Radical investors apply pressure! Air Products announces nomination of two independent directors

Under sustained pressure from activist investors, Air Products has begun restructuring its board of directors and announced the nomination of two new independent directors. According to a press release cited by the Gas Expo from Air Products’ official website, on Monday (November 18), Air Products nominated Bob Patel and Alfred Stern for election to its Board of Directors at the upcoming Annual Meeting. Both executives bring extensive experience leading large publicly traded industrial companies. Air Products stated that the two independent director candidates will contribute deep expertise in corporate leadership and oversight of public companies, as well as specialized knowledge in operating complex global businesses within the chemicals and energy sectors. Bob Patel previously served as CEO of W.R. Grace and LyondellBasell, and as former Chairman of Standard Industries. He brings 35 years of global experience in the chemical and materials industries, along with extensive experience serving on public company boards and leading large-scale global corporate transformations. Alfred Stern is CEO and Executive Board Chairman of OMV Group, Chairman of the Supervisory Board of OMV Petrom, and former CEO of Borealis. He possesses 29 years of experience leading global energy and chemical companies through transformation and international projects. Meanwhile, Air Products also announced that current directors David H.Y. Ho and Matthew H. Paul will not stand for re-election at the 2025 Annual Meeting. Following these changes, the Board will continue to comprise nine directors, six of whom were appointed within the past five years. Seifi Ghasemi, Chairman, President, and CEO of Air Products, said: “We are pleased to nominate Bob and Alfred to the Air Products Board and welcome their substantial business experience and seasoned leadership.” He also expressed appreciation for the service and contributions of David and Matthew. Air Products faces mounting pressure from activist investors Air Products is facing increasing pressure from hedge fund managers Mantle Ridge and D.E. Shaw, who have criticized the company’s underperforming stock, senior leadership, and capital allocation policies—and urged board restructuring, enhanced management vitality, and a sharper focus on core operations. In October, activist investors Mantle Ridge and globally renowned hedge fund D.E. Shaw separately announced they had collectively acquired $1 billion worth of Air Products shares, calling on the company to cut costs, concentrate on core businesses, and pave the way for new leadership. A shared objective of both activist investors is to push Air Products to establish a clear succession plan for its current 80-year-old CEO, Seifi Ghasemi—one of the oldest CEOs among S&P 500 constituent companies. Earlier, Reuters, citing informed sources, reported that Dennis Reilley and Eduardo Menezes—two former senior executives of Linde—would join Mantle Ridge’s campaign to restructure Air Products’ management and board.

Air Products’ Q3 FY2024 sales decline

For fiscal year 2024 third quarter (ended June 30), Air Products reported sales of $3.0 billion, down 2% year-on-year. GAAP net income totaled $709 million, up 16% year-on-year, primarily driven by favorable pricing and an improved business mix. GAAP net profit margin stood at 23.7%, an increase of 360 basis points year-on-year. For the quarter, Non-GAAP adjusted earnings per share (EPS) amounted to $3.20, up 7% year-on-year. Adjusted EBITDA was $1.3 billion, with an adjusted EBITDA margin of 42.4%, up 260 basis points year-on-year. Sales declined across all global regions during the third quarter. Sales in the Americas region totaled $1.2 billion, down 2% year-on-year. Sales in Asia reached $790 million, down 4% year-on-year. In Europe, sales fell 2% to $693 million.

Air Products signs Malaysia gas pact: What it means for Air Products stock

Oct 21, 2026

Air Products & Chemicals signed an agreement for Malaysia's first LNG-based air separation unit, while reporting strong Q3 fiscal results with adjusted operating income up 9% and EPS up 12%.

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