Activist investors up the pressure on Air Products

The fight between Air Products and Chemicals executives and a group of activist investors intensified on Jan. 3. The investment group D.E. Shaw published an open letter calling for the retirement of CEO Seifi Ghasemi, 80, and an overhaul of the Air Products board. The dispute centers on the industrial gas firm’s pursuit of sustainable projects and technologies, which critics say is hurting profits. Ghasemi has long said that the emphasis will position the firm as a leading supplier in the global push toward industrial decarbonization. D. E. Shaw is reported to own a $1 billion stake in Air Products, and the letter includes quotes from Vanguard, BlackRock, and other major shareholders that express similar concerns about the current leadership. The campaign against Ghasemi is building to a climax at Air Products’ annual meeting on Jan. 23, when shareholders will vote on a slate of replacement board members nominated by another investor, Mantle Ridge.