Air Products And Chemicals, Inc. · NYSE:APD
Air Products And Chemicals — Proxy Contest (December 2024)
76 slides from Air Products And Chemicals's proxy contest presentation, Dec 18, 2024
Slide 1: Creating Superior Shareholder Value Through Disciplined Investment in Clean Hydrogen
Creating Superior Shareholder Value Through Disciplined Investment in Clean Hydrogen December 18, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations; beliefs; plans; strategies; priorities and opportunities; future pe
Slide 3: Executive Summary: Board and Management Have Consistently Delivered Results
Executive Summary Air Products Board and Management Have Consistently Delivered Results 01 (A) • We are the most profitable industrial gas business in the world based on Adjusted EBITDA margin , growing at GDP or industrial production levels – We operate core industrial gases infrastructure globally
Slide 4: Executive Summary: Refreshed, Independent and Fit-For-Purpose Board
Executive Summary Refreshed, Independent and Fit-For-Purpose Board to Oversee Our Strategy 03 • The Air Products Board has the skills, experience, and expertise to oversee the successful execution of our two-pillar growth strategy to grow our core industrial gas business while capitalizing on our fi
Slide 5: Business and Strategy Overview
Business and Strategy Overview 5
Slide 6: Air Products Today
Air Products Today • Air Products (NYSE:APD) is a world-leading industrial gases company, providing essential $12.1B ~23,000 ~50 industrial gases, related equipment, and applications expertise to customers around the world in FY2024 Sales Employees Countries dozens of industries ~42% • Air Products
Slide 7: An Introduction to Industrial Gases
An Introduction to Industrial Gases What Are Industrial Gases? • Industrial gases businesses deliver mission-critical inputs to large-scale manufactures to enable them to drive efficiency and reduce emissions • Most common industrial gases are oxygen, nitrogen, hydrogen, carbon dioxide, and argon •
Slide 8: Air Products Maintains a Near-Majority Infrastructure-like Business Model
Air Products Maintains a Near-Majority Infrastructure-like Business Model Enables Stability Through Cycles Supply Through-Cycles Duration of Cost Pass- Key Take-or-Pay (A) Mode Mode of Supply Contract Through Attributes 49% • Stable, infrastructure-like • Facilities on or • Includes attractive elect
Slide 9: Air Products' Two-Pillar Growth Strategy
Air Products’ Two-Pillar Growth Strategy Core Industrial Gases Clean Hydrogen Size of Prize: ~$100B+ Size of Prize: ~$600B+ • World-leading industrial gases business with a reputation for • Extension of core business and 65+ years of experience as a market innovative culture, operational excellence,
Slide 10: The Board and Seifi Ghasemi Delivered on the 2014 Five-Point Plan
The Board and Seifi Ghasemi Delivered on All Aspects of The 2014 Five- Point Plan… Five-Point Plan 1 2 3 4 5 Focus on Restructure Change Align Control Capital / Costs the Core Organization Culture Rewards ✓ Restructured into a ✓ Safety-first culture; ✓ Established minimum ✓ Senior management to ✓ Gr
Slide 11: Significant Progress on Margin Expansion, Above-Market Growth, and Portfolio Clarity
…And Have Made Significant Progress on Margin Expansion, Above- Market Growth, and Portfolio Clarity FY2014 FY2024 41.7% (B) 27.7% Significant Adjusted EBITDA (A) Margin Expansion $12.43 (B) (A) $4.42 11% Adjusted EPS CAGR Key Financial Statistics 4% 7% (C) Delivering on Portfolio Clarity 23% On-sit
Slide 12: Clean Hydrogen Business Model In-Line with Traditional Industrial Gas Model
Our Clean Hydrogen Business Model Is In-Line with the Traditional Industrial Gas Business Model Core Industrial Gases Clean Hydrogen Market Size and $100B+| Highly Global with ~40% US, ~$600B+ | Focused on Europe and Asia, (A) ~50% Asia & Europe Based on FY2024 Sales Driven by Stringent Emissions Re
Slide 13: Executing on Our Strategic Priorities to Drive Value Creation
Executing on Our Strategic Priorities to Drive Value Creation 13
Slide 14: The Board Has Established a Successful Strategy
The Board Has Established a Successful Strategy Leadership Action Description Status 1 (A) • Continued investment in our core industrial gas business which has industry-leading margins Deliver for • Long-term take-or-pay contracts and cost pass-through underpin business stability ✓ Customers via (B)
