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 from Air Products’ official website cited by the Gas Expo, on Monday (November 18), Air Products nominated Bob Patel and Alfred Stern for election to its Board of Directors at the upcoming annual general meeting. Both executives bring extensive experience leading large, publicly traded industrial companies. Air Products stated that the two independent director candidates will contribute rich experience in leading and overseeing public companies, as well as deep expertise in operating complex global businesses across 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 Chairman of the Executive Board of OMV Group, Chairman of the Supervisory Board of OMV Petrom, and former CEO of Borealis, with 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 have been appointed within the past five years. Seifi Ghasemi, Chairman, President, and CEO of Air Products, said: “We are delighted to nominate Bob and Alfred to the Air Products Board and welcome their substantial business experience and seasoned leadership.” He also expressed gratitude to David and Matthew for their service and contributions to Air Products. Air Products faces mounting pressure from activist investors Air Products is under 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 refocusing 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 for cost reductions, sharpened focus on core businesses, and paving the way for new leadership. A shared objective of both activist investors is to compel Air Products to establish a clear succession plan for its 80-year-old incumbent 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—both former executives of Linde—would join Mantle Ridge’s campaign to restructure Air Products’ management and board.

Air Products pushes back against activist investors! News of a new CEO also emerges.

The Board believes Ghasemi is the right leader for this moment—his track record transforming Air Products into the world’s most profitable industrial gas company proves it, and we are now at a critical juncture in executing our clean hydrogen strategy. During Ghasemi’s decade as CEO, Air Products’ adjusted EBITDA margin improved by nearly 2,000 basis points, earnings per share grew at a compound annual rate of 11%, and the stock price has approached its all-time high. Air Products urges stakeholders: “We must fully advance our clearly defined plan to drive long-term shareholder value—not satisfy Mantle Ridge’s short-term agenda at the expense of other shareholders.” Air Products’ annual general meeting will be held on January 23, 2025. All shareholders of record as of the close of business on November 27, 2024, will be entitled to vote at the meeting. Timeline of key developments July 2024: Air Products established a new Senior Management Committee to execute its dual-pillar growth strategy—expanding its industrial gas business while becoming a leader in clean hydrogen. October 2024: 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 for cost reductions, sharper focus on core businesses, and paving the way for new leadership. Both activist investors jointly seek to compel Air Products to formulate a clear succession plan for its 80-year-old CEO, Seifi Ghasemi—one of the oldest CEOs among S&P 500 constituent companies, who has served for a full decade. November 18, 2024: Air Products nominated Bob Patel and Alfred Stern for election to its Board of Directors at the upcoming annual general meeting; both executives possess extensive experience leading large, publicly traded industrial companies. This board refresh appears to reflect Air Products’ responsiveness to calls for board renewal. However, since the majority of existing directors remain in place, activist investors continue to question whether this effort goes far enough. November 19, 2024: Activist investor Mantle Ridge formally nominated nine directors to replace Air Products’ entire board, urging the appointment of a new CEO, realignment of capital allocation, and abandonment of high-risk projects. Among the nominees are Paul Hilal, founder of Mantle Ridge, and Dennis Reilley, former executive at Linde Gas. Also nominated was Eduardo Menezes—formerly Executive Vice President for Europe, Middle East, and Africa at Linde—as a strong candidate for CEO. Other demands from activist investors Beyond board restructuring, activist investor D.E. Shaw has also called on Air Products to address the company’s “chronic underperformance” in stock returns, as well as “deficiencies” in governance and capital allocation policies. In an open letter to Air Products’ Board dated October 10, D.E. Shaw—after seeking constructive dialogue with the company for one month—detailed its concerns.

We Expect More Disciplined Capital Allocation From Air Products' New Management

4 days ago

Morningstar expects Air Products and Chemicals Inc.'s new management to adopt disciplined capital allocation within the industrial gas sector. The firm's strong market position and favorable contract structure support consistent profitability despite commodity-like product sales.

Morningstar

2026-04-09

UBS Adjusts Price Target on Air Products and Chemicals to $307 From $285, Maintains Neutral Rating

2026-04-09

Air Products and Chemicals (NYSE:APD) Given New $307.00 Price Target at UBS Group

2026-04-11

Air Products Tops Turnover Chart as $260 Million Surge Signals Deep Institutional Faith in Hydrogen Future

2026-04-12

Greenup Street Wealth Management Reduces Air Products and Chemicals Holdings

2026-04-13

BMO Capital Adjusts PT on Air Products and Chemicals to $325 From $282, Keeps Market Perform Rating