Air Products – Board of Directors again extends Seifi Ghasemi’s Term as Chairman, President and Chief Executive Officer.
Air Products’ (NYSE: APD) Board of Directors announced an amendment to the employment agreement with Air Products’ chairman, president and chief executive officer, Seifi Ghasemi, further extending his term.
The Company has entered into a new amended agreement that will initially extend Ghasemi’s employment term to September 30, 2028. On September 30, 2024 and each year thereafter, the contract term will automatically renew to be a five-year term unless either party terminates the agreement at the latest, four years ahead of its then expiration date.
Edward L. Monser, commenting on the Board’s action, lead director, said:
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Since becoming Air Products’ Chairman, President and Chief Executive Officer nearly nine years ago, Seifi has led the company’s transformation into the world’s most profitable industrial gases company.
“He is a model for creating shareholder value while building an inclusive culture where employees act with integrity, commitment and purpose. The Board’s action to extend Seifi’s employment agreement while maintaining our strong focus on his succession provides clarity and certainty for years to come and reflects our continued confidence in his ability to deliver.”
Seifi Ghasemi’s said:
It has been an honor and a privilege for me to work alongside the dedicated, talented and motivated team at Air Products.
“Working together over the past nine years, we have increased the market capitalization of Air Products from about $20 billion to more than $60 billion. Air Products has a tremendous growth strategy, underpinned by our core industrial gas business and by being the leader in the production and distribution of low- and zero-carbon hydrogen that will help to decarbonize the world. I do look forward to working with our outstanding team at Air Products to innovate, continue to serve our customers and create additional shareholder value for many years to come.”
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products’ base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food.
The Company also develops, engineers, builds, owns and operates some of the world’s largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen for global transportation, industrial markets, and the broader energy transition. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and globally provides turbomachinery, membrane systems and cryogenic containers.
The Company had fiscal 2022 sales of $12.7 billion from operations in over 50 countries and has a current market capitalization of over $60 billion. More than 21,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what’s possible to address the challenges facing customers, communities, and the world.
For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.
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Air Products’ Board of Directors Again Extends Seifi Ghasemi’s Term as Chairman, President and Chief Executive Officer, LEHIGH VALLEY, Pa., May 18, 2023
