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."
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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
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