Mantle Ridge: Restoring Integrity for Air Products' Recovery

Mantle Ridge, an engaged, long-term owner-steward, has taken a stand to address the concerns of Air Products and Chemicals, Inc. (APD) shareholders. In an open letter, Mantle Ridge highlights the need for restoring integrity and addressing capital allocation missteps to ensure the company's recovery and return to prosperity. As a shareholder, I urge you to read this letter and consider the following key takeaways.



1. Addressing Capital Allocation Missteps: Mantle Ridge believes that CEO Seifi Ghasemi's insistence on pursuing large-scale, speculative non-core investments has unduly increased risk to the Company's shareholders and destroyed shareholder value. They aim to fix these capital allocation missteps and ensure long-term leadership at Air Products.
2. Nominating Experienced Directors: Mantle Ridge has identified four highly experienced and qualified nominees who bring relevant industry expertise and public company board experience. These nominees are Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley. They believe these nominees will help restore performance, fix capital allocation missteps, and ensure long-term leadership at the Company.
3. Replacing Underperforming Directors: Mantle Ridge urges shareholders to vote the BLUE Proxy Card "FOR" their four highly qualified director nominees and "WITHHOLD" on the Company nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser. They argue that the incumbent directors who failed to rein in CEO Ghasemi should not be entrusted to select the Company's next generation of board and management leadership.