Fernandez-Moreno promoted to senior vice president of Ashland and president of Chemicals Group
Expanded leadership role adds management responsibility for Ashland Performance Materials
COVINGTON, Ky. – Ashland Inc. (NYSE: ASH) today announced that Luis Fernandez-Moreno, senior vice president of Ashland and president of Ashland Specialty Ingredients, has been promoted to the newly created position of senior vice president of Ashland and president of the Chemicals Group. In this expanded role, he will continue to lead Specialty Ingredients and will assume additional management responsibility for Ashland Performance Materials. Specialty Ingredients and Performance Materials will continue to operate, and report their financial results, as separate commercial units. The leadership change announced today does not reflect any shift in the company’s strategy or approach to portfolio management and capital allocation.
Theodore L. (Ted) Harris, senior vice president of Ashland and president of Performance Materials, has resigned to accept an offer to become chief executive officer of another public company. A new leader for Performance Materials, who will report to Fernandez-Moreno, is expected to be appointed at a later date.
In addition, Ashland announced that Fernandez-Moreno and Sam Mitchell, Ashland senior vice president and president of Valvoline, will join Ashland’s Executive Committee.
“This new structure will enable both Luis and Sam to play bigger roles in the company’s ongoing decision making,” said William A. Wulfsohn, Ashland chairman and chief executive officer. “Luis is an engaged leader with a proven track record of driving profitable growth and disciplined execution across global business lines. Since assuming the leadership role at Specialty Ingredients 18 months ago, he has guided the organization through a successful global realignment that has improved its competitive position and financial performance.”
Wulfsohn continued: “On behalf of everyone at Ashland, I want to thank Ted for his many contributions over the past 11 years. He has played a pivotal role in Ashland’s transformation into a specialty chemicals company and has helped build Performance Materials into a global leader in its industry. We wish him all the best in the next step of his career.”
About Ashland
Ashland Inc. (NYSE: ASH) is a global leader in providing specialty chemical solutions to customers in a wide range of consumer and industrial markets, including architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical. Through our three commercial units – Ashland Specialty Ingredients, Ashland Performance Materials and Valvoline – we use good chemistry to make great things happen for customers in more than 100 countries. Visit ashland.com to learn more.
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Forward-Looking Statements
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