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MAKE YOUR VOICE HEARD: MANTLE RIDGE SENDS OPEN LETTER ASKING AIR PRODUCTS AND CHEMICALS, INC. SHAREHOLDERS TO VOTE AT ANNUAL MEETING
OPENOpendoor(OPEN) Prnewswire·2025-01-16 21:15

Core Viewpoint - Mantle Ridge LP is advocating for the replacement of current CEO Seifi Ghasemi and other board members with its four nominees to improve Air Products' performance and governance ahead of the upcoming Annual Meeting on January 23, 2025 [1][3][4]. Group 1: Shareholder Advocacy - Mantle Ridge owns approximately 1.3billionofAirProducts′outstandingcommonsharesandhasnominatedAndrewEvans,PaulHilal,TracyMcKibben,andDennisReilleyforelection[1][4].−MantleRidgeurgesshareholderstovote"FOR"itsnomineesand"WITHHOLD"votesfromthecurrentboardmembers[1][15].Group2:ProxyAdvisoryRecommendations−LeadingindependentproxyadvisoryfirmsISS,GlassLewis,andEgan−JonesrecommendreplacingCEOSeifiGhasemiandotherboardmemberswithMantleRidge′snominees[6][13].−Therecommendationsfromthesefirmsprovidethird−partyvalidationofMantleRidge′scaseforchange[12][13].Group3:Nominees′Qualifications−ThefournomineesproposedbyMantleRidgebringsignificantindustryexperienceandexpertiseingovernance,whichiscriticalforAirProducts′future[8][9].−Ifelected,thenomineesaimtoimplementbest−in−classgovernancepracticesandreassessthecompany′scompensationplanandcapitalallocation[9][10].Group4:FutureOutlook−Withtheproposedboardrefreshmentandnewleadership,AirProductscouldpotentiallybevaluedat1.3 billion of Air Products' outstanding common shares and has nominated Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley for election [1][4]. - Mantle Ridge urges shareholders to vote "FOR" its nominees and "WITHHOLD" votes from the current board members [1][15]. Group 2: Proxy Advisory Recommendations - Leading independent proxy advisory firms ISS, Glass Lewis, and Egan-Jones recommend replacing CEO Seifi Ghasemi and other board members with Mantle Ridge's nominees [6][13]. - The recommendations from these firms provide third-party validation of Mantle Ridge's case for change [12][13]. Group 3: Nominees' Qualifications - The four nominees proposed by Mantle Ridge bring significant industry experience and expertise in governance, which is critical for Air Products' future [8][9]. - If elected, the nominees aim to implement best-in-class governance practices and reassess the company's compensation plan and capital allocation [9][10]. Group 4: Future Outlook - With the proposed board refreshment and new leadership, Air Products could potentially be valued at 425 per share and achieve double-digit annual Total Shareholder Return (TSR) compounding [12][20]. - The refreshed board is expected to conduct a comprehensive CEO search to recruit top leadership talent [10][11].