COVINGTON, Ky. (AP) -- Chemical company Ashland Inc. said Monday that Senior Vice President and Chief Financial Officer Lamar M. Chambers will retire in July.
The company's board chose J. Kevin Willis to succeed Chambers, effective May 3. He previously served as vice president of finance and as controller for the Ashland specialty ingredients division.
Willis, 47, will handle Ashland's global financial functions and processes, including accounting and reporting, treasury and finance, insurance, business development, planning and analysis, investor relations, tax and internal audit activities. He will also serve as a member of Ashland's executive committee.
Chambers will have served 37 years at Ashland Inc. upon his retirement. He's been senior vice president and CFO since 2008. He also held a number of other positions with Ashland, including vice president and controller.
Shares of Ashland, based in Covington, Ky., fell $1.59, or 2.1 percent, to $74.75 in afternoon trading. The stock has traded in a 52-week range of $58.54 to $86.96.