Global investment firm DE Shaw has expressed its “continued disappointment” with Air Products’ failure to manage an effective CEO succession process, stating that the board is failing at its core responsibilities.
An open letter from DE Shaw says that holding a CEO accountable for their performance and planning for their succession are among the most important responsibilities of any board, which it says Air Products is not doing.
Seifi Ghasemi, 80, extended his term at the top of the business until September 2028 last year. At the time, it was said that, from 30th September 2024 and each year thereafter, the contract term will automatically renew to be a five-year term unless either party terminates the agreement.
Read more: Air Products extends Ghasemi’s term as Chairman, President, and CEO
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