Companies Ashland
Ashland (ASH): executive pay, fiscal 2025
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CEO pay, last three years
- $6,957,914FY2023
- $8,981,991FY2024
- $7,907,423FY2025
CEO total pay was $7,907,423 in fiscal 2025, down from $8,981,991 in fiscal 2024.
FY2025: salary $1,152,332 · bonus $0 · stock awards $5,233,863 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Guillermo Novo | $1,152,332 | $0 | $5,233,863 | $0 | $1,313,830 | $0 | $207,398 | $7,907,423 |
| Chair of the Board and Chief Executive Officer | ||||||||
| J. Kevin Willis | 496,943 | 0 | 1,455,194 | 0 | 354,333 | 0 | 100,859 | 2,407,328 |
| Former Senior Vice President and Chief Financial Officer | ||||||||
| William Whitaker | 323,475 | 0 | 1,748,658 | 0 | 243,686 | 0 | 34,549 | 2,350,368 |
| Senior Vice President and Chief Financial Officer | ||||||||
| Alessandra Faccin Assis | 500,347 | 0 | 776,798 | 0 | 286,146 | 0 | 522,888 | 2,086,178 |
| Senior Vice President and General Manager, Life Sciences and Intermediates | ||||||||
| Osama Musa | 520,185 | 0 | 807,638 | 0 | 355,852 | 0 | 60,147 | 1,743,822 |
| Senior Vice President and Chief Technology Officer | ||||||||
| Karl Bostaph | 383,869 | 0 | 412,919 | 0 | 236,504 | 0 | 503,232 | 1,536,524 |
| Former Senior Vice President Operations | ||||||||
| James Minicucci | 457,460 | 0 | 591,839 | 0 | 311,409 | 0 | 60,793 | 1,421,501 |
| Senior Vice President and General Manager, Personal Care | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Guillermo Novo | $7,907,423 | $8,981,991 | $6,957,914 | ↓ −1,074,568 |
| J. Kevin Willis | 2,407,328 | 3,059,148 | 2,412,378 | ↓ −651,820 |
| William Whitaker | 2,350,368 | — | — | — |
| Alessandra Faccin Assis | 2,086,178 | 2,010,447 | — | ↑ +75,731 |
| Osama Musa | 1,743,822 | 1,922,667 | 2,298,917 | ↓ −178,845 |
| Karl Bostaph | 1,536,524 | 1,611,196 | — | ↓ −74,672 |
| James Minicucci | 1,421,501 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Our executive compensation program is designed to create a pay-for-performance culture by aligning compensation to the achievement of our financial and strategic objectives and our stockholders interests. We strive to provide our NEOs with a compensation package that is aligned with our Compensation Peer Group (as defined below), with the expectation, based on a comparison to executives in the Compensation Peer Group and a review of other competitive market information, that above-target performance will result in above-median pay and below-target performance will result in below-median pay.
| CEO STI target (% of salary) | 125% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Meridian Compensation Partners |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Guillermo Novo | PSU | 2024-11-13 | 19,755 | 39,509 | 26,339 | 79,018 | $5,233,863 |
| James Minicucci | PSU | 2024-11-13 | 2,234 | 4,468 | 2,978 | 8,936 | 591,839 |
| William Whitaker | PSU | 2025-07-18 | 6,466 | 12,931 | 8,620 | 25,862 | 1,485,307 |
| William Whitaker | RSU | 2025-05-15 | — | — | 2,516 | — | 129,977 |
| J. Kevin Willis | PSU | 2024-11-13 | 5,493 | 10,985 | 7,323 | 21,970 | 1,455,194 |
| Karl Bostaph | PSU | 2024-11-13 | 1,559 | 3,117 | 2,078 | 6,234 | 412,919 |
| William Whitaker | PSU | 2024-11-13 | 504 | 1,007 | 671 | 2,014 | 133,375 |
| Alessandra Faccin Assis | PSU | 2024-11-13 | 2,932 | 5,864 | 3,909 | 11,728 | 776,798 |
| Osama Musa | PSU | 2024-11-13 | 3,049 | 6,097 | 4,064 | 12,194 | 807,638 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Guillermo Novo | $0 | $5,233,863 | $0 | 100.0% |
