MAKE YOUR VOICE HEARD: MANTLE RIDGE SENDS OPEN LETTER ASKING AIR PRODUCTS AND CHEMICALS, INC. SHAREHOLDERS TO VOTE AT ANNUAL MEETING
Mantle Ridge LP, owning approximately $1.3 billion in Air Products and Chemicals (NYSE: APD) shares, has issued an open letter to shareholders ahead of the January 23, 2025 Annual Meeting. The 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 including CEO Seifi Ghasemi.
All three leading independent proxy advisory firms - ISS, Glass Lewis, and Egan-Jones - have recommended replacing CEO Ghasemi and other board members with Mantle Ridge's nominees. The activist investor suggests that with board refreshment and new CEO leadership, APD could be worth $425 per share and positioned to drive double-digit annual Total Shareholder Return.
Mantle Ridge emphasizes that their nominees bring relevant industry experience and expertise critical to Air Products' future, and would implement best-in-class governance while reassessing the company's compensation plan, strategy, and capital allocation.
Mantle Ridge LP, proprietaria di circa 1,3 miliardi di dollari in azioni di Air Products and Chemicals (NYSE: APD), ha inviato una lettera aperta agli azionisti in vista dell'Assemblea Annuale del 23 gennaio 2025. La società propone quattro nuovi candidati per il consiglio di amministrazione: Andrew Evans, Paul Hilal, Tracy McKibben e Dennis Reilley - esortando gli azionisti a non votare per i membri attuali del consiglio, incluso l'amministratore delegato Seifi Ghasemi.
Tutti e tre i principali consulenti indipendenti in materia di proxy - ISS, Glass Lewis e Egan-Jones - hanno raccomandato di sostituire l'amministratore delegato Ghasemi e altri membri del consiglio con i candidati di Mantle Ridge. L'investitore attivista suggerisce che, con un rinnovamento del consiglio e una nuova leadership, APD potrebbe valere 425 dollari per azione e essere in grado di generare un ritorno totale per gli azionisti a doppia cifra annualmente.
Mantle Ridge sottolinea che i loro candidati portano un'esperienza e un know-how rilevanti nel settore, fondamentali per il futuro di Air Products, e implementerebbero una governance di alto livello riconsiderando il piano retributivo dell'azienda, la strategia e l'allocazione del capitale.
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 abierta a los accionistas de cara a la Junta Anual del 23 de enero de 2025. La firma está proponiendo cuatro nuevos candidatos para el directorio: Andrew Evans, Paul Hilal, Tracy McKibben y Dennis Reilley, al mismo tiempo que exhorta a los accionistas a abstenerse de votar por los miembros actuales de la junta, incluido el CEO Seifi Ghasemi.
Las tres principales firmas de asesoría de proxy independientes - ISS, Glass Lewis y Egan-Jones - han recomendado reemplazar al CEO Ghasemi y a otros miembros de la junta con los nominados de Mantle Ridge. El inversor activista sugiere que, con un refresco de la junta y un nuevo liderazgo, APD podría valer 425 dólares por acción y posicionarse para impulsar un retorno total para los accionistas de dos dígitos anualmente.
Mantle Ridge enfatiza que sus nominados aportan experiencia y conocimientos relevantes en la industria, críticos para el futuro de Air Products, y llevarían a cabo una gobernanza de primer nivel mientras reevaluaron el plan de compensación de la empresa, la estrategia y la asignación de capital.
맨틀 리지 LP는 에어 제품 및 화학(뉴욕증권거래소: APD) 주식 약 13억 달러를 보유하고 있으며, 2025년 1월 23일 연례 회의에 앞서 주주들에게 공개 서한을 발송했습니다. 이 회사는 앤드류 에반스, 폴 힐랄, 트레이시 맥키벤, 데니스 레일리의 네 명의 새로운 이사 후보를 제안하며, 현재의 이사회 구성원들에게 투표를 하지 말 것을 주주들에게 촉구하고 있습니다. 여기에는 CEO 세이피 가세미도 포함됩니다.
세 개의 주요 독립 프록시 자문 회사(ISS, Glass Lewis 및 Egan-Jones)는 CEO 가세미와 다른 이사회 구성원을 맨틀 리지의 후보로 교체할 것을 추천했습니다. 행동주의 투자자는 이사회 갱신과 새로운 CEO 리더십이 있다면 APD가 주당 425달러의 가치를 가질 수 있으며, 연간 두 자릿수 총 주주 수익률을 실현할 수 있다고 제안합니다.
맨틀 리지는 그들의 후보가 에어 제품의 미래에 중요한 산업 경험과 전문 지식을 가져오고 있으며, 회사의 보상 계획, 전략 및 자본 배분을 재평가하면서 최고 수준의 거버넌스를 구현할 것이라고 강조합니다.
