Ashland Inc. : Ashland Inc. announces CFO succession plan
Lamar Chambers to retire in July after 37 years of service; Board of directors
elects Kevin Willis to become CFO effective May 3
COVINGTON, Ky. - Ashland Inc. (NYSE: ASH) today announced that Lamar M.
Chambers, senior vice president and chief financial officer, will retire in
July after 37 years of service to the company. The board of directors has
elected J. Kevin Willis to succeed Chambers as senior vice president and chief
financial officer, effective May 3, 2013.
Chambers has served as senior vice president and CFO since 2008. Prior to
that, he spent four years as vice president and controller. He joined Ashland
in 1976 as a staff auditor and later held a series of finance and operations
leadership positions, both at the corporate and subsidiary levels, during his
more than three decades of service to Ashland. In 2012, Chambers was named CFO
of the Year by Chemical Week, a leading industry trade magazine.
Until his retirement on July 1, 2013, Chambers will remain on the management
team as senior vice president and will continue to serve on Ashland's
Executive Committee to help ensure a smooth transition.
"Lamar has played a pivotal role in Ashland's growth and transformation over
the past decade," said James J. O'Brien, Ashland chairman and chief executive
officer. "Under his leadership, Ashland's finance organization has established
a reputation for performance, accountability and transparency during an
incredibly busy period of acquisitions and divestitures. Lamar and I began our
careers with Ashland just a few months apart, and through the years he has
been a good friend and trusted partner, embodying the best of what Ashland
stands for. We are grateful for his many significant contributions and wish
Lamar and his family much happiness in the years ahead."
In his new role, Willis, 47, will be responsible for all worldwide financial
functions and processes, including financial accounting and reporting,
treasury and finance, insurance, business development, planning and analysis,
investor relations, tax and internal audit activities. He also will serve as a
member of Ashland's Executive Committee.
Since Ashland's acquisition of International Specialty Products (ISP) in
August 2011, Willis has served as Ashland's vice president of finance, and
controller for Ashland Specialty Ingredients, Ashland's largest and
fastest-growing commercial unit. In that role, he has been responsible for the
day-to-day management of the financial organization and processes within
Specialty Ingredients. He also has served on the leadership team.
A native of Richmond, Ky., Willis joined Ashland in 1987 as an associate
auditor. He served in various management positions of increasing
responsibility, including leading teams on major projects in the business
services, information technology, accounting and finance areas. Among the
positions he previously held were treasurer and general auditor at Ashland.
Earlier in his career, Willis spent nearly three years in The Netherlands
helping lead Ashland's effort to standardize processes and implement
accounting and other administrative shared services across European
operations. He earned a bachelor's degree in accounting and an executive MBA
from the Kellogg School of Management at Northwestern University.
"Kevin has played a critical role in the successful integration of ISP and the
ongoing growth of Specialty Ingredients," O'Brien said. "Throughout his
career, Kevin has displayed the leadership, critical thinking and vision that
have been so vital to Ashland's transformation into a global specialty
chemical company. We look forward to his contributions leading our worldwide
finance team as we position Ashland for continued growth."
In more than 100 countries, the people of Ashland Inc. (NYSE: ASH) provide the
specialty chemicals, technologies and insights to help customers create new
and improved products for today and sustainable solutions for tomorrow. Our
chemistry is at work every day in a wide variety of markets and applications,
including architectural coatings, automotive, construction, energy, food and
beverage, personal care, pharmaceutical, tissue and towel, and water
treatment. Visit ashland.com to see the innovations we offer through our four
commercial units - Ashland Specialty Ingredients, Ashland Water Technologies,
Ashland Performance Materials and Ashland Consumer Markets.
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Source: Ashland Inc. via Thomson Reuters ONE
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