June 18 Industrial gas producer Air Products &
Chemicals, under pressure from Bill Ackman to overhaul
its management, said it has appointed Seifi Ghasemi chief
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.
Rockwood appointed Chief Financial Officer Robert Zatta
(Reporting By Kanika Sikka in Bangalore; Editing by Joyjeet