UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                          Washington, D. C. 20549

                                  FORM 8-K

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

    Date of report (Date of earliest event reported): September 15, 2005

                                ASHLAND INC.
           (Exact name of registrant as specified in its charter)

                                  Kentucky
               (State or other jurisdiction of incorporation)

                1-32532                                 20-0865835
        (Commission File Number)                     (I.R.S. Employer
                                                    Identification No.)

 50 E. RiverCenter Boulevard, Covington, Kentucky        41012-0391
      (Address of principal executive offices)           (Zip Code)

    P.O. Box 391, Covington, Kentucky                    41012-0391
            (Mailing Address)                            (Zip Code)

     Registrant's telephone number, including area code (859) 815-3333

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[  ]     Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 2230.425)
[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
         (17 CFR 240.14a-12)
[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))
[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



Item 5.02.   Departure of Directors or Principal Officers; Election of
             Directors; Appointment of Principal Officers

         (b) On September 15, 2005, Garry M. Higdem resigned as Senior Vice
President of Ashland Inc.  ("Ashland")  and President of Ashland Paving And
Construction  ("APAC"),  a  subsidiary  of Ashland,  to attend to a serious
family health matter.
         (c) On September 15, 2005,  Ashland's Board of Directors appointed
R. Kirk  Randolph a Vice  President of Ashland and  President of APAC.  Mr.
Randolph, age 42, most recently served as the Vice President,  Design/Build
for  APAC.  From  January  2002  through  October  2004 he  served  as Vice
President of Operations Support for APAC. From January 2000 through January
of 2002, he served as a Regional Vice President of APAC.
         Mr. Randolph will enter into an employment  agreement with Ashland
that  provides,  in the event that his  employment  is  terminated  without
cause, he will be entitled to receive payment of his salary for a period of
two  years  after  termination  of  his  employment.  If  Mr.  Randolph  is
terminated  without  cause,  or if he resigns for good  reason,  within two
years  after a change in control  of  Ashland,  he would  receive a payment
equal to three  times the  highest  of his annual  compensation,  including
incentive  compensation,  during the prior three fiscal years preceding the
change in control. In addition, certain benefits would continue for periods
up to three  years,  depending  on the benefit.  The terms  "cause,"  "good
reason" and "change in control" are defined in the agreement. Certain other
executives of Ashland have employment  agreements  with Ashland  containing
these same terms. A form of the Ashland Inc. Executive  Employment Contract
is filed as Exhibit 10.6 to  Ashland's  Form 10-K for the fiscal year ended
September 30, 2002, and is incorporated herein by reference.

Item 9.01.   Financial Statements and Exhibits

         (d) Exhibits

         10 -   Form  of  Ashland  Inc.  Executive  Employment  Contract
                between  Ashland  Inc.  and certain  executives  of Ashland
                (filed as Exhibit 10.6 to Ashland's  annual  report on Form
                10-K for the fiscal  year ended  September  30,  2002,  and
                incorporated herein by reference).


                                 SIGNATURES


     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                             ASHLAND INC.
                               -------------------------------------------
                                             (Registrant)




Date:  September 19, 2005      /s/ David L. Hausrath
                               -------------------------------------------
                                 Name:    David L. Hausrath
                                 Title:   Senior Vice President,
                                          General Counsel
                                          and Secretary





<PAGE>


                               Exhibit Index

         10 -   Form  of  Ashland  Inc.  Executive  Employment  Contract
                between  Ashland  Inc.  and certain  executives  of Ashland
                (filed as Exhibit 10.6 to Ashland's  annual  report on Form
                10-K for the fiscal  year ended  September  30,  2002,  and
                incorporated herein by reference).
[{"type": "8-K", "sequence": "1", "filename": "form8k.txt", "description": "FORM 8-K PERIOD 9-16-2005", "secsgml_size_bytes": 5400}]
{"company-data": {"conformed-name": "ASHLAND INC.", "cik": "0001305014", "assigned-sic": "5160", "irs-number": "200865835", "state-of-incorporation": "KY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32532", "film-number": "051091865"}, "business-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012", "phone": "859-815-3483"}, "mail-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012"}, "former-company": {"former-conformed-name": "New EXM Inc.", "date-changed": "20041004"}}
UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                          Washington, D. C. 20549

