Air Products boss, Seifi Ghasemi has been ousted as Chair of the US industrial gas major after its shareholders elected board nominees from activist investor Mantle Ridge, but he will remain CEO for now.
The company’s preliminary voting results show Mantle Ridge boss Paul Hilal, who led the offensive against Air Products’ board, former Linde executive Dennis Reilley, and Andrew Evans were elected.
Mantle Ridge had publicly criticised Air Products’ strategy for its focus and high spending on clean hydrogen, as well as its succession plan for 81-year-old Ghasemi.
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