Mantle Ridge Files Definitive Proxy Statement and Sends Letter to Air Products and Chemicals Inc. Shareholders Highlighting Material Underperformance, Misguided Capital Allocation Strategy, and Succession Failures
Mantle Ridge LP, holding approximately $1.3 billion of Air Products and Chemicals (NYSE: APD) shares, has filed a definitive proxy statement nominating four director candidates for the company's 2025 Annual Meeting. The activist investor criticizes CEO Seifi Ghasemi's leadership, citing material underperformance and questionable capital allocation decisions.
The four nominees - Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley - are proposed to address concerns about large-scale speculative non-core investments that Mantle Ridge believes have increased shareholder risk and destroyed value. The firm urges shareholders to vote using the BLUE proxy card for their nominees and withhold votes from current board members Charles Cogut, Lisa A. Davis, Seifollah Ghasemi, and Edward L. Monser.
Mantle Ridge LP, che detiene circa 1,3 miliardi di dollari di azioni di Air Products and Chemicals (NYSE: APD), ha depositato una dichiarazione di delega definitiva nominando quattro candidati per il consiglio di amministrazione per l'Assemblea Annuale del 2025. L'investitore attivista critica la leadership del CEO Seifi Ghasemi, citando un sostanziale mancato rendimento e decisioni discutibili in merito all'allocazione del capitale.
I quattro candidati - Andrew Evans, Paul Hilal, Tracy McKibben e Dennis Reilley - sono proposti per affrontare le preoccupazioni riguardanti investimenti speculativi non core su larga scala che Mantle Ridge ritiene abbiano aumentato il rischio per gli azionisti e distrutto valore. La società esorta gli azionisti a votare utilizzando la scheda di delega BLU per i loro candidati e a non votare per i membri attuali del consiglio Charles Cogut, Lisa A. Davis, Seifollah Ghasemi ed Edward L. Monser.
Mantle Ridge LP, que posee aproximadamente 1.3 mil millones de dólares en acciones de Air Products and Chemicals (NYSE: APD), ha presentado una declaración de poder definitiva nominando a cuatro candidatos para el consejo de administración de la reunión anual de 2025. El inversionista activista critica el liderazgo del CEO Seifi Ghasemi, señalando un rendimiento materialmente inferior y decisiones cuestionables sobre la asignación de capital.
Los cuatro nominados - Andrew Evans, Paul Hilal, Tracy McKibben y Dennis Reilley - se proponen para abordar las preocupaciones sobre las inversiones especulativas no centrales a gran escala que Mantle Ridge considera que han aumentado el riesgo para los accionistas y destruido valor. La firma insta a los accionistas a votar usando la tarjeta de poder AZUL para sus candidatos y a abstenerse de votar por los actuales miembros de la junta Charles Cogut, Lisa A. Davis, Seifollah Ghasemi y Edward L. Monser.
맨틀 리지 LP는 에어 프로덕츠와 케미컬스(NYSE: APD) 주식 약 13억 달러를 보유하고 있으며, 2025년 연례 회의를 위한 이사 후보 네 명을 지명하는 확정 위임장을 제출했습니다. 행동주의 투자자는 CEO 세이피 가세미의 리더십을 비판하며, 실질적인 성과 저조와 의심스러운 자본 배분 결정을 언급합니다.
지명된 네 사람은 앤드류 에반스, 폴 힐랄, 트레이시 맥키븐, 그리고 데니스 레일리입니다. 이들은 대규모 Speculative 비핵심 투자에 대한 우려를 해결하기 위해 제안되었습니다. 맨틀 리지는 이러한 투자가 주주 리스크를 증가시키고 가치를 파괴했다고 생각합니다. 따라서 주주들에게 그들의 후보자에게 투표할 때 파란색 위임장을 사용하고 현재 이사회 구성원인 찰스 코구트, 리사 A. 데이비스, 세이풀라 가세미, 에드워드 L. 몬서에게는 투표하지 말 것을 권장하고 있습니다.
Mantle Ridge LP, qui détient environ 1,3 milliard de dollars d'actions d'Air Products and Chemicals (NYSE: APD), a déposé une déclaration de procuration définitive nommant quatre candidats au conseil d'administration pour l'assemblée annuelle de 2025. L'investisseur activiste critique le leadership du PDG Seifi Ghasemi, citant une sous-performance matérielle et des décisions d'allocation de capital douteuses.
Les quatre candidats - Andrew Evans, Paul Hilal, Tracy McKibben et Dennis Reilley - sont proposés pour répondre aux préoccupations concernant de grands investissements spéculatifs non stratégiques que Mantle Ridge estime avoir augmenté le risque pour les actionnaires et détruit de la valeur. La firme encourage les actionnaires à voter en utilisant la carte de procuration BLEUE pour leurs candidats et à ne pas voter pour les membres actuels du conseil Charles Cogut, Lisa A. Davis, Seifollah Ghasemi et Edward L. Monser.
