Air Prods & Chems Inc Stock Price, News & Analysis

Mantle Ridge LP, holding approximately $1.3 billion of Air Products and Chemicals (NYSE: APD) shares, has issued a letter to shareholders advocating for board changes at the company's 2025 Annual Meeting. The investment firm is proposing four new director nominees - Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley - while urging shareholders to withhold votes from current board members Charles Cogut, Lisa A. Davis, Seifollah Ghasemi, and Edward L. Monser.

The letter criticizes the incumbent directors for the company's underperformance over the past five years, citing issues with operational performance, capital allocation, project execution, management succession planning, compensation alignment, and board governance. Mantle Ridge is encouraging shareholders to vote using the BLUE proxy card in favor of their nominees to enhance the company's performance and create long-term shareholder value.

Air Products' (NYSE:APD) Board of Directors has issued a response to Mantle Ridge's shareholder letter, strongly opposing their proposed leadership changes. The Board criticizes Mantle Ridge's nominees, particularly Dennis Reilley for Chairman and Eduardo Menezes for CEO, citing concerns about their qualifications and experience.

The Board highlights that Reilley hasn't held a management position in 18 years and is alleged to have leaked confidential information from three public company boards. Menezes has never been a public company CEO and only managed one region at Linde. The Board also questions the credentials of other Mantle Ridge nominees, Tracy McKibben and Andrew Evans, comparing them unfavorably to Air Products' new independent director candidates.

The Board emphasizes that under current leadership, Air Products has created $44 billion of shareholder value and achieved an 11% Adjusted EPS CAGR since 2014. They have committed to announcing a new President and CEO succession timeline by March 31, 2025.

Mantle Ridge LP, owning approximately $1.3 billion in Air Products and Chemicals (NYSE: APD) shares, has issued a letter to shareholders proposing significant changes to improve the company's performance in the industrial gases industry. The firm is advocating for the election of four new independent director nominees: Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley.

The proposal aims to implement the Linde/Praxair operating model, focusing on establishing a culture of excellence, cost management, disciplined capital allocation, and improved project execution. Mantle Ridge suggests forming a leadership team featuring Dennis Reilley and Eduardo Menezes, highlighting their industry expertise and management capabilities.

Shareholders are urged to vote using the BLUE proxy card in favor of Mantle Ridge's nominees while withholding votes from current company nominees Charles Cogut, Lisa A. Davis, Seifollah Ghasemi, and Edward L. Monser.

Air Products' (NYSE:APD) Board of Directors has addressed recent developments regarding CEO succession and board composition. The company emphasized it is executing a planned CEO succession strategy, with a commitment to announce a new President and CEO succession timeline by March 31, 2025. This plan was in place before Mantle Ridge and D.E. Shaw's involvement.

The Board defended its position against Mantle Ridge's criticism, particularly regarding their board nominees and interpretation of financial results. The company highlighted its strong financial performance, including industry-leading margins and $44 billion in shareholder value creation, with an 11% Adjusted EPS CAGR since 2014.

The Board urged shareholders to vote 'FOR' Air Products' nominees and disregard any proxy cards from Mantle Ridge.

Mantle Ridge LP, owning approximately $1.3 billion of Air Products and Chemicals (NYSE: APD) shares, has released video interviews introducing their four director nominees for APD's 2025 Annual Meeting of Shareholders. The nominees are Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley, along with proposed CEO candidate Eduardo Menezes.

The videos feature commentary from Ricardo Malfitano, Former Executive Vice President of Praxair, discussing Menezes and Reilley, and outline the case for change at Air Products. Mantle Ridge is urging shareholders to vote the BLUE Proxy Card 'FOR' their nominees and 'WITHHOLD' on company nominees Charles Cogut, Lisa A. Davis, Seifollah Ghasemi, and Edward L. Monser.

Mantle Ridge LP, owning approximately $1.3 billion of Air Products and Chemicals (NYSE: APD) shares, has issued a critical shareholder letter highlighting concerns about the company's leadership and performance. The letter addresses alleged omissions and misleading statements from Air Products' management regarding performance, strategy, and key projects.

The investment firm is pushing for board refreshment, proposing four director nominees: Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley. Mantle Ridge urges shareholders to vote 'FOR' their nominees on the BLUE proxy card and 'WITHHOLD' votes from current company nominees Charles Cogut, Lisa A. Davis, Seifollah Ghasemi, and Edward L. Monser.

The letter specifically questions CEO Seifi Ghasemi's leadership, noting integrity issues at a previous company he led, where corporate fraud was discovered during his tenure.

D. E. Shaw, a global investment firm managing over $65 billion, has released an open letter to Air Products and Chemicals' (NYSE: APD) Board expressing disappointment with their CEO succession management. The letter criticizes the Board's failure to effectively oversee CEO Seifi Ghasemi's leadership and his high-risk capital allocation strategy, which reportedly led to significant shareholder value destruction.

The firm points out that despite Ghasemi being the second-oldest CEO in the S&P 500 without a named successor, the Board has failed to provide a clear timeline for CEO transition. While Air Products anticipates announcing a new President by March 31, 2025, no specific timeline for CEO appointment has been disclosed. Major shareholders including Vanguard (9.6%), BlackRock (8.0%), and State Street (4.3%) have emphasized the importance of proper CEO succession planning.

D. E. Shaw announces its intention to support changes in Board composition at the 2025 Annual Meeting, arguing that the current situation risks continued oversight lapses and suboptimal leadership transition.

Air Products (NYSE: APD) has filed an investor presentation highlighting its successful two-pillar growth strategy and achievements under CEO Seifi Ghasemi's leadership. The company has delivered over $44 billion in shareholder value since 2014, with significant financial improvements including a 1,400bps expansion in adjusted EBITDA margin and ~11% adjusted EPS CAGR.

The company's strategy focuses on growing its core industrial gas business while developing its position in the clean hydrogen market. Air Products has allocated over 50% of total capital expenditures for FY 2023-2025 to its core business and secured several major clean hydrogen agreements, including a 15-year supply deal with TotalEnergies.

The presentation addresses Mantle Ridge's board nominations, defending the current board's expertise and raising concerns about Mantle Ridge's proposed executive chairman candidate.

Mantle Ridge LP, owning $1.3 billion in Air Products (APD) shares, released a presentation highlighting urgent need for change in APD's Board following years of underperformance. The investor criticizes APD's industry-worst five-year TSR (+50%) compared to peers Linde (+171%) and Air Liquide (+93%).

The presentation details concerns about CEO Seifi Ghasemi's leadership, including capital allocation to high-risk, low-return projects, poor execution, and resistance to succession planning at age 80. Mantle Ridge proposes four director nominees and suggests Eduardo Menezes as CEO, believing APD could be worth over $425 per share under better leadership.