Ashland Chairman And CEO James O'Brien To Retire In Dec. 2014

(RTTNews) - Specialty chemicals company Ashland Inc. (ASH) said that its Chairman and Chief Executive Officer James J. O'Brien has decided to retire effective December 31, 2014, as part of an ongoing integrated succession and strategic plan.

The company noted that its board has launched a formal search process to choose his successor. As part of the overall succession plan, it is anticipated that O'Brien will remain on the board for a limited time once the new CEO is named in order to facilitate a smooth transition.

The board of directors has appointed a special committee, chaired by Barry Perry, the board's lead independent director, to lead the search process. The special committee has hired a leading executive recruiting firm to assist in the search, which will consider both internal and external candidates.