WASHINGTON (dpa-AFX) - D. E. Shaw Group, a global investment and technology development firm, Friday revealed an open letter to the Board of Directors of Air Products and Chemicals, Inc. (APD) expressing continued disappointment in CEO succession process.
The letter said Air Products' CEO Seifi Ghasemi seemingly unfettered decision-making authority has led to the Company's high risk capital allocation strategy and longstanding share price underperformance relative to industry benchmarks.
The investor alleged that APD's Board is failing at its core responsibilities, which is a direct contributor to the substantial underperformance in the Company's shares over a multi-year period.
The letter also noted that the Board has failed to provide a clear timeline for transitioning the CEO role, despite being the second-oldest CEO in the S&P 500.
D. E. Shaw Group also said it intends to support change in the Board's composition at Air Products' 2025 annual meeting and the status quo, exposes shareholders to the risk of continued lapses in oversight.
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