Ashland hatches plan for new directors

Under pressure from the investor Cruiser Capital Advisors, Ashland has pledged to add two new independent board directors this year. The specialty chemical company came up with the plan with another investor, Neuberger Berman. Ashland is working with the executive search firm Russell Reynolds Associates to find candidates. Ashland has already nominated Hexion CEO Craig A. Rogerson to its board. Cruiser has been hounding Ashland over what it sees as poor performance and has nominated four candidates of its own to the board. Despite Ashland’s plan for additions, Cruiser hasn’t pulled its candidates. Cruiser owns 2.5% of Ashland’s stock; Neuberger has 2.8%.