Mantle Ridge LP, qui détient environ 1,3 milliard de dollars d'actions d'Air Products and Chemicals (NYSE: APD), a adressé une lettre ouverte aux actionnaires en vue de l'Assemblée Générale du 23 janvier 2025. L'entreprise propose quatre nouveaux candidats au conseil d'administration : 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, y compris le PDG Seifi Ghasemi.
Les trois principales sociétés de conseil en vote indépendantes - ISS, Glass Lewis et Egan-Jones - ont recommandé de remplacer le PDG Ghasemi et d'autres membres du conseil par les candidats de Mantle Ridge. L'investisseur activiste suggère qu'avec le renouvellement du conseil et une nouvelle direction, APD pourrait valoir 425 dollars par action et être en mesure de générer un rendement total pour les actionnaires à deux chiffres chaque année.
Mantle Ridge souligne que leurs candidats apportent une expérience et une expertise pertinentes dans l'industrie, essentielles pour l'avenir d'Air Products, et mettraient en œuvre une gouvernance de premier ordre tout en réévaluant le plan de rémunération de l'entreprise, sa stratégie et son allocation de capital.
Mantle Ridge LP, die etwa 1,3 Milliarden Dollar an Aktien von Air Products and Chemicals (NYSE: APD) besitzt, hat im Vorfeld der Jahreshauptversammlung am 23. Januar 2025 einen offenen Brief an die Aktionäre veröffentlicht. Das Unternehmen schlägt vier neue Direktor-Kandidaten vor - Andrew Evans, Paul Hilal, Tracy McKibben und Dennis Reilley - und fordert die Aktionäre auf, ihre Stimmen von den aktuellen Vorstandsmitgliedern, einschließlich CEO Seifi Ghasemi, zurückzuhalten.
Alle drei führenden unabhängigen Proxy-Beratungsgesellschaften - ISS, Glass Lewis und Egan-Jones - haben empfohlen, CEO Ghasemi und andere Vorstandsmitglieder durch die Kandidaten von Mantle Ridge zu ersetzen. Der aktivistische Investor schlägt vor, dass APD mit einer Erneuerung des Vorstands und neuer CEO-Leitung 425 Dollar pro Aktie wert sein könnte und darauf vorbereitet ist, eine zweistellige jährliche Gesamtrendite für die Aktionäre zu erzielen.
Mantle Ridge betont, dass ihre Kandidaten relevante Branchenerfahrung und Expertise mitbringen, die für die Zukunft von Air Products entscheidend sind, und dass sie eine hochklassige Unternehmensführung umsetzen würden, während sie den Vergütungsplan, die Strategie und die Kapitalallokation des Unternehmens neu bewerten.
- All three major proxy advisory firms support Mantle Ridge's board nominees
- Potential stock value increase to $425 per share with new leadership
- Proposed double-digit annual Total Shareholder Return growth
- Current company leadership facing significant shareholder dissatisfaction
- Company described as being in 'decline' requiring urgent intervention
- Existing governance and strategy issues requiring comprehensive reassessment
Insights
This proxy battle represents a critical inflection point for Air Products. The unprecedented unanimous support from all three major proxy advisory firms (ISS, Glass Lewis and Egan-Jones) for Mantle Ridge's nominees signals severe governance concerns. Mantle Ridge's
The activist's target price of
The shareholder vote on January 23rd represents a pivotal moment that could trigger a comprehensive strategic reset, including governance reforms, compensation restructuring and capital allocation optimization.
The market implications of this proxy contest are substantial. Mantle Ridge's campaign has already catalyzed shareholder value by putting APD in play. The proposed board refresh could unlock significant value through:
- Enhanced operational efficiency under potential new leadership
- Strategic realignment of capital allocation
- Improved governance structure
The industrial gas sector's oligopolistic nature magnifies the importance of operational excellence and strategic execution. APD's underperformance relative to Linde highlights substantial optimization potential. The proposed leadership change, particularly the potential appointment of industry veterans from Linde/Praxair, could drive meaningful operational improvements through:
- Enhanced pricing power utilization
- Improved project execution
- More disciplined capital allocation
Change is In the Air: Mantle Ridge's Four Shareholder Nominees Will Help the Board Usher in a Brighter Future
All of the Leading Independent Proxy Advisory Firms – ISS, Glass Lewis, and Egan-Jones – Recommend Replacing CEO Seifi Ghasemi and Other Board Members with Mantle Ridge Nominees
Air Products' January 23, 2025 Annual Meeting is Fast Approaching: Vote Your Shares As Soon As Possible Online at the Voting Website Listed on Your BLUE Proxy Card or Voting Instruction Form
Mantle Ridge Urges Shareholders to Vote Online "FOR" All Four of its Superbly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" On Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser
View Related Materials and Voting Instructions at www.RefreshingAirProducts.com
The full text of the letter is included below, attached, and available at www.RefreshingAirProducts.com.
Change is In the Air!