Slide 15: Air Products Has Achieved Sector-Leading Sales Growth
1 Air Products Has Achieved Sector-Leading Sales Growth Long-Term Organic Sales Compound Annual Growth Rate (A) 4.0% 3.7% 3.5% 3.0% (B) 2.5% 2.3% (C) 2.0% 1.7% (D) 1.5% 1.3% 1.0% 0.5% 0.0% Air Products Nippon Sanso Linde Air Liquide Consistent Investment Has Led to Stronger Organic Sales Growth as C
Slide 16: Margins Have Become Best-in-Class
1 Under the Board’s and Seifi Ghasemi’s Leadership, Margins Have Become Best-in-Class (A)(C) (A)(B) LTM Adjusted EBITDA Margin (%) Air Products Adjusted EBITDA Margin 45% 45.0% 41.7% 41.7% 40.9% 40.0% 38.2% 40% 38.9% 37.6% 37.3% 35.0% 34.9% 30.0% 34.9% 33.4% 27.7% 34.2% 35% 25.0% 22.8% 31.0% 20.0% 3
Slide 17: Air Products Has Consistently Grown its Adjusted EPS and Dividend
(A) 1 Air Products Has Consistently Grown its Adjusted EPS and Dividend (A) Adjusted EPS ($) Dividends Per Share ($) $14.00 $8.00 $13.00 $12.00 $7.00 $11.00 $6.00 $10.00 $5.00 $9.00 $4.00 $8.00 $7.00 $3.00 $6.00 $2.00 $5.00 $1.00 $4.00 $3.00 $0.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 18: Air Products' On-Site Model Drives Resilience
2 Air Products’ On-Site Model Drives Resilience Our Core Capabilities Are in the Traditional On-Site Business Model • Balanced mix of on-site and (A) Latest Sales Breakdown: Supply Mode merchant sales ꟷ Peers more heavily weighted (B) toward more volatile merchant & packaged businesses • On-site bus
Slide 19: Core Industrial Gases Business Serves Key Growth End Markets
2 Core Industrial Gases Business Serves Key Growth End Markets (A) SECULAR GROWTH END MARKETS More Resilient, GDP+ Growth • Example Customers: • Example Customers: • Example Customers: Food Semiconductor Fabricators, Hospitals, Medical Offices & Frozen, Food Producers, Solar Panel Manufacturers, and
Slide 20: Air Products Continues to Grow the Core Industrial Gases Business
2 Air Products Continues to Grow the Core Industrial Gases Business >50% of FY2023-FY2025 Total Capex is for Core Industrial Gases Announced Long-Term Build, Own, and Operate Awarded Long-Term Two New Air Separation Industrial Gases Supply Hydrogen and Nitrogen Agreement with World- Units at Air Pro
Slide 21: Clean Hydrogen is an Extension of Our Core Business
3 Clean Hydrogen is an Extension of Our Core Business… Leveraging Our Hydrogen Expertise to Create New Growth • Air Products was the first industrial gas company to sell gray hydrogen over-the-fence • In the 1990s, Air Products significantly expanded its presence in supplying hydrogen to First-Mover
Slide 22: A Growth Opportunity Well-Aligned With Our Core Capabilities
3 … And a Growth Opportunity Well-Aligned With Our Core Capabilities Leveraging Our Hydrogen Expertise to Create New Growth Core Industrial Gases Gray Hydrogen Blue Hydrogen Green Hydrogen • Atmospheric gases: oxygen, nitrogen, argon Expertise in Hydrogen • Process gases: hydrogen• Process gases: hy
Slide 23: Where We Will Replicate Our Gray Hydrogen Growth Strategy
3 Where We Will Replicate Our Gray Hydrogen Growth Strategy Leveraging Our Hydrogen Expertise to Create New Growth • Hydrogen is critical to petroleum Growth of U.S. Gulf Coast Franchise refiners who depend on it to (million standard cubic feet per day) produce low sulfur fuels to meet clean air reg
Slide 24: Decarbonization is Supported by Global Regulation
3 Decarbonization is Supported by Global Regulation EUROPE JAPAN KOREA Deep Sea • Fuel EU Maritime • IMO 2023 GHG Strategy• IMO 2023 GHG Strategy NH • IMO 2023 GHG Strategy 3 Shipping • EU Emission Trading System • A global energy transition and coordinated drive toward more • Korea ETS • Japan carb
Slide 25: Clean Hydrogen Has Applications Across Diverse Growing End Markets
3 Clean Hydrogen has Applications Across a Diverse Array of Growing End Markets Hydrogen May Contribute Up to 20% of Global Emissions Clean Fuels Can be Widely Applied to Decarbonize a Broad (A) Reduction by 2050 Range of End Markets (B) Annual CO Emission (Gt/year) / Abatement by Technology (%) 2 E
Slide 26: Clean Hydrogen Represents a Trillion Dollar Market Opportunity
3 Clean Hydrogen Represents a Trillion Dollar Market Opportunity Air Products’ Approved Clean H Projects Represent <1% of the Future Market 2 • Decarbonization of hard-to-abate end markets (heavy industry and Evolution of Clean Hydrogen Demand by End Market heavy-duty transportation) • Already >1,00
