Air Products has named Eduardo Menezes, a former Linde executive, as its new CEO, following Seifi Ghasemi recently losing his seat on the industrial gas giant’s board of directors.
Menezes previously served as Executive Vice-President of Linde plc for Europe, the Middle East, and Africa, with responsibility for operations in more than 40 countries, generating over $8bn in sales and 18,000 employees. He will assume his new role on 7 February.
Air Products has been under scrutiny from global investment firms recently, which have argued it failed to manage an effective CEO succession process, meaning that the board has failed in its core responsibilities.
Read more: Air Products faces renewed scrutiny from DE Shaw over CEO succession
In January, Mantle Ridge, which holds a $1.3bn share in Air Products, proposed Menezes as a replacement CEO while also suggesting additional board members.
At the time, Air Products criticised Mantle Ridge’s choice of CEO, stating that Menezes had never been a public company CEO, had responsibility for only one region at Linde, and was ultimately passed over for the role of CEO.
Today, however, Menezes’ future with Air Products has been cemented, and he said he was honoured to have the opportunity to work with a talented team and build on the company’s strong position.
Menezes added, “I look forward to applying the experiences and perspectives I’ve gained from working across various sectors of industrial gases in different countries around the world. With our collective focus and discipline, I am confident in our ability to drive superior value.”
Chairman and Vice-Chairman named
Menezes will also join the Air Products board of directors. Wayne Smith has been named Chairman and Dennis Reilley Vice-Chairman of that board. They, along with the full board, will work closely with Menezes and Air Products’ leadership to advance the company.
Smith has been a Director at Air Products since 2021 and has 35 years of senior management experience. He was previously chairman and CEO of chemicals company BASF Corporation.
He is also a director on the board of gas company ONEOK Inc.
Reilley is the ex-Chairman, President and CEO of Praxair, now part of Linde plc. He served with the industrial gas major from 2000 to 2007.
He has previously served as Chairman of Marathon Oil Corporation and Covidien. He was also on the board of DuPont de Nemours, Inc., CSX Corporation, The Dow Chemical Company, HJ Heinz & Co, and Entergy Corporation.
Ghasemi leaves after over 10 years
Parting ways with the industrial gas giant after over 10 years of service, Ghasemi, 80, said his tenure has been an honour and a privilege.
“When I became CEO in 2014, we made it our mission to drive Air Products to new levels of profitability and growth. Working alongside the talented leadership team and our committed and motivated employees around the world, I am very proud to say that we achieved that, taking Air Products to new heights.”
Ghasemi had previously renewed his contract as CEO until September 2028, but the events of recent weeks overtook that original commitment.
