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John McGlade

CEO to retire as Air Products strikes deal with Ackman

Air Products & Chemicals Inc Chief Executive John McGlade will retire next year and the industrial gas producer appointed three new independent directors, avoiding a fight over board membership with activist investor Bill Ackman.Air Products shares rose as much as 6.9 percent, taking gains to almost a quarter since Ackman's Pershing Square starting building up a $2.2 billion holding in June.Ackman argued the company was undervalued and lagged peers after Pershing Square revealed a 9.8 percent stake that made it Air Products' largest shareholder.In a deal on Thursday, Air Products said it would add the three new independent directors immediately and three unnamed directors would retire before the company's 2014 meeting.The departure of McGlade in 2014 was not spelt out in the agreement, revealed in a regulatory filing by Air Products, but analysts said he was a prime target for Ackman."The main thing that Pershing Square wanted was a change in management and they have got that without a...

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  1. The Ackman Effect? Air Products CEO to Exit

    Just two months after activist investor Bill Ackman acquired a 9.8% stake, industrial giant Air Products & Chemicals (NYSE:APD) announced the retirement of CEO John ...

  2. Air Products CEO to retire, says Ackman supports move

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  3. Analysis: Air Products feels the heat from Ackman's Pershing Square

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