Air Products & Chemicals (APD) faces additional calls for a management shakeup as former Linde executives Dennis Reilley and Eduardo Menezes join investment firm Mantle Ridge's push for changes, Reuters reported Tuesday citing people familiar with the matter.
Mantle Ridge, led by activist investor Paul Hilal, has a $1 billion stake in Air Products and wants management and board changes, including succession planning for Chief Executive Officer Seifi Ghasemi, age 80, the report said.
Hilal may push for Reilley, a former Praxair CEO, as Air Products executive chairman, while Menezes is a potential candidate for CEO, the report said.
Air Products didn't immediately respond a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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