WILMINGTON, Del. - Ashland Inc . (NYSE: NYSE:ASH), a global additives and specialty ingredients company, announced today the appointment of Scott A. Tozier to its Board of Directors. Tozier will also serve on the company's Audit Committee and Environmental, Health, Safety, and Quality Committee, effective immediately.
Scott A. Tozier brings a wealth of experience to Ashland's board, having previously served as a strategic advisor to the CEO and as the executive vice president and chief financial officer of Albemarle (NYSE:ALB) Corporation. His background includes a variety of leadership roles at Honeywell International (NASDAQ:HON), Inc., and board membership at Garrett Motion (NASDAQ:GTX), Inc. Tozier's expertise spans financial management, mergers and acquisitions, sustainability, information technology, and corporate logistics.
Guillermo Novo, chair and chief executive officer of Ashland, expressed enthusiasm for the new appointment, stating, "I am delighted to welcome Scott as a new director to the Ashland Board." Novo is confident that Tozier will contribute valuable insights as the company focuses on growth through execution, globalization, innovation, and acquisitions.
The addition of Tozier expands Ashland's Board to 10 members, a change that will remain in place until the next Annual Stockholders Meeting scheduled for January 2025.
Ashland operates in a diverse array of markets, including architectural coatings, construction, energy, food and beverage, nutraceuticals, personal care, and pharmaceuticals. Ashland prides itself on its team of approximately 3,800 employees, who work to develop solutions for customers in over 100 countries.
This announcement is based on a press release statement from Ashland, Inc.
InvestingPro Insights
As Ashland Inc. (NYSE: ASH) welcomes Scott A. Tozier to its Board of Directors, the company's financial health and market performance remain a focal point for investors. According to InvestingPro metrics, Ashland currently holds a market capitalization of $4.77 billion USD, indicative of its significant presence in the specialty chemicals industry. With a P/E ratio of 30.2, the company trades at a premium relative to some of its peers, which is further underscored by an adjusted P/E ratio for the last twelve months as of Q1 2024 at 39.44.
Despite a revenue decline of 11.02% over the last twelve months as of Q1 2024, Ashland has demonstrated a strong commitment to returning value to shareholders. This is highlighted by an impressive track record of maintaining dividend payments for 54 consecutive years, coupled with a dividend growth of 14.93% in the same period. These figures are a testament to the company's resilience and strategic financial management.
Investors may also find encouragement in Ashland's share performance, as the company has experienced a robust 3-month price total return of 18.13%. This suggests a positive market sentiment which could be attributed to the company's operational strategies and growth initiatives. For those looking to delve deeper into Ashland's financials and market prospects, InvestingPro offers additional insights. With 10 more InvestingPro Tips available, investors can utilize the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, enriching their investment decisions with comprehensive analysis and data.
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