Air Products Announces Retirement of Board Member Margaret G. McGlynn Following 15 Years of Dedicated Service

Rhea-AI Summary

Air Products (NYSE:APD) announced the retirement of Margaret G. McGlynn from its Board of Directors, effective November 23, 2020, after 15 years of service due to the company's term limit policy. McGlynn has significant experience in global marketing, government relations, and public policy. Air Products' CEO, Seifi Ghasemi, expressed gratitude for her contributions, stating she played a key role in the company's strategic Five-Point Plan. The company reported fiscal 2020 sales of $8.9 billion and maintains a market capitalization of approximately $60 billion.

Positive

• Margaret G. McGlynn has contributed significantly to the company's Board for 15 years, bringing expertise in human resources and governance.
• Her retirement opens the opportunity for new perspectives on the Board.

Negative

• Concerns about potential gaps in experience and continuity due to McGlynn's departure from the Board.

LEHIGH VALLEY, Pa., Nov. 19, 2020 /PRNewswire/ -- Air Products (NYSE:APD) today announced that Margaret G. McGlynn has elected to retire from the Company's Board of Directors, effective November 23, 2020 following
15 years of dedicated service.

Ms. McGlynn's decision to retire comes as she ends a full, 15-year term as an independent director on Air Products' Board, as Air Products has a term limit of 15 years for directors in its Corporate Governance Guidelines. Most recently, she served as a member of the Company's Board's Corporate Governance and Nominating Committee and its Management Development and Compensation Committee.

Ms. McGlynn's contributions to the Air Products Board—including extensive experience in global marketing, government relations, public policy, mergers and acquisitions, and talent management—derived from her prior leadership of the Global Vaccine and Infectious Disease Division of Merck & Co., Inc.; her role as president and chief executive officer of the International AIDS Vaccine Initiative; and her service on several boards of directors.

Commenting on Ms. McGlynn's decision to retire, Air Products Chairman, President and Chief Executive Officer Seifi Ghasemi, said, "On behalf of the Board, our management team and our more than 19,000 employees, I want to thank Margie for 15 years of distinguished service on the Board, during which she has contributed significant human resources, governance and other expertise. Speaking personally, I am grateful for Margie's guidance over the past six years as we have pursued our strategic Five-Point Plan and made Air Products the best performing industrial gas company in the world. We wish Margie happiness and all the best in the future."

About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.

The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $60 billion. More than 19,000 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 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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SOURCE Air Products

FAQ

What was the reason for Margaret G. McGlynn's retirement from Air Products' Board?

Margaret G. McGlynn retired after completing a full 15-year term, as per Air Products' Corporate Governance Guidelines.

When is Margaret G. McGlynn's retirement effective?

Her retirement is effective on November 23, 2020.

What has been Margaret G. McGlynn's role at Air Products?

She served as a member of the Corporate Governance and Nominating Committee and the Management Development and Compensation Committee.

How has Air Products performed financially during McGlynn's tenure?

Air Products reported fiscal 2020 sales of $8.9 billion and has a market capitalization of around $60 billion.

Who commented on McGlynn's retirement?

Seifi Ghasemi, Chairman, President, and CEO of Air Products, expressed gratitude for her service.