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Business

Air Products Bows To Pershing Square

by Marc S. Reisch
September 30, 2013 | A version of this story appeared in Volume 91, Issue 39
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Bowing to pressure from investor William Ackman of Pershing Square Capital Management, Air Products & Chemicals says Chairman and CEO John E. McGlade will retire in 2014. In addition, the firm says three new directors supported by Ackman will immediately join its board, replacing three others who are stepping down. Among the new directors is Seifi Ghasemi, CEO of specialty chemical maker Rockwood Holdings. Ackman is a well-known activist investor who buys shares in companies he considers undervalued, hoping to force managerial and financial changes (see page 20). His firm revealed in July that it had bought a nearly 10% stake in Air Products. McGlade, who has been CEO since 2007, will stay on until the board chooses a successor, after which he will remain as chairman for a transition period.

Chemical & Engineering News
ISSN 0009-2347
Copyright © 2024 American Chemical Society

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