— Jeff Ward, Lehigh Valley News Briefs
Air Products has chosen Eduardo F. Menezes as chief executive officer, taking over from Seifi Ghasmi.
Menezes will also join the company’s board. He will run a company with more than $12 billion in annual sales. His first day as CEO will be Feb. 7.
The management changes come after a proxy battle, with activist investor Mantle Ridge leading a movement against management to install board members and executives. Mantle Ridge won three seats on the board last month.
The activists wanted to see more focus on Air Products’ industrial gas business — hydrogen, helium and more — while Ghasemi was pushing the company to invest in “green” hydrogen, which is made using renewable energy to split water.
Ghasemi has contended that the world will need alternatives to fossil fuels, and Air Products has a “first mover” advantage in supplying clean fuel.
The battle at times was nasty, but Ghasemi’s farewell comments are upbeat. From the company’s statement today:
“Leading Air Products over the last 10 years has been an honor and a privilege. When I became CEO in 2014, we made it our mission to drive for new levels of profitability and growth. Working alongside the talented leadership team and our committed and motivated employees around the world, I am very proud to say that we achieved that, taking Air Products to new heights. That result is due to the hard work of the people of Air Products, and I have no doubt they will drive the Company’s continued success into the future,” Ghasemi said.
Menezes, the new CEO, was most recently executive vice president of Linde plc for Europe, Middle East and Africa. Linde is a global industrial-gas company that is based in Ireland.
Air Products’ new board chose Wayne T. Smith as chairman and Dennis H. Reilley as vice chairman.
Smith has been on the company’s board since 2021. He is the retired chairman and chief executive of BASF Corp., according to the company statement. He is also a board member at ONEOK, an energy company.
Reilley retired as chairman, president and chief executive of Praxair, which is now part of Linde. He has served as board chairman at Marathon Oil Corp. and Covidien.
Shares in Air Products (NYSE:APD) closed Tuesday at $335.67. At that price, the Upper Macungie Township-based company has a market capitalization of $74.7 billion.
Disclosure: I own shares of Air Products as part of a buy-and-hold strategy.
Here is a cut-and-paste version of the company statement. A link is provided above.
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Air Products’ (NYSE: APD) Board of Directors today announced the appointment of Eduardo F. Menezes as Chief Executive Officer (CEO) of Air Products effective February 7, 2025, succeeding Seifollah (“Seifi”) Ghasemi, who is leaving the Company after more than 10 years of dedicated service. Mr. Menezes will also join the Air Products Board.
The Board of Directors also has named Wayne T. Smith Chairman and Dennis H. Reilley as Vice Chairman. They, along with the full Board, will work closely with Mr. Menezes and Air Products’ leadership to advance the Company.
Eduardo Menezes Appointed Air Products’ New CEO (February 7, 2025)
Commenting on the appointment of Eduardo Menezes, Mr. Smith noted, “After evaluating various exceptional candidates for the CEO role, the Board determined that Eduardo’s knowledge, skills and extensive experience in the industrial gases sector, including more than three-and-a-half decades in progressively senior roles at Linde plc and operating experience across the world, make him uniquely qualified to take Air Products forward and maximize value for shareholders.”
Mr. Menezes said, “Air Products is a fantastic company with a great future, and I am honored to have this opportunity to work with the talented team to build on the Company’s strong positions. I look forward to applying the experiences and perspectives I’ve gained in working across various sectors of industrial gases in different countries around the world. With our collective focus and discipline, I am confident in our ability to drive superior value.”
Mr. Menezes brings extensive international experience in all key sectors of industrial gases, including on-sites, merchant liquid, packaged gases and hydrogen. At his last position, he was the executive vice president (EVP) of Linde plc for Europe, Middle East and Africa, with responsibility for operations in more than 40 countries with over $8 billion in sales and 18,000 employees. Prior to that, Mr. Menezes worked for Praxair in a variety of senior roles, including as EVP accountable for North America and in a series of general management and business development positions in the U.S., Spain, Mexico and Brazil.
Mr. Menezes holds an M.B.A. from the State University of New York and a chemical engineering degree from the Federal University of Rio de Janeiro, Brazil.
Seifi Ghasemi Leaving Air Products Following More than 10 Years of Dedicated Service
Mr. Smith said, “On behalf of the full Board, Air Products’ leadership team and employees, we thank Seifi for his countless contributions and leadership of Air Products over the last decade. Seifi’s commitment to safety, his ability to bring people together to innovate and collaborate, and his relentless drive to ‘be the best’ will continue to serve the Company well as we deliver value for customers, shareholders and our operating communities around the world.”
Mr. Ghasemi said, “Leading Air Products over the last 10 years has been an honor and a privilege. When I became CEO in 2014, we made it our mission to drive for new levels of profitability and growth. Working alongside the talented leadership team and our committed and motivated employees around the world, I am very proud to say that we achieved that, taking Air Products to new heights. That result is due to the hard work of the people of Air Products, and I have no doubt they will drive the Company’s continued success into the future.”
About Board Chairman Wayne T. Smith
Wayne T. Smith is Chairman of the Air Products Board. He served as director of Air Products since 2021. He brings 35 years of senior management experience in the chemicals industries, including extensive industrial gases leadership and operational experience. He is the retired Chairman and Chief Executive Officer of BASF Corporation, where he served from May 2015 through May 2021. He was also a member of the Board of Executive Directors of the parent company, BASF SE, from 2012 through May 2021, responsible for global business portfolios exceeding $25 billion dollars in revenue. He joined BASF in 2004. Prior to that, Mr. Smith was vice president and general manager of Specialty Construction Chemicals at W.R. Grace and Company, where he led the strategy development, growth and profitability of that unit worldwide. Before joining W.R. Grace, Mr. Smith served in positions of increasing responsibility with The BOC Group, culminating as vice president and general manager of the company’s Packaged Products business.
Mr. Smith serves as a director on the board of ONEOK, Inc. and is a former director of Inter Pipeline Ltd.
Mr. Smith holds a Bachelor of Science degree in Chemical Engineering from Syracuse University and an M.B.A. from the Wharton School of the University of Pennsylvania.
About Board Vice Chairman Dennis H. Reilley
Dennis H. Reilley is Vice Chairman of the Air Products Board. He served as Chairman, President and Chief Executive Officer of Praxair, Inc., a worldwide industrial gases company now part of Linde plc, from 2000 until his retirement in 2007. Before joining Praxair, Inc., Mr. Reilley held several senior executive positions at E.I. DuPont de Nemours and Company, including executive vice president and Chief Operating Officer, executive vice president, vice president and general manager of the Lycra business, vice president and general manager of its specialty chemicals division, and vice president and general manager of its titanium dioxide division. Mr. Reilley previously served as a senior executive at Conoco Inc.
Mr. Reilley also previously served as Chairman of the Board of Marathon Oil Corporation and as Chairman of the Board of Covidien.
Mr. Reilley has also served on the boards of DuPont de Nemours, Inc., CSX Corporation, The Dow Chemical Company, H.J. Heinz & Co., and Entergy Corporation.
Mr. Reilley holds a B.S. in Finance from Oklahoma State University.
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