Air Products will propose two new changes to its Board of Directors at the company’s 2025 annual shareholders meeting, following hedge fund DE Shaw publicly calling for an overhaul of the board last month (October 2024).
The industrial gas giant will nominate Bhavesh V. “Bob” Patel and Alfred Stern for election, both of whom have extensive experience growing industrial gas companies and capitalising on clean energy and sustainability opportunities.
DE Shaw had publicly stated that Air Products should refresh its board with “highly qualified, independent directors with relevant experience leading capital-intensive businesses and managing succession processes.”
It appears that Air Products has listened to the call with its new elections, but with the majority of the board still remaining in their positions it could still be questioned by companies such as DE Shaw as to whether the effort is enough.
