Mantle Ridge has nominated nine directors to replace the current Air Products and Chemicals (APD) board, urging a new CEO, improved capital allocation, and an exit from riskier projects, Reuters reported Tuesday.

The nominees include Mantle Ridge founder Paul Hilal and former Linde (LIN) executive Dennis Reilley, according to the report. Eduardo Menezes, another ex-Linde executive, is being named as a CEO candidate, though not a board candidate, Reuters said citing documents and sources familiar with the matter.

The report said Mantle Ridge's move follows Air Products' plans to replace two retiring directors at next year's annual meeting. Air Products said Monday that Bhavesh "Bob" Patel, a former CEO of W.R. Grace and LyondellBasell (LYB), will stand for election at the company's annual stockholders meeting. Patel is being viewed as a potential successor to current CEO Seifi Ghasemi, according to the report.

Investors will vote on the board changes early next year unless a compromise is reached, Reuters said, adding that Mantle Ridge remains open to collaboration despite its nominations.

Air Products did not immediately respond to 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.)