Air Products nominates two industry veterans to board amid investor pressure

Reuters11-18

Nov 18 (Reuters) - Air Products nominated two new independent director candidates on Monday, intensifying efforts to revamp its board amid investor pressure.

CONTEXT

The Pennsylvania-based company has nominated Bob Patel and Alfred Stern, executives with experience leading major public industrial firms like LyondellBasell and Austria's OMV Group , for elections at the upcoming annual shareholders meeting.

WHY IT'S IMPORTANT

The company faces mounting pressure from hedge fund managers Mantle Ridge and D.E. Shaw, who have criticized Air Products' share underperformance, senior leadership and capital allocation policies. Both investors have urged board refreshment and a focus on core business operations.

In a September letter, D.E. Shaw claimed that "the company's clean hydrogen strategy led to the destruction of roughly $15 billion of equity value within the core industrial gas business."

SHARES

Shares rose about 1% in premarket trading.

KEY QUOTE

"With their (Patel and Stern) addition, the Board will continue to be well-positioned to oversee the Company through its next phase of growth and execute on a successful leadership succession." said Lead Director, Edward Monser.

(Reporting by Pooja Menon in Bengaluru; Editing by Tasim Zahid)

((Pooja.Menon@thomsonreuters.com;))

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