US Ashland seeks new president for water technologies business

30 October 2012 17:08  [Source: ICIS news]

HOUSTON (ICIS)--Ashland is looking for a new president to head its under-performing water technologies business, the CEO of the US-based specialty chemicals firm said on Tuesday.

Paul Raymond, the previous president of water technologies, left the company last month. Raymond headed the business since 2008, when Ashland acquired water chemicals producer Hercules.

Ashland CEO James O’Brien said that John Panichella, president of the company's specialty ingredients, has taken on responsibility for water technologies while Ashland looks for a new president.

Panichella joined Ashland in 2008 from General Electric, where he was a vice president for water and process technologies

O’Brien told analysts during Ashland’s fiscal fourth-quarter results conference call that the water technologies business “must improve in 2013 … obviously we are running out of place.”

“By the summer, we should be able to tell if [new leadership at water technologies] is making a difference or not,” O'Brien said.

“If it is not making a difference, than obviously that limits our alternatives and we will start to take a hard look at what the outcome will be,” he added.

Ashland’s water technologies operating income fell 50% year on year to $15m (€12m) in the three months ended 30 September, on sales of $431m, down 12%.

($1 = €0.78)

By: Stefan Baumgarten
+1 713 525 2653

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