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Boardroom Bloodbath: Activist Investor Ousts Air Products CEO in Power Struggle

Air Products CEO

Boardroom Bloodbath: Activist Investor Ousts Air Products CEO in Power Struggle

Mantle Ridge just pulled off a major boardroom coup at Air Products and Chemicals (APD, Financial), securing three seats in a shareholder vote that also ousted CEO Seifi Ghasemi from the board. While Ghasemi is still CEO for now, the activist investor has been pushing hard for a leadership shake-up, advocating for former Linde executive Eduardo Menezes to take the reins. With a $1.3 billion stake in the company, Mantle Ridge isn’t just making noise—it’s making moves.

The vote also unseated chairman Edward Monser and longtime board member Charles Cogut, signaling just how much sway Mantle Ridge now holds. Big-name proxy firms like Institutional Shareholder Services and Glass Lewis backed the shake-up, reinforcing the activist’s case for change. Meanwhile, Air Products is sticking to its previously announced succession timeline, aiming to name a new president by March 31 and finalize the CEO transition within three months of that hire. The board is set to meet soon to figure out the next steps, but investors want answers—fast.

Now, all eyes are on Air Products’ next move. Will it roll with Mantle Ridge’s plan, or fight to maintain control of its future? Analysts at Mizuho are betting on a quick resolution, and investors seem cautiously optimistic—the stock ticked up on the news. But with billions in play and leadership in flux, this saga is far from over.

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Boardroom Bloodbath: Activist Investor Ousts Air Products CEO in Power Struggle, source

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