Mantle Ridge LP, das etwa 1,3 Milliarden Dollar an Aktien von Air Products and Chemicals (NYSE: APD) hält, hat eine endgültige Stimmrechtsvollmacht eingereicht, in der vier Direktorenkandidaten für die Jahreshauptversammlung 2025 nominiert werden. Der aktivistische Investor kritisiert die Führung von CEO Seifi Ghasemi und nennt eine erhebliche Unterperformance sowie fragwürdige Entscheidungen zur Kapitalallokation.
Die vier Nominierten - Andrew Evans, Paul Hilal, Tracy McKibben und Dennis Reilley - werden vorgeschlagen, um Bedenken hinsichtlich groß angelegter spekulativer Nicht-Kerninvestitionen zu zerstreuen, von denen Mantle Ridge glaubt, dass sie das Risiko für Aktionäre erhöht und den Wert zerstört haben. Das Unternehmen drängt die Aktionäre, ihre Stimmen mit der BLAUEN Vollmacht für ihre Nominierten abzugeben und von den aktuellen Vorstandsmitgliedern Charles Cogut, Lisa A. Davis, Seifollah Ghasemi und Edward L. Monser abzusehen.
- Mantle Ridge holds significant stake worth $1.3 billion, showing strong investor commitment
- Proposed board nominees bring relevant industry expertise and public company board experience
- Material underperformance under current leadership
- Questionable capital allocation strategy with risky non-core investments
- Alleged destruction of shareholder value
- Leadership succession concerns
Insights
This activist investor campaign by Mantle Ridge against Air Products represents a significant development for shareholders. With a
The nomination of four new directors, including industry veterans and experienced board members, could lead to substantial changes in APD's strategic direction and capital deployment. Particularly noteworthy is the criticism of non-core investments, which implies a possible restructuring of the company's investment portfolio and a return to core industrial gas operations.
This proxy battle highlights serious corporate governance concerns at Air Products. The challenge to both the CEO and board members indicates deep dissatisfaction with oversight and succession planning. The criticism of incumbent directors' inability to control CEO Ghasemi's investment decisions suggests a breakdown in board effectiveness.
The proposed slate of directors brings significant industry and governance expertise. Andrew Evans and Dennis Reilley's backgrounds in particular could strengthen board oversight of capital allocation decisions. This contest could lead to meaningful governance reforms and improved board independence.
Nominates Four Highly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – to Air Products' Board of Directors
Mantle Ridge Believes CEO Seifi Ghasemi's Insistence on Pursuing Large-Scale, Speculative Non-Core Investments Has Unduly Increased Risk to Air Products' Shareholders and Destroyed Shareholder Value
Incumbent Directors Who Failed to Rein in Mr. Ghasemi Should Not be Entrusted to Select Air Products' Next Generation of Board and Management Leadership
Mantle Ridge Has Identified Four Deeply Experienced and Qualified Nominees Who Bring the Relevant Industry Expertise and Public Company Board Experience to Restore Performance, Fix Capital Allocation Missteps, and Ensure Long-Term Leadership at Air Products
Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified Director Nominees and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi and Edward L. Monser
Launches www.RefreshingAirProducts.com
More information about Mantle Ridge's nominees can be found at www.RefreshingAirProducts.com.
In connection with its definitive proxy filing, Mantle Ridge today also sent the attached letter to Air Products' shareholders.
About Mantle Ridge
Founded in 2016 by Paul Hilal, 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, which fundamentally differentiates the firm from other market actors who are known to engage with company boards. 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.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
Mantle Ridge LP and the other Participants (as defined below) have filed a definitive proxy statement (the "Definitive Proxy Statement") and accompanying BLUE universal proxy card or voting instruction form with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of the Company (the "2025 Annual Meeting"). Shortly after filing the Definitive Proxy Statement with the SEC, Mantle Ridge LP furnished the Definitive Proxy Statement and accompanying BLUE universal proxy card or voting instruction form to some or all of the stockholders entitled to vote at the 2025 Annual Meeting.
The participants in the proxy solicitation are Mantle Ridge LP, Eagle Fund A1 Ltd, Eagle Advisor LLC, Paul Hilal (all of the foregoing persons, collectively, the "Mantle Ridge Parties"), Andrew Evans, Tracy McKibben and Dennis Reilley (such individuals, collectively with the Mantle Ridge Parties, the "Participants").
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
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SOURCE Mantle Ridge LP
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