Air Products and Chemicals (APD) faced calls for change Friday in an open letter published by investment group D.E. Shaw group that expressed "continued disappointment" in management.
The activist investor said the Air Products' board has failed to address shortcomings in corporate governance that have led to a "multi-year pattern of value destruction" caused by CEO Seifi Ghasemi.
The letter said Ghasemi has pursued a "high-risk capital allocation strategy" that has led to share price underperformance.
The firm urged the board to take control of the chief executive succession process rather than allowing Ghasemi to name his successor and to set a timeline for a transition, noting that Ghasemi is the second-oldest chief executive in the S&P 500.
Air Products and Chemicals did not immediately reply to MT Newswires' request for comment.
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