Air Products Responds to Investor Pressure

Nominates Industry Veterans to Board

Air Products and Chemicals Responds to Investor Pressure

Amidst growing pressure from institutional investors, Air Products and Chemicals Inc. has nominated two seasoned industry veterans to its board of directors.

On March 1, 2023, the company appointed John G. Kades and Dr. Gregory A. Spitze to its board, aiming to strengthen its strategic and operational oversight.

Background of the New Board Members

John G. Kades, a seasoned executive with over four decades of experience in the chemical industry, holds a Bachelor of Science in Chemical Engineering from Texas A&M University.

Dr. Gregory A. Spitze is a distinguished academic and business leader with a PhD in Chemical Engineering from the University of Minnesota.

Appointing New Board Members: A Strategic Move

Air Products' decision to appoint Kades and Spitze aligns with its commitment to board refreshment and diversity of expertise.

Their extensive backgrounds in the chemical industry and their expertise in strategic planning, operational excellence, and technology will be invaluable assets to the board.

Investors' Pressure for Board Changes

The nominations follow calls from activist investor Nelson Peltz's Trian Fund Management to enhance the company's board composition and strategic direction.

Trian has a 5.2% stake in Air Products and has been pushing for board changes to improve shareholder value.

Industry Response to Board Appointments

The chemical industry has welcomed Air Products' move to appoint Kades and Spitze to its board.

Analysts believe the appointments demonstrate the company's commitment to addressing investor concerns and enhancing its long-term growth prospects.

Air Products' Future Prospects

The addition of Kades and Spitze to the board is expected to strengthen Air Products' strategic decision-making and operational efficiency.

With their vast experience and industry insights, they are well-positioned to contribute to the company's ongoing success and drive shareholder value in the years to come.