Air Products extends CEO’s term to 2028

Allentown-based Air Products’ board of directors announced an amendment to the employment agreement with Air Products’ chairman, president and CEO, Seifi Ghasemi, further extending his term.

The amended agreement will initially extend Ghasemi’s employment term to Sept. 30, 2028. On Sept. 30, 2024 and each year thereafter, the contract term will automatically renew to be a five-year term unless either party terminates the agreement at the latest, four years ahead of its then-expiration date. Commenting on the board’s action, lead director Edward L. Monser said, “Since becoming Air Products’ chairman, president and CEO nearly nine years ago, Seifi has led the company’s transformation into the world’s most profitable industrial gases company. He is a model for creating shareholder value while building an inclusive culture where employees act with integrity, commitment and purpose. The board’s action to extend Seifi’s employment agreement while maintaining our strong focus on his succession provides clarity and certainty for years to come and reflects our continued confidence in his ability to deliver.”

Ghasemi added: “It has been an honor and a privilege for me to work alongside the dedicated, talented and motivated team at Air Products. Working together over the past nine years, we have increased the market capitalization of Air Products from about $20 billion to more than $60 billion. Air Products has a tremendous growth strategy, underpinned by our core industrial gas business and by being the leader in the production and distribution of low- and zero-carbon hydrogen that will help to decarbonize the world.”

Air Products had fiscal 2022 sales of $12.7 billion from operations in over 50 countries.

Paula Wolf is a freelance writer