Change is coming for Air Products and Chemicals after the industrial gas company lost a boardroom fight with the activist investment firm Mantle Ridge. This site uses cookies to enhance your user experience. By continuing to use this site you are agreeing to our COOKIE POLICY.

Activist investor Mantle Ridge has secured three board seats and effectively ousted the chief executive of Air Products and Chemicals after a shareholder vote. Paul Hilal’s firm last year [built a mor

It looks like Air Products’ CEO could be on the way out after a shareholder vote on board of directors seats went the way of activist investor Mantle Ridge, which has been pushing for a change in leadership in the executive position and on the board.

Mantle Ridge shakes up Air Products (APD), securing board seats and pushing for a CEO change--what's next for the $71B giant?

Mantle Ridge owns about $1.3 billion (or about 1.8%) in common shares of Air Products stock. It had waged a months-long campaign, calling for major changes at the industrial gas company, which is headquartered in Upper Macungie Township.

Activist investor Mantle Ridge has won three seats on the board of hydrogen supplier Air Products and Chemicals Inc.

Air Products and Chemicals shareholders on Thursday handed victory to an activist investor who had pushed the industrial gases company to replace its 80-year-old chief, by electing three new directors and unseating the CEO from the board.

Mantle Ridge has been pushing for changes at Air Products, including the replacement of Seifi Ghasemi as chairman and CEO and improvements to the company’s strategy and capital allocation.