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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: January 25, 1996
Date of earliest event reported: January 25, 1996
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.)
1000 Ashland Drive, Russell, Kentucky 41169
(Address of principal executive offices) (Zip Code)
P.O. Box 391, Ashland, Kentucky 41114
(Mailing Address) (Zip Code)
Registrant's telephone number, including area code (606) 329-3333
Total of 6 Pages
Item 5. Other Events
On January 25, 1996, the Registrant issued a press release announcing
that John R. Hall, Chairman of the Board and Chief Executive Officer of the
Registrant, will retire as Chief Executive Officer effective as of October
1, 1996 and as Chairman of the Board in January 1997. The press release
also announced that Paul W. Chellgren, the current President and Chief
Operating Officer of the Registrant, will succeed Mr. Hall as Chief
Executive Officer on October 1, 1996 and as Chairman of the Board in
January 1997.
The foregoing summary of the attached press release is qualified in
its entirety by the complete text of such document, a copy of which is
attached hereto.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Press Release
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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)
/s/ James G. Stephenson
Date: January 25, 1996 ---------------------------------
Name: James G. Stephenson
Title: Vice President - Law
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Exhibit Index
Exhibit No. Page No.
99 Press Release of the Registrant dated 5
January 25, 1996
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FOR FURTHER INFORMATION:
Stan Lampe
(606) 329-4061
FOR IMMEDIATE RELEASE
JANUARY 25, 1996
HALL ANNOUNCES PLANS
TO RETIRE IN FISCAL 1997
Ashland, Ky. - John R. Hall, chairman and chief executive officer of
Ashland Inc., (NYSE:ASH) announced today his plans to step down as chief
executive officer Oct. 1 and retire as chairman of the board in January
1997. Paul W. Chellgren, Ashland's current president and chief operating
officer, will succeed Mr. Hall in a two-step process.
Chellgren, 53, will become chief executive officer (CEO) Oct. 1, the
start of Ashland's 1997 fiscal year, and chairman at the regular meeting of
the board of directors next January.
"This is part of our corporation's succession planning process and
will provide for an orderly transition," said Hall.
"Paul Chellgren is a 22-year veteran of our company and has been a key
member of our core management team for the past 15 years, serving the last
four years as president, chief operating officer and a member of our board
of directors." Hall said. "Throughout his career, he's proved to be an
outstanding operational and financial manager. He definitely has the
foresight and ability essential to leading a complex organization in
today's competitive environment. I can think of no other responsibility
more suited to his skills, and I know he will lead Ashland successfully in
the years ahead."
Hall, who will turn 64 in November, will complete 15 years as
Ashland's chairman and chief executive officer by Oct. 1, when Chellgren
assumes the role of CEO. By next January, Hall's entire career with Ashland
will have spanned more than 39 years. Upon retirement, Hall plans to devote
more time to education. Among many educational interests, he serves as
president of the Vanderbilt University Board of Trust. He also plans to
devote more time to personal interests, such as service on other corporate
boards, and spend more time in leisure activities.
more -
" John Hall has set a challenging example," Chellgren said. "He is
highly regarded throughout the industry for his knowledge of the refining
business and his deftness at steering the company through a turbulent
period in the oil industry. At the same time, he successfully altered
Ashland's strategic course to build a stronger, more diversified company
less dependent on refining. It's tough to diversify and maintain focus on
your core business at the same time, but John Hall succeeded and the
company is better for it."
"I am pleased and honored by John's and the board's confidence in me,
and I look forward to working with John during this time of transition and
to assuming these new responsibilities," Chellgren added. "Our
concentration has been and will continue to be on strategies and actions
that provide long-term benefits to our shareholders, our customers and our
employees."
Ashland Inc. is a large energy and chemical company engaged in
petroleum refining and marketing; coal; highway construction; and oil and
gas exploration and production. Ashland Chemical is the largest distributor
of chemicals and plastics in North America and a leading supplier of
specialty chemicals worldwide. Ashland's major consumer brands include
Valvoline(R) motor oils, Zerex(R) antifreeze and Pyroil(R) Performance
Products automotive chemicals. As one of the largest independent refiners
in the nation, Ashland is also a leading regional gasoline marketer, with
products marketed under the SuperAmerica(R) and Ashland(R) brand names.
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