Dear Fellow Shareholders,
The Annual Meeting of Air Products and Chemicals, Inc. ("Air Products" or the "Company") is on January 23, less than a week away. We, the Air Products shareholders, in this historic election have an opportunity to effect changes that we believe will arrest the Company's decline and help turn Air Products towards a brighter future.
We can achieve this if we all vote our shares. Given how close we are to the Annual Meeting date, we ask that you look up the online voting instructions at the website listed on the BLUE proxy card, or on the voting instruction form you have received. We ask you to vote today FOR the four strong, independent shareholder representatives nominated by Mantle Ridge – Andrew
Voting is easy, but how are shareholders to know which choice to make on their ballots? Indeed, it is hard to reconcile the starkly different claims put forth by Mantle Ridge and the current Board, and harder still to know which party is framing the facts fairly and correctly.
Fortunately, three firms – the independent proxy advisors – are staffed with experts who sort through the competing claims in contests such as these, analyze them, and publish their findings and recommendations. We are humbled and deeply gratified that all three of them – ISS, Glass Lewis, and Egan-Jones[1] – recommend replacing CEO Seifi Ghasemi and others from the Board with the shareholder nominees proposed by Mantle Ridge.
The resounding findings of the proxy advisory firms regarding the credibility of the statements made by each side come, we believe, as little surprise to the employees and to those shareholders who have had the opportunity to follow this closely. But they may be clarifying to others.
A Clear Path to Prosperity
The four exceptional shareholder nominees Mantle Ridge has proposed – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – bring considerable relevant industry and functional experience, including experience in shareholder-led board refreshment (both as incumbents and as shareholder nominees). They possess expertise critical to the future of Air Products, and they have stepped up to help the Board and Company get back on track.
If afforded the opportunity to serve, all four are eager to join the Board and work collaboratively with the other directors on day one. They will work to help the refreshed Board implement best-in-class governance and reassess the alignment of the Company's compensation plan, strategy, and capital allocation, with an eye exclusively to serving the best interests of the Company and its shareholders.
They will also be able to ensure that Air Products runs a renewed, bona fide CEO search process, expanded to include the most qualified candidates, enabling the Company to recruit the best possible leadership. Refreshed with the shareholder nominees, the Board will have the opportunity to consider re-uniting what the investment research community has dubbed the "Dream Team" of industrial gas industry legends: Eduardo Menezes and Dennis Reilley, former executives from best-in-class Linde plc (formerly Praxair, Inc. prior to its 2018 merger with Linde).
Refreshed with the four new shareholder nominees proposed by Mantle Ridge, the Board will not only be meaningfully fortified, it will have a chance to reset its culture and thinking. In our experience, shareholder-driven board refreshment has been the only way to effect this outcome. Carefully chosen shareholder nominees – like the four we are proposing – can make the transition smooth and harmonious.
With a Board refreshed by the shareholders, and new CEO leadership of the caliber and experience of Mr. Menezes, we believe Air Products would today be worth
To see what the ISS, Glass Lewis and Egan-Jones reports say, and to find out more about our superb nominees and compelling case for change, please visit www.RefreshingAirProducts.com.
The Choice is Clear. The Time is Now
The reports from all three of the independent proxy advisory firms — ISS, Glass Lewis, and Egan-Jones — provide compelling third-party validation of Mantle Ridge's case for change. We encourage you to visit our website listed below to carefully read what those reports say and learn more about Mantle Ridge, our nominees, and the case for change.
Air Products' 2025 Annual Meeting is fast approaching – you have just days left to cast your vote. Will we, the shareholders, seize this historic opportunity to help Air Products turn toward a brighter future, or will we allow this golden chance to slip past us?
If you need help casting your vote or have additional questions, please submit a question on our website www.RefreshingAirProducts.com and we will get back to you quickly.
We thank you for your attention and support.
Respectfully,
The Mantle Ridge Team
To Enhance Air Products' Performance and Create the Long-Term Value that You Deserve, Mantle Ridge Urges You to Vote Online at the Voting Website Listed on Your BLUE proxy card or voting instruction form "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.
Time is Short: To ensure your votes are counted, we urge you to vote online via the voting website located on your BLUE Proxy Card or Voting Instruction Form.
Visit www.RefreshingAirProducts.com for important information regarding the ISS, Glass Lewis and Egan-Jones reports, Mantle Ridge's highly qualified nominees and our case for change at Air Products, as well as voting instructions.
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.
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
[1] The full names of the proxy advisory firms referenced include: Institutional Shareholder Services Inc.; Glass Lewis & Co.; and Egan-Jones Proxy Services.
[2] For further information, see pages 6, 23 and 109 of Mantle Ridge's investor presentation entitled "Refreshing Air Products" (December 2024), filed with the Securities and Exchange Commission on December 17, 2024.
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SOURCE Mantle Ridge LP
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