Air Products Invites Shareholders to Guard Company Stability by Voting for Their Nominees Only

Air Products Calls for Shareholder Support



In a proactive move, Air Products' Board of Directors has issued an open letter urging its shareholders to vote for only Air Products’ nominees during the 2025 Annual Meeting. The company is positioning itself as a stable entity pursuing long-term growth and effective value creation, a stark contrast to the disruptive tactics of Mantle Ridge, which aims to impose its short-term strategies on the firm.

The upcoming Annual Meeting is scheduled for January 23, 2025. Ahead of this critical event, Air Products is advocating for the importance of the white proxy card. By voting in favor of Air Products' nominees, shareholders are expected to fortify the company's stability and continuity amidst the CEO transition.

Key Developments on CEO Transition


The Board has laid out a carefully structured CEO succession plan, with expectations of announcing a new President by March 31, 2025. The new CEO is anticipated to onboard within three months following their hiring. Furthermore, the plan includes a split of the roles of Chair and CEO, alongside the retirement of Mr. Ghasemi from the Board, thus ensuring a clear path forward for leadership within the company.

This strategic transition is crucial for maintaining momentum in Air Products' long-term operational goals and its ongoing commitment to creating shareholder value. The company aims to ensure a smooth transfer of leadership that aligns with its progressive business objectives and ethos.

The Stand Against Mantle Ridge


In its appeal, Air Products has criticized the nominees put forth by Mantle Ridge, arguing that they lack the qualifications and experience necessary to guide the company effectively. Eduardo Menezes, Mantle Ridge’s suggestion for the CEO position, is highlighted as lacking relevant leadership experience, specifically in a public company context which raises concerns about his capability to steer Air Products towards profitability.

The letter emphasizes that the Air Products’ Board has prioritized selecting candidates with proven records in advocacy for shareholder value and the industry at large. Six out of the nine directors have been appointed in the past five years, signifying a refreshment of the Board's perspectives and objectives aimed at enhancing long-term value.

Financial Performance and Future Projections


Reaffirming its commitment to creating superior shareholder value, Air Products recently reported preliminary figures for the first quarter of fiscal 2025, showcasing a GAAP EPS of $2.77 and adjusted EPS of $2.86. This performance not only exceeds previous estimates but also reflects robust strategies in place. In contrast, the lack of a substantive plan from Mantle Ridge raises significant concerns about potential disruptions to critical company operations, particularly in executing Air Products’ hydrogen strategy essential for future growth.

Conclusion


As the countdown to the Annual Meeting continues, Air Products’ Board is urging all shareholders to critically evaluate the implications of their voting decisions. The pivotal nature of this vote encapsulates the struggle between adhering to a proven path of stability and allowing outside parties with differing motivations to influence the company's direction. It is crucial for shareholders to cast their votes using the white proxy card to uphold their interests and foster an environment conducive to long-term success without the interference of transient influences. The Board remains united in its belief that the best course for Air Products lies in voting for its dedicated nominees and rejecting the disruptive agenda of Mantle Ridge. Your voice matters - make it count at the polls!

Call to Action


For additional information on voting, shareholders are encouraged to visit voteairproducts.com where they can access relevant details to make informed decisions regarding their shares. Please remember to discard any blue proxy cards received from Mantle Ridge, as they contradict the ongoing efforts to safeguard Air Products' institutional integrity and performance.

About Air Products


Air Products, a trailblazer in the industrial gases industry with over 80 years of operation, focuses on delivering energy-efficient and environmentally sustainable solutions across various markets. Its commitment to innovation underpins its strategies to support a cleaner energy future. With a presence in nearly 50 countries and a sales figure of $12.1 billion in fiscal 2024, Air Products stands strong in its mission to deliver optimal solutions while enhancing shareholder value.

Topics General Business)

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