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GEORGE A. SCHAEFER, JR. ELECTED TO ASHLAND INC. BOARD
“George Schaefer is an exceptional, seasoned business leader. With George at the helm, Fifth Third Bank has increased its asset base by a factor of ten, while at the same time, George played important roles in the community in the areas of education, and corporate philanthropy. We warmly welcome him to the Ashland Inc. board,” O’Brien said. Ashland Inc. directors Frank C. Carlucci, James B. Farley, and Samuel C. Butler will retire from the board, effective today. Upon their retirement, there will be eleven directors. Ten members are outside directors. O’Brien is the sole inside director. Schaefer, a native of Cincinnati, Ohio, earned his bachelor of science degree, in engineering, at the U.S. Military Academy at West Point in 1967. He earned an MBA, with a focus on finance, from Xavier University in 1974. Schaefer was named president and chief executive officer of Fifth Third Bank in January 1990, but his rise to the top began 19 years earlier, when he joined Fifth Third Bank as a management trainee in 1971. Under his leadership, Fifth Third has grown from $7 billion to $81 billion in assets, and now offers 933 full-service locations throughout Ohio, Kentucky, Indiana, Illinois, Michigan, West Virginia and Florida. From 1967 to 1970, Schaefer served in the U.S. Army, both in Europe and Vietnam. He earned the Bronze Star for valor while serving in Vietnam. He currently serves as a director for Fifth Third Bancorp, Fifth Third Bank, and Anthem, Inc. In addition to this service, he is the chairman of the board of trustees at the University of Cincinnati, and a member of the boards of Children’s Hospital Medical Center, Greater Cincinnati Chamber of Commerce, the Health Alliance of Greater Cincinnati, the Greater Cincinnati/Northern Kentucky International Airport, and the Cincinnati Business Committee. In 1999, Schaefer led the United Way Campaign in Greater Cincinnati, which generated $58 million for local charities. In 2002, under his guidance, the Fifth Third Foundation, and charitable found ations in which the bank serves as a trustee, awarded over $20.5
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