#United States #New York #Air Products #Seifi Ghasemi #Mantle Ridge

Making Your Voice Heard: A Call to Action

As the Annual Meeting for Air Products and Chemicals, Inc. approaches on January 23, 2025, Mantle Ridge LP is calling upon shareholders to exercise their voting rights. With a substantial stake of around $1.3 billion in Air Products, Mantle Ridge is advocating for significant changes to be made to the company’s board of directors.

In an open letter addressed to shareholders, the firm has explicitly urged them to vote in favor of its four nominees: Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley. These individuals are viewed as highly qualified and capable of steering Air Products towards a more prosperous future.

A Probable Shift in Leadership

Mantle Ridge’s push for change has been bolstered by recommendations from leading independent proxy advisory firms, such as ISS, Glass Lewis, and Egan-Jones, all of which advocate for replacing the current CEO, Seifi Ghasemi, along with other board members. The firm believes that such a transformation is necessary to reverse the current trajectory of decline within the company.

The letter of invitation from Mantle Ridge highlights that the independent proxy advisory firms provide essential third-party validation of their case for change. This endorsement helps clarify the competing narratives put forth by both Mantle Ridge and the existing board.

The Importance of Voter Participation

As the date of the meeting nears, Mantle Ridge emphasizes the urgency of shareholder participation in voting. Given the pivotal role that voting plays in this decision-making process, the firm has made it convenient for shareholders to cast their votes through online platforms. Mantle Ridge encourages shareholders to familiarize themselves with the voting instructions as listed on their BLUE proxy cards or voting instruction forms.

The Experience Behind Proposed Nominees

The strong credentials of the nominees presented by Mantle Ridge stand out as a cornerstone of their argument for change. Each nominee possesses a wealth of relevant industry experience and has been involved in shareholder-led board refreshment, which is crucial for aligning the company’s governance with shareholder interests. If these nominations are accepted, they are expected to collaborate with current directors to enhance the company's performance by implementing best-in-class governance practices.

Also, the nominees are keen on establishing a new approach to the CEO search process to ensure that Air Products can attract the top talent available in the industry. Mantle Ridge also suggests that if they are successful, the newly restructured board can potentially reunite industry leaders from Linde plc, further fortifying the management team.

Redefining Company Culture

One of the significant outcomes projected from this proposed board renewal involves resetting the culture and values within Air Products. By electing directors that demonstrate a commitment to shareholder interests, Mantle Ridge believes that there can be a fundamental shift in how the company operates. They argue that shareholder-driven improvements have historically proven to be the most effective means for ensuring long-lasting transformation.

Conclusion: A Call for Action

As the January 23 meeting approaches, Mantle Ridge invokes shareholders to make a decisive move towards a revitalized future for Air Products. They stress that this is a rare and historic opportunity for shareholders to influence critical changes that can lead to improved corporate performance down the line. With just days left, the time to act is now.

Shareholders seeking more insights on the nominees and the rationale for this restructuring can consult www.RefreshingAirProducts.com,
where they may also find instructions on how to vote. This election represents not just a routine decision, but a crucial juncture for Air Products and its stakeholders, making every vote significant in determining the company’s path forward.