It's Time for a Fresh Start at Air Products: Mantle Ridge Sends Letter to Air Products and Chemicals, Inc. Shareholders
Mantle Ridge LP, holding approximately $1.3 billion of Air Products and Chemicals (NYSE: APD) shares, has issued a letter to shareholders advocating for board changes at the company's 2025 Annual Meeting. The investment firm is proposing four new director nominees - Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley - while urging shareholders to withhold votes from current board members Charles Cogut, Lisa A. Davis, Seifollah Ghasemi, and Edward L. Monser.
The letter criticizes the incumbent directors for the company's underperformance over the past five years, citing issues with operational performance, capital allocation, project execution, management succession planning, compensation alignment, and board governance. Mantle Ridge is encouraging shareholders to vote using the BLUE proxy card in favor of their nominees to enhance the company's performance and create long-term shareholder value.
Mantle Ridge LP, che detiene circa 1,3 miliardi di dollari in azioni di Air Products and Chemicals (NYSE: APD), ha inviato una lettera agli azionisti per sostenere cambiamenti nel consiglio di amministrazione in occasione dell'Assemblea Annuale del 2025. La società di investimento propone quattro nuovi candidati alla direzione - Andrew Evans, Paul Hilal, Tracy McKibben e Dennis Reilley - chiedendo agli azionisti di astenersi dal votare per i membri attuali del consiglio Charles Cogut, Lisa A. Davis, Seifollah Ghasemi ed Edward L. Monser.
La lettera critica i direttori in carica per l'underperformance dell'azienda negli ultimi cinque anni, citando problemi con le performance operative, l'allocazione del capitale, l'esecuzione dei progetti, la pianificazione della successione gestionale, l'allineamento delle retribuzioni e la governance del consiglio. Mantle Ridge sta incoraggiando gli azionisti a votare utilizzando la scheda blu in favore dei loro candidati per migliorare le performance dell'azienda e creare valore a lungo termine per gli azionisti.
Mantle Ridge LP, que posee aproximadamente 1.3 mil millones de dólares en acciones de Air Products and Chemicals (NYSE: APD), ha enviado una carta a los accionistas abogando por cambios en la junta directiva en la reunión anual de 2025. La firma de inversión propone cuatro nuevos nominados a directores - Andrew Evans, Paul Hilal, Tracy McKibben y Dennis Reilley - mientras insta a los accionistas a abstenerse de votar por los actuales miembros de la junta Charles Cogut, Lisa A. Davis, Seifollah Ghasemi y Edward L. Monser.
La carta critica a los directores actuales por el bajo rendimiento de la empresa en los últimos cinco años, citando problemas con el rendimiento operativo, la asignación de capital, la ejecución de proyectos, la planificación de la sucesión en la gestión, la alineación de la compensación y la gobernanza de la junta. Mantle Ridge está alentando a los accionistas a votar usando la tarjeta de poder azul a favor de sus nominados para mejorar el rendimiento de la empresa y crear valor a largo plazo para los accionistas.
맨틀 리지 LP는 13억 달러 상당의 에어 프로덕츠 앤 케미컬스(NYSE: APD) 주식을 보유하고 있으며, 2025년 연례 총회에서 이사회를 변경하자는 내용의 편지를 주주들에게 발송했습니다. 이 투자 회사는 앤드류 에반스, 폴 힐랄, 트레이시 맥키벤, 데니스 레일리라는 네 명의 새로운 이사 후보를 제안하면서 현재 이사인 찰스 코구트, 리사 A. 데이비스, 세이폴라 가세미 및 에드워드 L. 몬서에게서 투표를 보류할 것을 주주들에게 권고하고 있습니다.
이 편지는 지난 5년 간의 회사의 부진한 성과에 대해 현직 이사들을 비판하며, 운영 성과, 자본 배분, 프로젝트 실행, 관리 승계 계획, 보상 정렬 및 이사회 거버넌스 문제를 언급하고 있습니다. 맨틀 리지는 주주들에게 그들의 후보자에 찬성하는 파란색 위임장으로 투표할 것을 장려하여 회사의 성과를 향상시키고 장기적으로 주주 가치를 창출할 것을 촉구하고 있습니다.
Mantle Ridge LP, détenant environ 1,3 milliard de dollars d'actions d'Air Products and Chemicals (NYSE: APD), a envoyé une lettre aux actionnaires plaidant pour des changements au conseil d'administration lors de l'Assemblée Générale de 2025. La société d'investissement propose quatre nouveaux candidats à la direction - Andrew Evans, Paul Hilal, Tracy McKibben et Dennis Reilley - tout en exhortant les actionnaires à s'abstenir de voter pour les membres actuels du conseil Charles Cogut, Lisa A. Davis, Seifollah Ghasemi et Edward L. Monser.
La lettre critique les administrateurs en fonction pour la sous-performance de l'entreprise au cours des cinq dernières années, citant des problèmes de performance opérationnelle, d'allocation de capital, d'exécution de projet, de planification de la succession, d'alignement des rémunérations et de gouvernance du conseil. Mantle Ridge encourage les actionnaires à voter en utilisant la carte de vote BLEUE en faveur de leurs candidats pour améliorer la performance de l'entreprise et créer de la valeur à long terme pour les actionnaires.
