Ashland to Make Board Changes as Shareholders Apply Pressure
Chemicals firm strikes deal with Neuberger Berman; activist Cruiser has been waging a proxy fight
Ashland Global Holdings Inc., locked in a proxy fight with an activist investor, struck a deal with a different, typically quiet investor to add two new directors and make other changes.
Ashland Chief Executive Bill Wulfsohn and Neuberger Berman Group LLC, a 2.8% shareholder, told The Wall Street Journal on Sunday that they agreed to a plan in which the specialty-chemicals company will find and add two new directors after its annual meeting, refresh leadership of its board committees and have a longtime director step down.
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