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 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 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 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 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 extensive business experience and mature 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 on the company to cut costs, focus on core businesses, and pave 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 two former Linde executives—Dennis Reilley and Eduardo Menezes—would join Mantle Ridge’s campaign to restructure Air Products’ management and board.

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

After months of intense scrutiny and mounting pressure from activist investors, Air Products has finally launched a counteroffensive! Ahead of its Annual General Meeting, the company issued a letter to shareholders urging them to vote for its slate of director nominees—not the nominees proposed by activist investors—and simultaneously unveiled a timeline for CEO succession. Gas Expo cited a statement from Air Products’ official website: On December 4, Air Products’ Board of Directors issued a letter to shareholders highlighting key information shareholders should consider ahead of the 2025 Annual General Meeting. First, Air Products emphasized that it is the world’s most profitable industrial gas company. “Adjusted EBITDA margins for Air Products’ core industrial gases business have reached an all-time high—leading the industry—and are driving earnings per share (EPS) growth. We continue to expand our core industrial gases business, having allocated over 50% of total capital expenditures to this segment over the past four years, while simultaneously developing the clean hydrogen market.” Second, Air Products stated that its first-mover advantage in the clean hydrogen sector is already yielding tangible results. “According to Deloitte research, clean hydrogen presents enormous value-creation opportunities for shareholders: revenues are projected to exceed $600 billion by 2030 and surpass $1 trillion by 2050. Recently, Air Products signed a 15-year agreement with TotalEnergies to supply 70,000 metric tons of green hydrogen annually starting in 2030—demonstrating strong near-term demand.” Third, Air Products continues prudent capital allocation to mitigate risks associated with its hydrogen business while delivering effective returns to shareholders. “Under the CEO’s leadership, disciplined capital allocation has enabled us to reduce risk exposure in the hydrogen business, invest in new projects expected to meet or exceed our internal return targets, and increase the compound annual growth rate of dividends per share by 9%. Furthermore, as capital expenditures slow, we anticipate enhancing shareholder returns via increased dividends and share repurchases.” Fourth, Air Products’ Board is actively identifying potential CEO successors. “In August this year, Air Products announced it is searching for a President who would serve as a qualified successor to incumbent CEO Seifi Ghasemi and join the Board. The appointment of the President—and the related ‘CEO succession timeline’—will be announced no later than March 31, 2025.” “Additionally, the Board has undergone meaningful renewal: six of its nine directors were appointed within the past five years—including the two newly nominated directors, Bob Patel and Alfred Stern—who bring extensive experience in leading and overseeing public companies.” Fifth, replacing the entire Board would undermine stability, destroy value, and jeopardize Air Products’ future. “Activist investor Mantle Ridge seeks full control of the company and aims to halt our growth momentum without a thoughtful, well-considered plan. Holding only approximately 1.8% of Air Products’ shares, Mantle Ridge is attempting to replace all of Air Products’ directors with its own unqualified nominees—and to replace the CEO and executive team.” The Board believes Mr. Ghasemi remains the right leader at this time. His track record transforming Air Products into the world’s most profitable industrial gas company speaks for itself—and we stand at a pivotal moment in executing our clean hydrogen strategy.

Air Products Appoints Kurt Lefevere and Francesco Maione as Group Presidents

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Air Products and Chemicals Inc appointed Kurt Lefevere and Francesco Maione as Group Presidents effective November 1, 2026, to enhance accountability and drive profitable growth under CEO Eduardo Menezes.

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Air Products Appoints Kurt Lefevere and Francesco Maione as Group Presidents

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