Air Products (NYSE:APD) +2.9% in Monday's trading after naming two new board members ahead of its shareholder meeting in a potentially defensive move against pressure from activist investors Mantle Ridge and D.E. Shaw.

The company named Bob Patel, former CEO of W.R. Grace and LyondellBasell and former President of Standard Industries, and Alfred Stern, Chairman of OMV Group and former CEO of Borealis, as candidates for the 2025 board election, while existing board members David Ho and Matthew Paull will not seek re-election.

The two hedge fund managers have criticized the weakness of Air Products' (APD) shares, senior leadership and capital allocation policies, urging board refreshment and a focus on core business operations.

Mantle Ridge could nominate directors including former Linde executives Dennis Reilley and Eduardo Menezes as challengers to the Air Products (APD) board, while DE Shaw will not put forward its own directors, Bloomberg reported.