                                  FORM 8-K

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

    Date of report (Date of earliest event reported): September 15, 2005

                                ASHLAND INC.
           (Exact name of registrant as specified in its charter)

                                  Kentucky
               (State or other jurisdiction of incorporation)

                1-32532                                 20-0865835
        (Commission File Number)                     (I.R.S. Employer
                                                    Identification No.)

 50 E. RiverCenter Boulevard, Covington, Kentucky        41012-0391
      (Address of principal executive offices)           (Zip Code)

    P.O. Box 391, Covington, Kentucky                    41012-0391
            (Mailing Address)                            (Zip Code)

     Registrant's telephone number, including area code (859) 815-3333

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[  ]     Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 2230.425)
[  ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
         (17 CFR 240.14a-12)
[  ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))
[  ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))
Item 5.02.   Departure of Directors or Principal Officers; Election of
             Directors; Appointment of Principal Officers

         (b) On September 15, 2005, Garry M. Higdem resigned as Senior Vice
President of Ashland Inc.  ("Ashland")  and President of Ashland Paving And
Construction  ("APAC"),  a  subsidiary  of Ashland,  to attend to a serious
family health matter.
         (c) On September 15, 2005,  Ashland's Board of Directors appointed
R. Kirk  Randolph a Vice  President of Ashland and  President of APAC.  Mr.
Randolph, age 42, most recently served as the Vice President,  Design/Build
for  APAC.  From  January  2002  through  October  2004 he  served  as Vice
President of Operations Support for APAC. From January 2000 through January
of 2002, he served as a Regional Vice President of APAC.
         Mr. Randolph will enter into an employment  agreement with Ashland
that  provides,  in the event that his  employment  is  terminated  without
cause, he will be entitled to receive payment of his salary for a period of
two  years  after  termination  of  his  employment.  If  Mr.  Randolph  is
terminated  without  cause,  or if he resigns for good  reason,  within two
years  after a change in control  of  Ashland,  he would  receive a payment
equal to three  times the  highest  of his annual  compensation,  including
incentive  compensation,  during the prior three fiscal years preceding the
change in control. In addition, certain benefits would continue for periods
up to three  years,  depending  on the benefit.  The terms  "cause,"  "good
reason" and "change in control" are defined in the agreement. Certain other
executives of Ashland have employment  agreements  with Ashland  containing
these same terms. A form of the Ashland Inc. Executive  Employment Contract
is filed as Exhibit 10.6 to  Ashland's  Form 10-K for the fiscal year ended
September 30, 2002, and is incorporated herein by reference.

Item 9.01.   Financial Statements and Exhibits

         (d) Exhibits

         10 -   Form  of  Ashland  Inc.  Executive  Employment  Contract
                between  Ashland  Inc.  and certain  executives  of Ashland
                (filed as Exhibit 10.6 to Ashland's  annual  report on Form
                10-K for the fiscal  year ended  September  30,  2002,  and
                incorporated herein by reference).

                                 SIGNATURES

     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                             ASHLAND INC.
                               -------------------------------------------
                                             (Registrant)

Date:  September 19, 2005      /s/ David L. Hausrath
                               -------------------------------------------
                                 Name:    David L. Hausrath
                                 Title:   Senior Vice President,
                                          General Counsel
                                          and Secretary
Exhibit Index

         10 -   Form  of  Ashland  Inc.  Executive  Employment  Contract
                between  Ashland  Inc.  and certain  executives  of Ashland
                (filed as Exhibit 10.6 to Ashland's  annual  report on Form
                10-K for the fiscal  year ended  September  30,  2002,  and
                incorporated herein by reference).