Activist Investor Mantle Ridge Secures Support for Air Products Board Seats
Activist investor Mantle Ridge has obtained enough support from Air Products and Chemicals investors to secure multiple board seats at the industrial gases company. The election outcome will be announced at Air Products' annual meeting on Thursday, but sources indicate Mantle Ridge is poised to gain at least three seats.
Mantle Ridge's campaign centered on the need for a succession plan for CEO Seifi Ghasemi, a more prudent capital allocation strategy, and a reassessment of risky projects. Despite Air Products' claims of a succession plan in progress, Mantle Ridge gained support from three proxy advisory firms, who recommended at least three activist investor nominees.
The election will conclude one of the most contested board battles recently. A number of major investors, including Norges Bank Investment Management, have pledged their support for Mantle Ridge's candidates. For lead investor Paul Hilal, this marks the second successful campaign at Air Products, having previously helped appoint Ghasemi as CEO during a previous battle with hedge fund Pershing Square Capital Management.