#USA #New York #Air Products #Mantle Ridge #Egan-Jones

Introduction

In a decisive move signaling the need for change at Air Products and Chemicals, Inc., Egan-Jones Proxy Services, a highly respected proxy advisory firm, has come out in strong support of Mantle Ridge's director nominees. The upcoming shareholders' meeting on January 23, 2025, is set to be pivotal as Egan-Jones advises shareholders to vote 'FOR' Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley.

The Case for Change

Egan-Jones has identified multiple reasons to favor Mantle Ridge's leadership candidates. They emphasize the significant damage caused by the current management team, led by CEO Seifi Ghasemi. According to Egan-Jones’ findings, Ghasemi’s tenure has resulted in mismanagement that has eroded shareholder value due to poor investment choices and inadequate leadership skills. The firm argues that Ghasemi’s commitment to maintaining his position demonstrates a lack of accountability, further putting the company at risk.

Egan-Jones points out that the lack of a transparent CEO succession plan has compounded these issues. They assert that the inability of Ghasemi and the board to form a clear plan for leadership transition is a major contributor to the company’s struggles. Their recommendation urges shareholders to prioritize new independent nominees who promise to bring essential skills, industry insights, and strategy to the board.

Support from Industry Leaders

In addition to Egan-Jones, two other leading proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, have also advocated for Mantle Ridge’s nominees, reinforcing the call for a significant shakeup in the existing board structure. The collective agreement among these firms suggests a strong consensus that fresh leadership is critical for Air Products to optimize its operations and financial performance.

The spokesperson for Mantle Ridge expressed gratitude for Egan-Jones' backing, stating that the recommendation underscores the dire need for change. The firm believes that electing their nominees—who boast a mix of operating experience and strategic vision—will offer a path for recovery and growth for Air Products.

The Mantle Ridge Nominees

1. Andrew Evans: Bringing over 30 years in capital-intensive industries, Evans' experience as both CEO and CFO positions him uniquely to guide the company toward better capital allocation.
2. Paul Hilal: Notable for his successful corporate transformations, Hilal has previously contributed to significant efficiency improvements at various organizations, enhancing shareholder value.
3. Tracy McKibben: As a current CEO with expertise in energy transition and environmental technologies, McKibben can be expected to guide Air Products into modern industrial practices, particularly in green hydrogen projects.
4. Dennis Reilley: Known for his project execution strategies, Reilley brings a historical perspective that is essential for reestablishing performance metrics across the company.

Conclusion

As the vote approaches, the stakes for Air Products and its shareholders could not be higher. The potential for a transformed board able to address ongoing performance issues has led to an urgent call for change. Egan-Jones, along with Mantle Ridge, is asking shareholders to act decisively by supporting the BLUE Proxy Card, advocating for a future where Air Products can realize its full potential. For investors, the message is clear: change is not just necessary, it is imperative to reclaim value.

For more details on how to vote and additional insights regarding the nominees, shareholders can visit RefreshAirProducts.com.