Slide 27: First-Mover Advantage is Critical to Success in Clean Hydrogen
3 First-Mover Advantage is Absolutely Critical to Success in the Clean Hydrogen Market Limited Supply Land • Transition to clean hydrogen requires significant upfront Chain Partners Scarcity capital, but there is no concept of a ‘fast-follower’• Access to renewable resources is critical to • Supply
Slide 28: Significant Market Demand for Clean Hydrogen Exists Today
3 Significant Market Demand for Clean Hydrogen Exists Today, and Air Products Only Needs to Capture a Small Share of This Market Green Hydrogen Europe Refinery Total Asia Clean Hydrogen Customers Demanding • Various leading companies have Hydrogen Demand (NH ) Market Clean Hydrogen Today 3 issued ca
Slide 29: Early Successes in Clean Hydrogen Projects
3 Early Successes in Clean Hydrogen Projects, Underpinned by the Board’s Focus on Disciplined Capital Allocation and Risk Management Framework for Clean Hydrogen Strategy Several Early Successes ✓ Secure anchor customers for future clean hydrogen Stringent projects NEOM Green European Hydrogen Appro
Slide 30: The Need to Invest in Future Growth Is Masking Strong Underlying Performance
The Need to Invest in Our Future Growth and Value Creation Is Currently Masking Our Strong Underlying Performance Under Seifi Ghasemi’s Leadership and Prior to …Today We Are Investing Pre-Revenue for Future Value Creation, …Several Recent Key • The Board and Management have Investing Significant Cap
Slide 31: Independent Research Analysts Have Been Positive on Strategic Direction
Independent Research Analysts Have Been Positive on Air Products’ Strategic Direction “APD… is focused on signing offtakes for the existing “APD's 4Q exceeded expectations with a strong beat “We’ve seen a meaningful change in Air Products’ risk backlog. Combined with the commitment to not announce a
Slide 32: Refreshed, Independent and Fit-for-Purpose Board to Oversee Our Strategy
Refreshed, Independent and Fit-for-Purpose Board to Oversee Our Strategy 32
Slide 33: Our Proposed Board Is World-Class and Has the Right Skillsets
Our Proposed Board Is World-Class and Has the Right Skillsets Our recently refreshed, fit-for-purpose Board slate includes 6 of 9 directors nominated in the past 5 years, including 2 new nominees; in addition, while at Pershing Square, Paul Hilal supported the hiring of our CEO and Lead Independent
Slide 34: Recent Highly Qualified Nominees Are Well Equipped to Guide Air Products
Recent Highly Qualified Nominees Are Well Equipped to Guide Air Products Through Its Next Stage of Growth As the Company advances its clean hydrogen strategy and moves from business development to execution, Bob and Alfred bring extensive large-scale project execution experience that the Board prior
Slide 35: Robust, Ongoing Nomination Process Led to Addition of New Independent Director Nominees
Robust, Ongoing Nomination Process Led to Addition of New 2025 Independent Director Nominees • In November 2022, Air Products began a Board search for candidates who brought global CEO experience with a strong technical understanding of the technologies and science that underscore Air Products' busi
Slide 36: Experienced and Effective Lead Independent Director
Experienced and Effective Lead Independent Director Highly Independent Board with Robust Oversight Experienced and Effective Lead Independent Director Whose Appointment Was Previously Supported by Paul Hilal • Has more than 30 years of experience leading global engineering Ed Monser is “the kind of
Slide 37: Commitment to High Standards of Corporate Governance and Shareholder Rights
Commitment to High Standards of Corporate Governance and Shareholder Rights Governance Highlights 10% holding requirement for Annually elected Board ✓✓ shareholders to call a special meeting Majority vote standard to Majority vote standard to elect directors ✓✓ amend charter and bylaws One-share, on
Slide 38: Proactive and Thorough CEO Succession Process
Proactive and Thorough CEO Succession Process Succession Update Robust Search Process • President search announced in August 2024, prior to D.E. Shaw’s or • The process is led by our Lead Independent Director with the support of Mantle Ridge’s involvement, although search process had begun two and t
Slide 39: Further Aligning Executive Compensation with Value Creation