| James Minicucci | 0 | 591,839 | 0 | 100.0% |
| William Whitaker | 129,977 | 1,618,682 | 0 | 92.6% |
| J. Kevin Willis | 0 | 1,455,194 | 0 | 100.0% |
| Karl Bostaph | 0 | 412,919 | 0 | 100.0% |
| Alessandra Faccin Assis | 0 | 776,798 | 0 | 100.0% |
| Osama Musa | 0 | 807,638 | 0 | 100.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Karl Bostaph | RSU | 4,702 | — | $225,263 |
| Alessandra Faccin Assis | PSU | 6,031 | — | 288,930 |
| Karl Bostaph | PSU | 8,007 | — | 383,596 |
| James Minicucci | PSU | 8,122 | — | 389,125 |
| James Minicucci | RSU | 9,762 | — | 467,706 |
| William Whitaker | RSU | 12,750 | — | 610,850 |
| William Whitaker | PSU | 15,537 | — | 744,398 |
| Osama Musa | PSU | 16,430 | — | 787,176 |
| Alessandra Faccin Assis | RSU | 16,612 | — | 795,898 |
| J. Kevin Willis | PSU | 18,856 | — | 903,391 |
| Osama Musa | RSU | 19,481 | — | 933,313 |
| Guillermo Novo | RSU | 56,917 | — | 2,726,898 |
| Guillermo Novo | PSU | 113,912 | — | 5,457,525 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Susan L. MainIndependent · Lead Independent Director · Audit · Compensation | $135,000 | $149,978 | $0 | $0 | $0 | $284,978 |
| Suzan F. HarrisonIndependent · Compensation (Chair) · Governance and Nominating | 118,322 | 149,978 | 0 | 0 | 0 | 268,300 |
| Jerome A. PeribereIndependent · Audit · Governance and Nominating (Chair) | 115,000 | 149,978 | 0 | 0 | 0 | 264,978 |
| Sanat ChattopadhyayIndependent · Sustainability and Productivity (Chair) · Governance and Nominating | 110,417 | 149,978 | 0 | 0 | 0 | 260,395 |
| Scott A. TozierIndependent · Audit (Chair) · Sustainability and Productivity | 100,055 | 149,978 | 0 | 0 | 0 | 250,033 |
| Steven D. BishopIndependent · Compensation · Sustainability and Productivity | 100,000 | 149,978 | 0 | 0 | 0 | 249,978 |
| Ashish K. KulkarniIndependent · Governance and Nominating · Sustainability and Productivity | 100,000 | 149,978 | 0 | 0 | 0 | 249,978 |
| Guillermo NovoEmployee director · Board Chair | 0 | 0 | 0 | 0 | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $100,000 |
|---|---|
| Annual equity retainer | $150,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 18,750 / 15,000 |
| Stock ownership guideline | $5 |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $778,794 |
| Equity awards (grant-date value) | $1,049,846 |
| All other compensation | $0 |
| Total cost of the board | $1,828,640 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Ashland as a peer
Companies that benchmark against ASH
26 companies name ASH as a compensation peer
The list of companies that name ASH as a peer is temporarily unavailable — recheck shortly.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Ashland | 2025 | Guillermo Novo | $1,152,332 | $5,233,863 | $0 | $1,313,830 | $7,907,423 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-01-20 | 36,593,493 | 1,247,959 | 64,001 | 96.7% | Passed |
| 2025 | 2025-01-21 | 39,525,692 | 968,838 | 74,105 | 97.61% | Passed |
| 2024 | 2024-01-23 | 43,704,391 | 482,010 | 94,626 | 98.91% | Passed |
| 2023 | 2023-01-24 | 42,298,244 | 909,742 | 103,616 | 97.89% | Passed |
| 2022 | 2022-01-25 | 47,547,363 | 1,205,120 | 108,441 | 97.53% | Passed |
| 2021 | 2021-01-28 | 48,093,468 | 1,332,725 | 133,291 | 97.3% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-01-20 | 96.7%a |
| 2025 | 2025-01-21 | 97.61%b |
| 2024 | 2024-01-23 | 98.91%c |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as either votes cast for or against the resolution.”.
b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as either votes cast for or against the resolution.”.
