Air Products is urging its shareholders to vote for the company’s own director nominees as an activist investor pushes for a major overhaul of its strategy, which includes an intense push on clean hydrogen.
The industrial gas major issued a statement to stakeholders ahead of its 2025 annual meeting in a bid to bolster support for its strategy on growing its core gas business while accelerating its clean hydrogen drive.
“We believe this strategy will maximise value for shareholders as the global economy continues to adopt lower carbon sources of energy,” the statement said after the firm had faced challenges on its CAPEX on clean energy projects.
Mantle Ridge, an activist investor, led by Paul Hilal, had reportedly signalled plans to work with two former Linde executives to reshape Air Product’s board, following a public letter from D.E. Shaw called for an overhaul of the board, limits on CAPEX and a clear CEO succession plan.
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