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Ashland Elects New CEO and Chairman

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Ashland has announced its soon-to-be CEO and chairman, Guillermo Novo.

Ashland has announced Guillermo Novo will take over as the company’s chairman and CEO, starting Dec. 31. Novo will succeed William A. Wulfsohn, who is finishing the year in his position to ensure the transition is smooth.

Novo, who has a B.S. degree in industrial engineering and a masters in business management, joins Ashland with more than 30 years of specialty materials experience. He has held several titles, from his most recent role as president and CEO of Versum Materials to the executive president of materials technologies at Air Products and Chemicals Inc., and more.

“[Novo’s] election represents the completion of a comprehensive and thoughtful assessment by the Board regarding the right qualities and experience for the next leader of Ashland,” said Jay Ihlenfeld, lead independent director of Ashland. “[Novo] is a seasoned executive who is exceptionally positioned to lead our company and enhance shareholder value given his deep knowledge of the specialty materials space as well as his years of global leadership and operations experience. Having joined Ashland’s Board in May, Guillermo is ready to hit the ground running, and we are confident that Bill and Guillermo working closely together will ensure a seamless transition of responsibilities for all of our stakeholders.”

“It has been a great privilege to lead Ashland over the past five years, and I am proud of what we have accomplished,” said Wulfsohn. “With the support of our hard-working and dedicated team, we have taken aggressive actions to transform Ashland into a leading specialty chemicals company. I believe that it’s the right time to transition the company to new leadership, and I am confident that Guillermo will continue to propel Ashland forward.”

“I am honored to succeed Bill as Ashland’s next CEO and am excited about the opportunity,” Novo said. “Today, Ashland has a great business, a clear strategy and a strong team focused on driving results and building on our momentum as an industry leader. I look forward to continuing to work with the board, our experienced management, and all of our team members to advance Ashland’s strategy and create value for our customers and shareholders.”