Ashland consolidates leadership roles as part of ongoing plan to drive profitable growth following the planned final separati...
February 21 2017 - 8:00AM
COVINGTON, KY, February 21, 2017 -
Ashland Global Holdings Inc. (NYSE: ASH) today announced a
consolidation of executive roles as part of its ongoing plan to
drive profitable growth as a pure-play specialty chemicals company
following the planned final separation of Valvoline Inc. (NYSE:
VVV) this spring.
Under the consolidation, two
executive positions have been eliminated in order to improve
execution of strategic priorities, streamline decision making and
reflect Ashland's leaner organization structure. The roles and
responsibilities of Luis Fernandez-Moreno, senior vice president
and president, Chemicals Group, and Greg Elliott, vice president
and chief human resources and communications officer, have been
consolidated under other members of Ashland's executive leadership
team.
Fernandez-Moreno joined Ashland in
November 2012. He played an important role in driving a turnaround
of Ashland's water technologies business, which was divested in
2014, and later led the chemicals group as Ashland took the final
step in its decade-long transformation into a global specialty
chemicals company. Elliott joined Ashland in November 2015 and
helped drive human resources and change management as Ashland
separated into two companies.
As part of the realignment, most
of Ashland's commercial leadership team, as well as the chief
technology officer, will now report directly to William A.
Wulfsohn, Ashland chairman and chief executive
officer.
"Luis and Greg are skilled leaders
and we appreciate their many contributions to Ashland. This was a
very difficult decision, as each has brought a great deal to the
organization," Wulfsohn said. "At the same time, we believe this
consolidation of roles will forge a stronger, more direct
connection to the business and better position our teams to execute
against Ashland's key priorities this year."
He continued: "As we outlined in
our first-quarter earnings call with investors in late January, our
entire organization is excited about Ashland's 'pivot' to being a
leading premier specialty chemicals company. Our first-quarter
results represented a solid start to fiscal 2017 and we intend to
build on that momentum as we move through the year and deliver
against our fiscal 2017 plan."
About Ashland
Ashland Global Holdings Inc. (NYSE: ASH) is a premier global
specialty chemicals company serving customers in a wide range of
consumer and industrial markets, including adhesives, architectural
coatings, automotive, construction, energy, food and beverage,
personal care and pharmaceutical. At Ashland, we are 6,000
passionate, tenacious solvers - from renowned scientists and
research chemists to talented engineers and plant operators - who
thrive on developing practical, innovative and elegant solutions to
complex problems for customers in more than 100 countries. Ashland
also maintains a controlling interest in Valvoline Inc. (NYSE:
VVV), a premium consumer-branded lubricant supplier.
Visit ashland.com to learn more.
C-ASH
Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
Ashland has identified some of these forward-looking statements
with words such as "anticipates," "believes," "expects,"
"estimates," "is likely," "predicts," "projects," "forecasts,"
"objectives," "may," "will," "should," "plans" and "intends" and
the negative of these words or other comparable terminology. These
forward-looking statements include statements relating to our plan
to drive profitable growth and the expected completion of the final
separation of Valvoline Inc. ("Valvoline") through the distribution
of Valvoline ("Valvoline") common stock. In addition, Ashland may
from time to time make forward-looking statements in its annual
reports, quarterly reports and other filings with the SEC, news
releases and other written and oral communications. These
forward-looking statements are based on Ashland's expectations and
assumptions, as of the date such statements are made, regarding
Ashland's future operating performance and financial condition, the
expected completion of the final separation, the strategic and
competitive advantages of each company, and future opportunities
for each company, as well as the economy and other future events or
circumstances. Ashland's expectations and assumptions include,
without limitation, internal forecasts and analyses of current and
future market conditions and trends, management plans and
strategies, operating efficiencies and economic conditions (such as
prices, supply and demand, cost of raw materials, and the ability
to recover raw-material cost increases through price increases),
and risks and uncertainties associated with the following: the
possibility that the final separation will not be consummated
within the anticipated time period or at all, including as the
result of regulatory, market or other factors; the potential that
Ashland does not realize all of the expected benefits of the
separation; Ashland's substantial indebtedness (including the
possibility that such indebtedness and related restrictive
covenants may adversely affect Ashland's future cash flows, results
of operations, financial condition and its ability to repay debt);
the impact of acquisitions and/or divestitures Ashland has made or
may make (including the possibility that Ashland may not realize
the anticipated benefits from such transactions); and severe
weather, natural disasters, and legal proceedings and claims
(including environmental and asbestos matters). Various risks and
uncertainties may cause actual results to differ materially from
those stated, projected or implied by any forward-looking
statements, including, without limitation, risks and uncertainties
affecting Ashland that are described in Ashland's most recent Form
10-K (including Item 1A Risk Factors) filed with the SEC, which is
available on Ashland's website at http://investor.ashland.com or on
the SEC's website at http://www.sec.gov. Ashland believes its
expectations and assumptions are reasonable, but there can be no
assurance that the expectations reflected herein will be achieved.
Unless legally required, Ashland undertakes no obligation to update
any forward-looking statements made in this news release whether as
a result of new information, future events or otherwise.
Information on Ashland's website is not incorporated into or a part
of this news release.
SM Service
mark, Ashland or its subsidiaries, registered in various
countries.
(TM) Trademark, Ashland or its subsidiaries, registered in various
countries.
FOR FURTHER
INFORMATION:
Investor Relations:
Seth A.
Mrozek
+1 (859) 815-3527
samrozek@ashland.com
Media Relations:
Gary Rhodes
+1 (859) 815-3047
glrhodes@ashland.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ashland Inc. via Globenewswire
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