c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast either for or against the nominees and will have no effect on the election of nominees.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 83 : 1 |
|---|---|
| CEO total compensation | $7,935,446 |
| Median employee compensation | $95,293 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (32 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Guillermo Novo. DEF 14A, filed 2025-12-09. Section “summary compensation table” · page 45. As printed: 7,907,423. View filing ↗
- Section 01, J. Kevin Willis. DEF 14A, filed 2025-12-09. Section “summary compensation table”. As printed: 2,407,328. View filing ↗
- Section 01, William Whitaker. DEF 14A, filed 2025-12-09. Section “summary compensation table”. As printed: 2,350,368. View filing ↗
- Section 01, Alessandra Faccin Assis. DEF 14A, filed 2025-12-09. Section “summary compensation table”. As printed: 2,086,178. View filing ↗
- Section 01, Osama Musa. DEF 14A, filed 2025-12-09. Section “summary compensation table”. As printed: 1,743,822. View filing ↗
- Section 01, Karl Bostaph. DEF 14A, filed 2025-12-09. Section “summary compensation table”. As printed: 1,536,524. View filing ↗
- Section 01, James Minicucci. DEF 14A, filed 2025-12-09. Section “summary compensation table”. As printed: 1,421,501. View filing ↗
- Section 03, Guillermo Novo PSU. DEF 14A, filed 2025-12-09. Section “fiscal 2025 grants of plan-based awards” · grants of plan-based awards table. View filing ↗
- Section 03, James Minicucci PSU. DEF 14A, filed 2025-12-09. Section “fiscal 2025 grants of plan-based awards” · grants of plan-based awards table. View filing ↗
- Section 03, William Whitaker PSU. DEF 14A, filed 2025-12-09. Section “fiscal 2025 grants of plan-based awards” · grants of plan-based awards table. View filing ↗
- Section 03, William Whitaker RSU. DEF 14A, filed 2025-12-09. Section “fiscal 2025 grants of plan-based awards” · grants of plan-based awards table. View filing ↗
- Section 03, J. Kevin Willis PSU. DEF 14A, filed 2025-12-09. Section “fiscal 2025 grants of plan-based awards” · grants of plan-based awards table. View filing ↗
- Section 03, Karl Bostaph PSU. DEF 14A, filed 2025-12-09. Section “fiscal 2025 grants of plan-based awards” · grants of plan-based awards table. View filing ↗
- Section 03, William Whitaker PSU. DEF 14A, filed 2025-12-09. Section “fiscal 2025 grants of plan-based awards” · grants of plan-based awards table. View filing ↗
- Section 03, Alessandra Faccin Assis PSU. DEF 14A, filed 2025-12-09. Section “fiscal 2025 grants of plan-based awards” · grants of plan-based awards table. View filing ↗
- Section 03, Osama Musa PSU. DEF 14A, filed 2025-12-09. Section “fiscal 2025 grants of plan-based awards” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2025-12-09. Section “CEO Pay Ratio”. As printed: 83 : 1. View filing ↗
- Section 08, Susan L. Main. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 284,978. View filing ↗
- Section 08, Suzan F. Harrison. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 268,300. View filing ↗
- Section 08, Jerome A. Peribere. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 264,978. View filing ↗
- Section 08, Sanat Chattopadhyay. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 260,395. View filing ↗
- Section 08, Scott A. Tozier. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 250,033. View filing ↗
- Section 08, Steven D. Bishop. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 249,978. View filing ↗
- Section 08, Ashish K. Kulkarni. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 249,978. View filing ↗
- Section 08, Guillermo Novo. DEF 14A, filed 2025-12-09. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-01-22. Item 5.07 · say-on-pay result. As reported: 96.7% (votes for as printed: 36,593,493). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-01-22. Item 5.07 · say-on-pay result. As reported: 97.61% (votes for as printed: 39,525,692). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-01-26. Item 5.07 · say-on-pay result. As reported: 98.91% (votes for as printed: 43,704,391). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 778,794 + equity 1,049,846 + all other 0 = 1,828,640, summed across the director compensation table rows.
- Ashland (subject), Section 10b CEO total. DEF 14A, filed 2025-12-09. CEO total compensation as printed in Ashland's own proxy. As printed: 7,907,423. View filing ↗