RSS Air Products Asserts Smooth CEO Transition Plan

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 RSS Air Products Asserts Smooth CEO Transition Plan

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Air Products and Chemicals, Inc. (APD) announced on Tuesday it has established a comprehensive succession plan to ensure a seamless transition when CEO Seifollah Ghasemi steps down. The company, headquartered in Allentown and known for producing industrial hydrogen and various other gases, intends to announce a new President and a detailed timeline for the CEO succession by March 31, 2025.

In its statement, the company addressed claims from Mantle Ridge LP, which has suggested replacing Ghasemi with Dennis Reilley as CEO. Air Products has rejected these actions, asserting that there have been attempts to manipulate its financial results and misrepresent its standard financial reporting practices. The board has encouraged shareholders to support only their proposed nominees.

Conversely, Mantle Ridge LP has put forward four independent shareholder nominees: Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley. Additionally, they have recommended Eduardo Menezes for the CEO position.

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