Mantle Ridge: ISS recommends Air Products investors vote for nominees

Mantle Ridge LP, which, together with its affiliates, beneficially owns approximately $1.3B of the outstanding common shares of Air Products (APD) and Chemicals, announced that Institutional Shareholder Services, an independent proxy advisory firm, has recommended that Air Products shareholders vote “FOR” the election of Mantle Ridge nominees Andrew Evans, Paul Hilal, and Dennis Reilley to the company’s Board of Directors at its 2025 Annual Meeting of Shareholders, scheduled for January 23, 2025. ISS also noted that Tracy McKibben is “well qualified to serve as a member of the APD board.” ISS also joined proxy advisory firm Glass Lewis & Co. in recommending change is needed on the Air Products Board and that shareholders vote “WITHHOLD” on the Company nominees Charles Cogut, Seifollah “Seifi” Ghasemi, and Edward L. Monser, Mantle Ridge said. Paul Hilal, Founder and CEO of Mantle Ridge, commented, “We are pleased that ISS recognizes the clear need for change at Air Products, and has recommended that shareholders vote for the election of three of our highly qualified independent nominees to the Company’s Board, and vote to remove Messrs. Ghasemi, Monser, and Cogut. We believe a shareholder-led reconstitution of the Board is necessary, and positions the refreshed Board to properly reconsider allowing Mr. Ghasemi’s dominion over the Company to extend indefinitely. It also will finally allow the Board to conduct a bona fide CEO succession process that no longer excludes Mr. Eduardo Menezes – the exceptional executive widely hailed as a part of the ‘Dream Team’ to lead Air Products. A reconstituted Board could also more objectively revisit the Company’s strategic and operational issues and challenged projects.”