Air Products has appointed former Linde executive Eduardo Menezes as its new CEO, following an activist investor push against the firm’s clean hydrogen plans that led to Seifi Ghasemi being unseated as Chairman.
Menezes, who previously served as Linde’s EMEA boss, will take up the top job on Friday (February 7). His appointment comes after Mantle Ridge, a hedge fund that spearheaded a campaign against Air Product’s previous board, secured three board seats in a leadership overhaul last month.
Read more:Investors oust Ghasemi as Air Products Chair amid clean hydrogen challenge
Eduardo Menezes | © Air Products
Wayne Smith will take over as Chairman, with Mantle Ridge appointee and former Linde executive Dennis Reilley becoming Vice-Chair.
The investor group had been highly critical of Air Products’ CAPEX on clean hydrogen, arguing that its $15bn project pipeline lacked sufficient accountability. It also raised concerns about the company’s succession planning under 81-year-old Ghasemi, who had led the company since 2014.
Ghasemi had extended his contract as CEO until September 30, 2028.
Reflecting on his tenure, Ghasemi said leading Air Products over the past decade had been an “honour and a privilege,” adding that the company had reached “new heights” under his leadership.
Menezes, meanwhile, expressed confidence in the company’s future. “With our collective focus and discipline, I am confident in our ability to drive superior value,” he said.
With activist investors now shaping Air Products’ leadership, the firm’s approach to clean hydrogen could face a recalibration.
While the company remains one of the largest global investors in hydrogen infrastructure, Mantle Ridge’s push for tighter financial discipline raises questions about whether Air Products will scale back its ambitious pipeline, prioritise lower-risk projects, or shift its focus toward more immediate returns.
Menezes’ appointment, given his Linde background, suggests a potential pivot towards a more measured, industrial gas-focused hydrogen strategy – one that aligns with shareholder expectations while maintaining a stake in the energy transition.
What’s next for Air Products’ hydrogen strategy? Read our analysis here.
