Ashland reaches agreement with Cruiser Capital to vote for its board nominees
Ashland announced that it has reached an agreement with Cruiser Capital pursuant to which Ashland will consult with Cruiser Capital, in addition to its other shareholders, on the previously announced search for two new independent directors to be appointed to the Ashland board. The company will also appoint William Joyce, retired former chairman and CEO of Nalco, Hercules and Union Carbide Corporation, and vice chairman of Dow Chemical, as a consultant to the company on operations-related matters. In this role, William Joyce will work closely with William Wulfsohn, and will report his recommendations to the Ashland board. As part of the agreement, Cruiser Capital will withdraw its slate of director nominees and vote all of its shares in favor of each of Ashland's board nominees and proposals at the annual meeting of stockholders, scheduled for February 8. Additionally, the board of directors will appoint one or both of Craig Rogerson and Jerome Peribere to the governance and nominating Committee of the board following the annual meeting.