE
                                                  August 2, 2002

ASHLAND INC. CEO TO RETIRE

Covington, Ky. - Paul W. Chellgren, chairman and chief executive officer of
Ashland  Inc.,  (NYSE:ASH)  announced  today his plans to retire  effective
November 15, 2002. Mr. Chellgren, who will turn 60 in January, has been CEO
of Ashland Inc.  since October 1996 and chairman since January of 1997. Mr.
Chellgren has been with the company for 28 years.

     Mannie L. Jackson, speaking on behalf of Ashland's board of directors,
said,  "Paul Chellgren has made  significant  contributions to this company
during his tenure. His many roles included chief financial  officer,  chief
operating officer,  chief executive officer and he has been a member of the
board of directors for over 10 years.  He led our strategic  transition out
of the coal and oil and gas exploration businesses. Under his leadership we
also formed our very  successful  refining and marketing joint venture with
Marathon Oil Company. In addition, we've had dramatic growth in our highway
construction  business and our specialty chemical business." Mr. Jackson is
Chairman/Owner of Harlem Globetrotters International,  Inc. and is a member
of  Ashland's  board  and  chairman  of  the  personnel  and   compensation
committee.

     "In the coming  months,  I will be working  with the board to ensure a
smooth  and  orderly  transition.   It's  a  fine  company  with  wonderful
employees,  excellent management and an effective and experienced board and
strong lines of  business."  Chellgren  said.  "I'm pleased to say that I'm
leaving at a time when Ashland is  financially  sound with a strong balance
sheet and is clearly focused on continuing to improve  shareholder value. I
have enjoyed my career with Ashland Inc. immensely."

                                   -more-

Chellgren joined Ashland in 1974 as executive assistant to Ashland's then chairman and chief executive officer. In 1977, he was named administrative vice president of Ashland Chemical Company. He became an Ashland Chemical group vice president the following year. He was named senior vice president and group operating officer of Ashland Oil, Inc., in 1980 and was elected senior vice president and chief financial officer in 1988. In January 1992, he was elected president and chief operating officer and a member of the board of directors. He was elected chief executive officer October 1, 1996 and chairman of the board on January 30, 1997. A graduate of the University of Kentucky, Mr. Chellgren earned a M.B.A. from Harvard University and a D.D.E. from England's Oxford University, where he has been named an Honorary Fellow. Mr. Chellgren is active in a number of professional and civic boards. Ashland Inc. (NYSE: ASH) is a Fortune 225 company providing products, services, and customer solutions throughout the world. Our businesses include road construction, specialty chemicals, lubricants, car-care products, chemical and plastics distribution and transportation fuels. Through the dedication of our employees, we are "The Who in How Things Work". Find us at www.ashland.com -0-