Revolutionizing Air Products and Chemicals Inc: Mantle Ridge’s Investor Presentation Unveils the Urgent Need for Change
Details Years of Operational Underperformance
Mantle Ridge’s recent investor presentation has brought to light the years of operational underperformance at Air Products and Chemicals Inc. The company has been struggling with capital allocation missteps, poor project execution, and succession planning failures. These issues have hindered the company’s growth and potential for long-term success.
Deepening Entrenchment and Eroded Governance
The presentation also explains how Air Products’ decade of board-led “refreshment” has only deepened entrenchment and further eroded governance safeguards. The current search for a new subordinate to Seifi Ghasemi is seen as a perpetuation of the status quo, rather than a step towards real change.
Path to Success
Mantle Ridge believes that Air Products can achieve its long-term potential through shareholder-led board reconstitution and a bona fide CEO succession plan. The presentation offers a compelling leadership “dream team” of industrial gas experts Dennis Reilley and Eduardo Menezes as potential candidates to lead the company towards success.
Unlocking Value
Under better stewardship and leadership, Mantle Ridge estimates that Air Products would be worth over $425 per share today, with a long runway of double-digit annual compounding into the future. This highlights the significant value that could be unlocked with the right leadership in place.
Highly Qualified Director Nominees
Mantle Ridge has put forward four highly qualified director nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley. These nominees bring an ideal mix of industrial gas expertise, capital-intensive heavy industry experience, capital allocation knowledge, and energy transition industry expertise to address critical needs on Air Products’ board.
Call to Action
Mantle Ridge urges shareholders to vote the BLUE proxy card “FOR” their highly qualified director nominees and “WITHHOLD” on the company nominees Charles Cogut, Lisa A. Davis, Seifollah “Seifi” Ghasemi, and Edward L. Monser. This call to action is aimed at driving real change and unlocking the true potential of Air Products and Chemicals Inc.
Effect on You
The potential changes at Air Products and Chemicals Inc. could have an impact on you as a shareholder or investor in the company. If the proposed leadership changes and board reconstitution are successful, it could lead to improved performance and increased shareholder value, benefiting you directly.
Effect on the World
On a larger scale, the transformation of Air Products and Chemicals Inc. could have a ripple effect on the industrial gas and chemical industry as a whole. A successful turnaround at a company of this scale could set a new standard for governance, leadership, and operational excellence, influencing the sector positively.
Conclusion
In conclusion, Mantle Ridge’s investor presentation has shed light on the urgent need for change at Air Products and Chemicals Inc. By addressing years of operational underperformance and governance issues, the company has the potential to unlock significant value and achieve long-term success. Shareholders are being called to support a new leadership team that could revolutionize the company and set a new standard for the industrial gas industry.
