Ashland Inc. announced the appointment of Stephen F. Kirk, former senior vice president and chief operating officer of The Lubrizol Corporation, to its board of directors effective immediately. 

Kirk has been appointed to the class of directors that will stand for election at the Company's 2014 Annual Meeting. With his appointment, Ashland has expanded its board from 11 to 12 directors, 11 of whom are independent. 

"We are pleased to welcome Steve to our board and look forward to his insights and contributions," said James J. O'Brien, Ashland chairman and chief executive officer. "His extensive operations and leadership experience in the chemicals industry, including 40 years at Lubrizol, will be invaluable as we continue to execute on our growth initiatives and enhance Ashland's competitive position.

“With respect to our overall corporate strategy, as we announced earlier this month, we are engaged in a process to sell our Water Technologies and elastomers businesses. Going forward, our Board and management team will continue to review our entire portfolio of assets in order to maximize value for our shareholders.

"Our goal is to best position Ashland as a premier specialty chemicals company with sustained sales and earnings growth and EBITDA margins that rank among the top quartile of our peer group."

"I am honored to join Ashland's board of directors," said Kirk. "Ashland is a leading global specialty chemicals company, and I am pleased to be part of it. I look forward to working with my fellow directors to generate value for all Ashland shareholders." 

In connection with the appointment of Kirk to Ashland's board, JANA Partners LLC, the company's second-largest shareholder, has advised Ashland that it will support the company's slate of directors, including Kirk, at the Company's 2014 Annual Meeting. JANA owns approximately 9 percent of Ashland's outstanding shares.

"We invested in Ashland because of the high quality of its assets and the company's ongoing positive transformation," said Barry Rosenstein, JANA's founder and managing partner. "We support Jim O'Brien and his team and the company's direction under his leadership.

"We believe that all Ashland shareholders will benefit from Steve Kirk's experience as the company pursues value-creating strategic initiatives and enhances its operational efficiency, including through its ongoing portfolio review and the recently announced global restructuring program that we are confident will significantly improve Ashland's earnings and competitiveness."

About Ashland Inc.

In more than 100 countries, the people of Ashland Inc. 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.