#United States #New York #Air Products #Mantle Ridge #Shareholder Vote

Last Chance to Influence Change at Air Products

As the clock ticks down to the highly anticipated Annual Meeting of Shareholders at Air Products and Chemicals, Inc. set for January 23, 2025, Mantle Ridge LP is urging shareholders to take immediate action. With merely 48 hours left to vote, Mantle Ridge calls upon all shareholders to cast their votes for transformative change by supporting their recommended nominees for the board of directors.

The Push for New Leadership

Mantle Ridge, which represents approximately $1.3 billion worth of outstanding shares, has highlighted the importance of approving their four nominated candidates: Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley. The urgency of this appeal is underscored by the unanimous recommendations from three leading proxy advisory firms—ISS, Glass Lewis, and Egan-Jones—all advocating for a shift in leadership. They signal that the current CEO, Seifi Ghasemi, along with a few others on the board, should be replaced with Mantle Ridge's nominees to ensure enhanced governance and performance for the future of Air Products.

Concerns Over Current Management

The advisory firms have not only recommended replacing Ghasemi but have also expressed serious concerns regarding his leadership. They point out issues such as a failure to demonstrate a viable CEO succession plan, which leaves a cloud of uncertainty hanging over Air Products’ direction. Egan-Jones explicitly stated that Ghasemi's continued leadership presents a significant reputational risk and reflects a troubling lack of accountability from the board.

Despite management's efforts to defend its performance against Mantle Ridge’s challenges, the investment research community indicates that most shareholders align with Mantle Ridge’s perspective on necessary changes. Barclays noted that the momentum seems to be shifting towards embracing the proposed changes, while Deutsche Bank ensured that Mantle Ridge's team brings formidable industry expertise.

The “Dream Team” Proposal

The cohesive strategy proposed by Mantle Ridge encapsulates a “Dream Team” poised to steer Air Products towards success. The potential leadership pairing of Eduardo Menezes and Dennis Reilley—both of whom have significant experience from Linde plc—has garnered industry-wide respect and support. Their strategic insight into operations and governance could very well position Air Products for long-term prosperity.

Shape the Future: Vote Now

For shareholders holding BLUE proxy cards, the voting website is open for submissions. Mantle Ridge emphasizes that casting a vote for their nominees is crucial for steering Air Products toward a brighter future. Given the pressing time constraints, it is imperative that shareholders exercise their rights to influence the direction of the company positively.

Visit RefreshingAirProducts.com for detailed voting instructions and further insights into the nominees and their plans to reinvigorate Air Products’ growth.

In conclusion, with the pending shareholder meeting looming, Mantle Ridge encourages every stakeholder to reflect on the potential impact of this decision and cast their votes for change. A vote for Mantle Ridge's nominees is not just a vote for new faces on the board; it embodies an optimistic outlook for the transformation of Air Products and Chemicals, Inc. into a company that can realize its true potential and provide long-term value for all its stakeholders.