Industrial gas producer Air Products & Chemicals, under pressure from Bill Ackman to overhaul its management, said it has appointed Seifi Ghasemi chief executive. Ghasemi, who is currently CEO of specialty chemicals maker Rockwood Holdings Inc, will replace John McGlade.Air Products & Chemicals announced McGlade's retirement last September and appointed three independent directors, including Ghasemi, to avoid a fight over board membership with Ackman's Pershing Square Capital Management.The activist investor has said Air Products is undervalued and is underperforming its peers. Pershing Square is Air Products' largest shareholder, with a 9.7 percent stake.Ghasemi will take on his new role on July 1, a day after he leaves Rockwood, the companies said on Wednesday.
Air Products and Chemicals, Inc. has a portfolio of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. Shares of APD traded higher by 0.9% or $1.08/share to $121.60. In the past year, the shares have traded as low as $90.12 and as high as $124.40. On average, 962222 shares of APD exchange hands on a given day and today's volume is recorded at 804390.
Rockwood Holdings, Inc. (Rockwood) is a developer, manufacturer and marketer of specialty chemicals and advanced materials used for industrial and commercial purposes. Shares of ROC traded higher by 0.74% or $0.56/share to $75.94. In the past year, the shares have traded as low as $60.45 and as high as $82.00. On average, 852441 shares of ROC exchange hands on a given day and today's volume is recorded at 589711.
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