Air Products names new CEO after board shakeup

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Air Products has named a new CEO. 

The company’s board of directors has announced that Eduardo F. Menezes will replace Seifi Ghasemi who is stepping down after more than 10 years in the position. 

Ghasemi recently lost his seat on the board after a January shareholder vote. 

The vote came after activist investor Mantle Ridge gained three seats on the board in an attempt to oust Ghasemi from his post. 

 Menezes will be joining the Air Products board in his new role.  

In a press release from the company, the board said it has also named Wayne T. Smith as chairman and Dennis H. Reilley as vice chairman.   

“After evaluating various exceptional candidates for the CEO role, the Board determined that Eduardo’s knowledge, skills and extensive experience in the industrial gases sector, including more than three-and-a-half decades in progressively senior roles at Linde plc and operating experience across the world, make him uniquely qualified to take Air Products forward and maximize value for shareholders,” Smith said.  

Menezes brings international experience in industrial gases, including on-sites, merchant liquid, packaged gases and hydrogen. At his last position, he was the executive vice president of Linde plc for Europe, Middle East and Africa, with responsibility for operations in more than 40 countries with over $8 billion in sales and 18,000 employees. Prior to that, Menezes worked for Praxair in a variety of senior roles.  

“Air Products is a fantastic company with a great future, and I am honored to have this opportunity to work with the talented team to build on the Company’s strong positions,” Menezes said. “I look forward to applying the experiences and perspectives I’ve gained in 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.” 

Ghasemi commented on his departure. 

 “Leading Air Products over the last 10 years has been an honor and a privilege,” he said. “When I became CEO in 2014, we made it our mission to drive for 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. That result is due to the hard work of the people of Air Products, and I have no doubt they will drive the company’s continued success into the future.”