Ashland Inc. (NYSE: ASH) has appointed two new independent directors and formed a Capital Allocation Advisory Committee as part of a cooperation agreement with Ancora Holdings Group, LLC, a stockholder of the specialty chemicals company.

Peter Thomas and Allen Spizzo were appointed to the Ashland board effective immediately. Thomas previously served as chairman, chief executive officer and president of Ferro Corporation (formerly NYSE: FOE) until its sale in 2022. Spizzo previously served as vice president and chief financial officer of Hercules Incorporated. Both directors will stand for election at Ashland's 2027 Annual Meeting of Stockholders.

The board will temporarily expand to 11 members before returning to 10 members at the 2027 Annual Meeting.

The newly formed Capital Allocation Advisory Committee will make recommendations to the board on capital allocation strategy and planning. Current director Scott Tozier will chair the committee, joined by directors Bertrand Loy and Susan L. Main, along with Thomas and Spizzo. Ashland chief executive Guillermo Novo will serve as a non-voting member.

Under the terms of the agreement, Ancora has agreed to customary standstill, voting commitments and other provisions. Ashland said a complete copy of the agreement will be filed on Form 8-K with the U.S. Securities and Exchange Commission.

Citi and Lazard are serving as financial advisors to Ashland, with Latham & Watkins LLP as legal counsel. Olshan Frome Wolosky LLP is serving as legal counsel to Ancora.