Further Aligning Executive Compensation with Value Creation and Maintaining Accountability Following Extensive Shareholder Engagement Prior to the 2024 Annual Meeting, both management and the Chair of the Management Development and Compensation Committee participated in a number of meetings with sha
Slide 40: Mr. Ghasemi's Employment Agreement
Mr. Ghasemi’s Employment Agreement • In May 2023, the Board amended Seifi Ghasemi’s employment agreement, further extending his term ─ The agreement initially extends Mr. Ghasemi’s employment term to September 30, 2028. On September 30, 2024 and each year thereafter, the contract term automatically
Slide 41: Mantle Ridge Seeks to Replace Board Leadership with Inferior Nominees
Without Any Serious Plan for Value Creation, Mantle Ridge Seeks to Replace Air Products’ Board Leadership with Inferior Nominees with Questionable Independent Thought 41
Slide 42: Mantle Ridge Seems Determined to Seize Control of the Company's Leadership
Mantle Ridge Seems Determined to Seize Control of the Company’s Leadership and Appoint its Handpicked Management Mantle Ridge Is Attempting to Enact its Value-Destructive Playbook • Mantle Ridge is attempting to seize control of Air Products by seeking to replace our Lead Independent Director, fire
Slide 43: Mantle Ridge Has Deployed a Similar Value-Destructive Playbook in 3 Campaigns
Since Paul Hilal Started Mantle Ridge, He Has Deployed a Similar Value- Destructive Playbook in 3 Successive Campaigns Since its Founding, Mantle Ridge Has Never Run an Activist Campaign or Made a CEO Change That Has Driven Outperformance (A) (A) (A) TSR vs. S&P 500 Since Mantle Ridge Settlement: (1
Slide 44: Mantle Ridge's Slate Is Highly Conflicted
Mantle Ridge’s Slate Is Highly Conflicted We believe Mantle Ridge nominees have been selected not because their experience is superior to or more relevant than our existing nominees, but rather because of pre-existing relationships with Mr. Hilal or reliability as a previous activist nominee Nominee
Slide 45: Mantle Ridge's Proposed Executive Chairman Candidate Appears Alarmingly Unfit
Mantle Ridge’s Proposed Executive Chairman Candidate Appears Alarmingly Unfit to Lead Air Products or Any Public Company There are deeply concerning questions about whether Mr. Dennis Reilley, as a director of three companies, reportedly leaked confidential information about those companies, in one
Slide 46: Mantle Ridge's Preferred CEO Candidate Is Insufficiently Qualified
Mantle Ridge’s Preferred CEO Candidate Is Insufficiently Qualified Eduardo Menezes Lacks The Basic Qualifications We Look For in CEO Candidates We believe Mantle Ridge is determined to seize control of Air Products’ leadership and use this control to either severely curtail or eliminate our growth s
Slide 47: Mantle Ridge Would Remove a Successful Executive Leader
Mantle Ridge Would Remove a Successful Executive Leader Amid a Thorough Succession Process Currently Underway Seifollah (“Seifi”) Ghasemi Dennis Reilley Chairman, President and Chief Executive Officer Mantle Ridge Chairman Nominee ✓ Appointed as CEO in 2014 after Pershing Square / Paul û Has not hel
Slide 48: Mantle Ridge Would Remove Lead Independent Director's Operating Expertise
Mantle Ridge Would Remove Our Lead Independent Director’s Significant Operating and Supply Chain Expertise Edward L. Monser Paul Hilal Lead Independent Director of Air Products Mantle Ridge CEO and Nominee û No industry experience with the board or operations of an ✓ Appointed as director in 2014 wi
Slide 49: Mantle Ridge Would Remove Significant Legal and M&A Expertise
Mantle Ridge Would Remove Significant Legal and M&A Expertise Charles Cogut Tracy McKibben Independent Director of Air Products Mantle Ridge Nominee û Appears to have significantly less legal experience than ✓ Recognized as one of the most prominent leading Mr. Cogut corporate lawyers in the United
Slide 50: Mantle Ridge Would Remove Critical Energy and Renewables Expertise
Mantle Ridge Would Remove Critical Energy and Renewables Expertise Lisa A. Davis Andrew Evans Independent Director of Air Products Mantle Ridge Nominee ✓ Ms. Davis brings 35 years of experience leading û Public C-Suite and Board experience limited to U.S. companies large, multi-faceted international
Slide 51: Mantle Ridge's Proposed Changes Will Destroy Our Trajectory
Mantle Ridge’s Proposed Changes Will Destroy Our Trajectory Toward Long-Term Value Creation 51
