On March 25, 2013, Ashland Inc. announced that Lamar M. Chambers, senior vice president and chief financial officer, will retire effective July 1, 2013 after 37 years of service to Ashland. The Board of Directors has elected J. Kevin Willis to succeed Mr. Chambers as senior vice president and chief financial officer, effective May 3, 2013.
Until his retirement, Mr. Chambers will remain on the management team as senior vice president and will continue to serve on Ashland’s Executive Committee.
Mr. Willis, 47, has been with Ashland since 1987 serving in various management positions. Since 2011, he has served as Ashland’s vice president of finance and as controller for the Ashland Specialty Ingredients commercial unit. He also served as Ashland’s vice president of finance and treasurer from 2007 to 2011.
In his new role, Mr. Willis 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.
In connection with his new role, Mr. Willis will enter into Ashland’s standard executive change in control agreement, which sets forth the economic consequences and entitlements for termination without cause or for good reason after a change in control. In addition, Mr. Willis is covered by Ashland’s standard severance pay plan that provides benefits in the event of a covered termination in the absence of a change in control.
These changes are discussed in more detail in the news release attached hereto as Exhibit 99.1, which is incorporated by reference into this Item 5.02.