Ashland ASH today announced that it is
realigning senior leadership within two commercial units as part of an
ongoing commitment to unlock new value and growth opportunities within
its global specialty chemicals businesses. Both moves are effective
immediately.
The company said John E. Panichella, 54, Ashland senior vice president,
has been named president of Ashland Water Technologies, the $1.7 billion
unit serving customers in the pulp and paper and industrial water
markets. For the past two years, he had served as president of Ashland
Specialty Ingredients. In his new role, Panichella will be responsible
for driving sustained growth and financial improvement within Water
Technologies, which has benefitted in the past year from a new strategic
plan and a sharpened focus on customers. He oversaw that improvement as
group operating officer, with Water Technologies' leadership team
reporting in to him.
Panichella has significant leadership experience in the global water
industry, having spent 25 years with General Electric and BetzDearborn,
where he served in numerous management positions, including business
development, operations management, sales and marketing, and strategic
development. His last position at General Electric Water and Process
Technologies was vice president and general manager of the Americas
business. Before joining General Electric, he served as vice president
of the Global Hydrocarbon Processing unit of BetzDearborn.
In addition, the company said Luis Fernandez-Moreno, 51, has been
appointed senior vice president of Ashland and president of Ashland
Specialty Ingredients, a $2.8 billion global leader in water-soluble and
film-forming polymers. Since joining Ashland last November as president
of Water Technologies, Fernandez-Moreno has been instrumental in
revitalizing that commercial unit. Under his leadership, Water
Technologies has simplified the business, focused on key growth
opportunities and delivered better service and value for customers. In
his new role, Fernandez-Moreno will report to James J. O'Brien, Ashland
chairman and chief executive officer.
Fernandez-Moreno brings 30 years of specialty chemicals experience to
his new role. Prior to joining Ashland in 2012, Fernandez-Moreno served
as executive vice president of Arch Chemicals, Inc., which had annual
sales of approximately $1.4 billion prior to its acquisition by Lonza
Group Ltd., a leading supplier to the life sciences industry, in October
2011. Before that, he served as business group vice president, Dow
Coating Materials, a $3 billion unit that was formed after Dow Chemical
Co. DOW acquired Rohm & Haas Co. in 2009. Fernandez-Moreno
previously spent more than 25 years with Rohm & Haas in a series of
leadership roles spanning across Europe, Latin America and the United
States. The businesses he directed ranged from paint and coating
materials to plastic additives and printing technologies.
"We are fortunate to have two proven leaders with extensive global
experience in both specialty chemicals and water markets," said O'Brien.
"Each brings unique strengths and talents to his new role. Throughout
his career, Luis has proven adept at driving profitable growth and
execution across global business lines. He tackled a difficult
assignment within Water, delivering markedly improved results in a very
short period despite tough competition and uncertain economic
conditions. John has keen business insights and a deep understanding of
the specialty papermaking and industrial water industries. He knows the
challenges and opportunities that lay ahead as we continue evaluating
the possible sale of that commercial unit. We believe that moving Luis
and John into these new roles will help maximize growth opportunities
for Ashland by enabling each of them to capitalize on what they know
best."
In late July, Ashland announced that it would evaluate strategic options
for Water Technologies, including the possible sale of the commercial
unit. The company is continuing that review process, with the assistance
of Citi.
About Ashland Inc.
In more than 100 countries, the people of Ashland Inc. 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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Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Ashland has identified some of these
forward-looking statements with words such as "anticipates," "believes,"
"expects," "estimates," "may," "will," "should" and "intends" and the
negatives of these words or other comparable terminology. In addition,
Ashland may from time to time make forward-looking statements in its
filings with the Securities and Exchange Commission (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 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: 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 potential strategic transaction involving Ashland Water
Technologies and the potential sale of the elastomers business
(including, in each case, the possibility that a transaction may not
occur or that, if a transaction does occur, Ashland may not realize the
anticipated benefits from such transaction), Ashland's ability to
generate sufficient cash to finance its stock repurchase plans, 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 its 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 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. Ashland undertakes no obligation to subsequently update any
forward-looking statements made in this news release or otherwise except
as required by securities or other applicable law.
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