Since the start of the year, there have been tumultuous goings-on at the industrial gas major Air Products, which is the world’s leading hydrogen producer today, as well as speculatively investing more than rivals on green hydrogen as a future energy carrier. There will be more to come in the weeks ahead, but here Christian Annesley and Charlie Currie get you up to speed
Seifi Ghasemi’s ousting in early February as CEO of Air Products, having already relinquished his roles as President and Chair a few weeks earlier, has raised many questions about the future direction of the industrial gas major. The leadership overhaul, and especially Ghasemi’s departure, was driven by pressure over a few months from activist investors like Mantle Ridge and DE Shaw. This pressure was initially parried by Air Products but ultimately proved decisive.
It is early days now, with the new board members and leaders only a few weeks into assuming their new roles, and perhaps with a remit to drive a change of direction in the months ahead. So what can we take from the events of recent weeks?
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