Slide 52: Air Products Is Already Taking Steps to Generate Sustainable Shareholder Value
Air Products is Already Taking the Steps Necessary to Generate Significant and Sustainable Shareholder Value Demands or Claims Air Products’ Board & Management Actions From Mantle Ridge Accelerate efforts to de-risk existing large project ✓ Recently executed long-term agreement for downstream distri
Slide 53: Robust Capital Allocation Framework
The Board Maintains a Robust Capital Allocation Framework Focused on Maximizing Sustainable Long-Term Shareholder Value Our Approach • Invest in new projects that meet or exceed internal return targets Core industrial gas capex represents aligned with our two-pillar growth strategy >50% of FY2023-FY
Slide 54: Actively Managing Investment Risk Across Significant Projects
Actively Managing Investment Risk Across Significant Projects Projects Under Execution Plant Customer / Location Current Status • Construction 60% complete; ~35% of production contracted on take-or-pay basis with negotiations underway for remaining production Green H AP/NEOM, Saudi Arabia • Recently
Slide 55: Jazan and NEOM Projects Demonstrate Ability to Raise Alternative Funding
Our Jazan and NEOM Projects Demonstrate Our Ability to Raise Alternative Funding NEOM Carbon-free hydrogen Jazan Joint Venture Produced and delivered with proven, world-class technology Supply Saudi Aramco with critical supply of power, steam, utilities, and hydrogen To Saudi Refined products Hydrog
Slide 56: Air Products Board is a Prudent Steward of Capital
The Air Products Board is a Prudent Steward of Capital, and Our Commitments Prove This Clean Energy • Assessing alternate funding Air Products Overall Key Pillars of Our Investing Strategy opportunities across nearly all ongoing clean hydrogen projects 75% firm commitment on offtake on existing proj
Slide 57: Conclusion
Conclusion 57
Slide 58: Conclusion: Board and Management Have Consistently Delivered Results
Conclusion Air Products Board and Management Have Consistently Delivered Results 01 (A) • We are the most profitable industrial gas business in the world based on Adjusted EBITDA margin , growing at GDP or industrial production levels – We operate core industrial gases infrastructure globally, inclu
Slide 59: Conclusion: Refreshed, Independent and Fit-For-Purpose Board
Conclusion Refreshed, Independent and Fit-For-Purpose Board to Oversee Our Strategy 03 • The Air Products Board has the skills, experience, and expertise to oversee the successful execution of our two-pillar growth strategy to grow our core industrial gas business while capitalizing on our first-mov
Slide 60: Appendix
Appendix 60
Slide 61: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation Adjusted EBITDA and Margi Ad njus ted EBITDA Margin Air Products defines adjusted EBITDA as net income less income or loss from discontinued operations, net of tax, and excluding non-GAAP adjustments, which the Company does not believe to be
Slide 62: Adjusted Diluted EPS Reconciliation
Adjusted Diluted Earnings Per Share (“EPS”) Reconciliation Adjusted Diluted Earnings per Share ( EPS ) Adjusted diluted EPS is presented on a continuing operations basis. Air Products calculates this non-GAAP measure as net income from continuing operations attributable to Air Products, excluding th
Slide 63: Adjusted Diluted EPS Reconciliation (Cont'd)
Adju sted Diluted Earnings Per Share (“EPS”) Reconciliation (Cont’d) FY2014-FY2021 Amounts presented in the table below are as previously reported. The per share impact for each non-GAAP adjustment was calculated independently and may not sum to total adjusted diluted EPS due to rounding. FY2021 FY2
Slide 64: Thank You
Thank You Also on December 18, 2024, the Company mailed the following letter to its shareholders and posted the same to its website, https://www.voteairproducts.com/:
Slide 65: Vote FOR Only Air Products' Highly Qualified Director Nominees on the WHITE Proxy Card
Vote “FOR” Only Air Products’ Highly Qualied fi Director Nominees on the WHITE Proxy Card
Slide 66: Letter to Fellow Shareholders, December 18, 2024
December 18, 2024 Dear Fellow Shareholder, The Air Products Annual Meeting is fast approaching, and you have an important opportunity to protect the value of your investment and the meaningful results the Company has delivered and anticipates continuing to deliver — as we have for the past 10 years.
