Air Products announced Thursday that it will add three new
independent directors to its Board of Directors and will commence a
search to identify a successor to chairman and CEO John E. McGlade, who
will retire in 2014.
The CEO search will commence promptly, led by a newly formed search
committee of the Board with the assistance of a leading executive search
firm. McGlade will continue to serve as chairman and CEO during the search
process and then as chairman for an agreed-upon transition period in
2014. The incoming CEO will also join the Board as a director.
McGlade said, “Air Products is a long-cycle business, and we have taken
significant actions in recent years to position the company for
accelerated earnings growth in an economic recovery. We have had a constructive dialogue with Pershing Square, our largest
shareholder, and are pleased they are supportive of the actions our
Board is announcing today for the benefit of all Air Products
Bill Ackman, CEO of Pershing Square, said, “We invested in Air Products
because it is a great business in an industry with excellent long-term
prospects. In recent weeks, we have been delighted to get to know John
and the rest of the board working with them on their mission of
continuous improvement and long-term shareholder value creation. We look
forward to a successful long-term partnership.”
The three new independent directors will join the Board immediately. Two
of the new independent directors, Edward Monser and Matthew Paull, will
stand for election at the Air Products 2014 Annual Meeting.
Square has agreed to vote in favor of the company’s slate of nominees
recommended by the Board at the 2014 Annual Meeting.
independent director, Seifi Ghasemi, will stand for election at the 2015
Annual Meeting. With the addition of the three new directors, three
current Air Products directors will retire prior to the 2014 Annual
Meeting in order to maintain an optimal board size