Change is coming for Air Products and Chemicals after the industrial gas company lost a boardroom fight with the activist investment firm Mantle Ridge. This site uses cookies to enhance your user experience. By continuing to use this site you are agreeing to our COOKIE POLICY.

Activist investor Mantle Ridge has secured three board seats and effectively ousted the chief executive of Air Products and Chemicals after a shareholder vote. Paul Hilal’s firm last year [built a mor

Mantle Ridge shakes up Air Products (APD), securing board seats and pushing for a CEO change--what's next for the $71B giant?

Mantle Ridge owns about $1.3 billion (or about 1.8%) in common shares of Air Products stock. It had waged a months-long campaign, calling for major changes at the industrial gas company, which is headquartered in Upper Macungie Township.

Air Products and Chemicals shareholders on Thursday handed victory to an activist investor who had pushed the industrial gases company to replace its 80-year-old chief, by electing three new directors and unseating the CEO from the board.

Mantle Ridge has been pushing for changes at Air Products, including the replacement of Seifi Ghasemi as chairman and CEO and improvements to the company’s strategy and capital allocation.

Based on preliminary results released Thursday, Air Products announced the company’s new board of directors which, for the first time in more than a decade, does not include Chair and CEO

Air Products and Chemicals shareholders on Thursday handed activist investor Mantle Ridge Capital Management victory by electing three of its four proposed director candidates to the industrial gases company's nine-member board.