Mantle Ridge LP, das ungefähr 1,3 Milliarden Dollar an Aktien von Air Products and Chemicals (NYSE: APD) hält, hat einen Brief an die Aktionäre geschickt, in dem es für Änderungen im Vorstand bei der Hauptversammlung 2025 plädiert. Die Investmentgesellschaft schlägt vier neue Direktorenkandidaten vor - Andrew Evans, Paul Hilal, Tracy McKibben und Dennis Reilley - und fordert die Aktionäre auf, von den aktuellen Vorstandsmitgliedern Charles Cogut, Lisa A. Davis, Seifollah Ghasemi und Edward L. Monser abzusehen.
Der Brief kritisiert die amtierenden Direktoren wegen der Underperformance des Unternehmens in den letzten fünf Jahren und nennt Probleme mit der operativen Leistung, der Kapitalallokation, der Projektdurchführung, der Nachfolgeplanung im Management, der Vergütungsstruktur und der Vorstandspraktiken. Mantle Ridge ermutigt die Aktionäre, mit der blauen Stimmkarte für ihre Kandidaten zu stimmen, um die Unternehmensleistung zu verbessern und langfristigen Aktionärswert zu schaffen.
- Potential board refresh with experienced nominees having CEO, CFO, and Board leadership backgrounds
- Active involvement of major shareholder ($1.3B stake) pushing for corporate governance improvements
- Five years of chronic underperformance acknowledged by major shareholder
- Operational underperformance issues
- Poor project execution
- Flawed capital allocation and strategy
- Failed management development and succession planning
- Poor compensation alignment with performance
Insights
This activist campaign by Mantle Ridge represents a significant governance challenge at Air Products. With a
The campaign focuses on critical governance failures: operational underperformance, capital allocation issues, project execution problems and succession planning weaknesses. The targeting of CEO Seifi Ghasemi, who led APD's initial turnaround but has presided over recent underperformance, signals a potential leadership overhaul. For retail investors, think of this as a major renovation project where the contractor (Mantle Ridge) is trying to replace key architects (board members) due to structural problems in the building (company performance).
The proxy battle at Air Products carries substantial implications for shareholder value. The stock has underperformed peers over the past five years, making this intervention potentially transformative. The focus on both operational and strategic shortcomings suggests a comprehensive overhaul rather than minor tweaks.
Mantle Ridge's track record in similar situations, particularly at CSX, demonstrates their ability to drive significant operational improvements. Their detailed critique of capital allocation and project execution resonates given APD's recent challenges with major projects. For the average investor, this is comparable to a seasoned real estate developer identifying systemic problems in property management and proposing a new team to fix them. The
Highlights Strength of Mantle Ridge's Four Director Nominees
Puts Performance of Selected Incumbent Directors into Perspective – Including Responsibility for Operational Underperformance, Flawed Capital Allocation and Strategy, Poor Project Execution, Failed Management Development and Succession Planning, Failed Compensation Alignment, and Degradation of Board Composition, Performance, and Governance Safeguards
Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser
Read the Letter and Related Materials at www.RefreshingAirProducts.com
The letter also outlines the many leadership failures of select incumbent directors – Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser – who Mantle Ridge believes are most responsible for the last five years of Air Products' chronic underperformance.
Mantle Ridge encourages all shareholders to review the attached letter, which is also accessible alongside related materials at www.RefreshingAirProducts.com.
To Enhance Air Products' Performance and Create the Long-Term Value that Shareholders Deserve, Mantle Ridge Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified Director Nominees – Andrew
Additional information regarding Mantle Ridge's highly qualified nominees and other materials related to its proxy campaign may be found at www.RefreshingAirProducts.com.
About Mantle Ridge
Founded in 2016, Mantle Ridge LP is an engaged, long-term owner-steward that works closely and constructively with company boards to create durable long-term value for all stakeholders. None of Mantle Ridge's affiliated entities is a hedge fund or other investment vehicle with a structurally short-term incentive. Mantle Ridge engages with the expectation of maintaining an ownership position over the very long-term. Mantle Ridge has raised separate, single-investment, five-year special purpose vehicles to support its previous engagements with companies including CSX Corporation, Aramark, and Dollar Tree. For more information, visit https://www.mantleridge.com/.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of Mantle Ridge LP and its affiliates (collectively, "Mantle Ridge") or any of the other participants in the proxy solicitation described herein prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Mantle Ridge that the future plans, estimates or expectations contemplated will ever be achieved.
Certain statements and information included herein may have been sourced from third parties. Mantle Ridge does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties, nor has Mantle Ridge paid for any such statements or information. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.
Mantle Ridge disclaims any obligation to update the information herein or to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or unanticipated events.
IMPORTANT INFORMATION AND WHERE TO FIND IT
MANTLE RIDGE LP STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ ITS DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS FILED BY MANTLE RIDGE LP WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS ARE ALSO AVAILABLE ON THE SEC'S WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS' PROXY SOLICITOR, D.F. KING & CO., INC., 48 WALL STREET, 22ND FLOOR,
Information about the Participants and a description of their direct or indirect interests by security holdings or otherwise can be found in the Definitive Proxy Statement.
Investor Contact
D.F. King & Co., Inc.
Edward McCarthy
Tel: (212) 493-6952
Media Contacts
Jonathan Gasthalter / Nathaniel Garnick
Gasthalter & Co.
Tel: (212) 257-4170
Email: RefreshingAPD@gasthalter.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/its-time-for-a-fresh-start-at-air-products-mantle-ridge-sends-letter-to-air-products-and-chemicals-inc-shareholders-302346931.html
SOURCE Mantle Ridge LP
FAQ
What changes is Mantle Ridge proposing for Air Products (APD) board?
How large is Mantle Ridge's stake in Air Products (APD)?
What are the main criticisms of Air Products (APD) current management?
When will Air Products (APD) shareholders vote on the new board nominees?