Slide 67: Key Financial Outcomes During Mr. Ghasemi's Tenure
During Mr. Ghasemi’s tenure, the Company has delivered the following key financial outcomes: Air Products Has Achieved Sector-Leading Sales Growth Long-Term Organic Sales Compound Annual Growth Rate (Chart 1) (A) 3.7% (B) 2.3% (C) 1.7% (D) 1.3% Under The Board’s and Seifi Ghasemi’s Leadership, Margi
Slide 68: Air Products Is Successfully Executing a Two-Pillar Growth Strategy
Power Industry District Heat Transport Buildings Air Products Is Successfully Executing a Two-Pillar Growth Strategy to Continue Driving Value Creation into the Future We remain focused on investing in, and growing, our core industrial gas business, which delivers industry-leading 3 profitability ba
Slide 69: First-Mover Advantage Is Critical in Clean Hydrogen
No company is better positioned than Air Products — with more than 65 years of hydrogen experience — to meet the growing demand in this space, by serving global customers across industries working to improve efficiency and reliability while reducing emissions. Initially capturing even a small portio
Slide 70: Board Is Refreshed, Independent and Fit-For-Purpose
Air Products’ Board Is Refreshed, Independent and Fit-For-Purpose — Mantle Ridge’s Proposed Nominees Would Remove Signic fi ant and Relevant Experience and Expertise from the Board Our Board is committed to strong governance practices, including regular Board refreshment. This is demonstrated throug
Slide 71: Edward L. Monser vs. Paul Hilal
Edward L. Monser Paul Hilal Lead Independent Director of Air Products Mantle Ridge CEO and Nominee Significant experience in industrial operations No experience with the board or operations of an and supply chain optimization industrial gas or chemicals company Appointed in 2014 with support from Pe
Slide 72: Mantle Ridge's Proposed Executive Chairman Candidate Appears Unfit
Our Board is world-class with expertise across a full range of disciplines from operations and supply chain optimization to corporate governance and regulatory expertise. Mantle Ridge’s Proposed Executive Chairman Candidate Appears Alarmingly Unt t fi o Lead Air Products Or Any Public Company The co
Slide 73: Transcript from Hearing in Which Mr. Davidson Pled Guilty
A portion of the transcript from the hearing in which Mr. Davidson pled guilty to lying to the FBI regarding who he received information in connection with the Covidien/Medtronic’s merger is pasted below. If true, the statements are deeply concerning, as they show the director in question leaked boa
Slide 74: Mantle Ridge's Preferred CEO Candidate Is Insufficiently Qualified
Mantle Ridge’s Preferred CEO Candidate Is Insuc ffi iently Qualie fi d In addition, Mantle Ridge’s proposed CEO candidate, Eduardo Menezes, lacks public company CEO or board experience — two key criteria for Air Products’ next CEO that the Board established months ago. By proposing a CEO candidate l
Slide 75: Safeguard the Value of Your Investment by Voting for All Nine Nominees
Safeguard the Value of Your Investment in Air Products by Voting for the Election of All of Air Products’ Nine Nominees on the White Proxy Card The Board understands its responsibility to deliver value to ALL shareholders. The Board also, with the support of its leadership advisory firm, considered
Slide 76: Your Vote Is Important
YOUR VOTE IS IMPORTANT. Whether or not you plan to virtually attend the Annual Meeting, please take a few minutes now to vote by Internet or by telephone by following the instructions on the WHITE proxy card, or to sign, date and return the enclosed WHITE proxy card in the enclosed postage-paid enve
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