Paul W. Chellgren, chairman and chief executive officer of Ashland Inc. has announced his plans to retire effective November 15, 2002. Chellgren, who will turn 60 in January, has been CEO of Ashland Inc. since October 1996 and chairman since January of 1997. Chellgren has been with the company for 28 years.

Mannie L. Jackson, speaking on behalf of Ashland’s board of directors, said, "Paul Chellgren has made significant contributions to this company during his tenure. His many roles included chief financial officer, chief operating officer, chief executive officer and he has been a member of the board of directors for over 10 years. He led our strategic transition out of the coal and oil and gas exploration businesses. Under his leadership we also formed our very successful efining and marketing joint venture with Marathon Oil Company. In addition, we’ve had dramatic growth in our highway construction business and our specialty chemical business."

Jackson is a member of Ashland’s board and chairman of the personnel and compensation committee.

"In the coming months, I will be working with the board to ensure a smooth and orderly transition. It’s a fine company with wonderful employees, excellent management and an effective and experienced board and strong lines of business." Chellgren said. "I’m pleased to say that I’m leaving at a time when Ashland s financially sound with a strong balance sheet and is clearly focused on continuing to improve shareholder value. I have enjoyed my career with Ashland Inc. immensely."

Ashland Inc. is a Fortune 225 company providing products, services, and customer solutions throughout the world. Its businesses include road construction, specialty chemicals, lubricants, car-care products, chemical and plastics distribution and transportation fuels.

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