Air Products Board to Undergo Refresh Amidst Pressure from D.E. Shaw

Air Products & Chemicals, Inc. Announces Board Refreshment

In response to pressure from activist investor D.E. Shaw, Air Products & Chemicals, Inc. has announced plans to refresh its board of directors. The move is part of a broader agreement between the company and D.E. Shaw, which has been pushing for changes at Air Products.

D.E. Shaw's Role in Board Refreshment

D.E. Shaw, which owns about 5% of Air Products' outstanding shares, has been critical of the company's performance and has been pushing for a board refresh. The activist investor has argued that the board lacks sufficient expertise in key areas and has not been effective in overseeing the company's strategy.

Board Refreshment Details

Under the agreement with D.E. Shaw, Air Products has agreed to appoint two new independent directors to its board. The new directors will be selected with input from D.E. Shaw, but they will be independent and will not represent the interests of the activist investor. The company has also agreed to consider additional board changes in the future, based on the recommendations of a newly formed nominating and governance committee.

Air Products' Response to D.E. Shaw's Pressure

Air Products has stated that it welcomes the input of its shareholders and is committed to improving its performance. The company believes that the board refreshment will bring new perspectives and expertise to the board and will help the company to achieve its strategic goals.

Impact on Air Products' Business

It is too early to say what the impact of the board refreshment will be on Air Products' business. However, the move is likely to be seen as a positive step by investors, as it shows that the company is listening to its shareholders and is committed to making changes to improve its performance.