MOSCOW (MRC) -- Air Products’ Board of Directors today announced an amendment to the employment agreement with Air Products’ chairman, president and chief executive officer, Seifi Ghasemi, further extending his term, said the company.
The Company has entered into a new amended agreement that will initially extend Ghasemi’s employment term to September 30, 2028. On September 30, 2024 and each year thereafter, the contract term will automatically renew to be a five-year term unless either party terminates the agreement at the latest, four years ahead of its then expiration date.
Commenting on the Board’s action, Edward L. Monser, lead director, said, “Since becoming Air Products’ Chairman, President and Chief Executive Officer nearly nine years ago, Seifi has led the company’s transformation into the world’s most profitable industrial gases company. He is a model for creating shareholder value while building an inclusive culture where employees act with integrity, commitment and purpose. The Board’s action to extend Seifi’s employment agreement while maintaining our strong focus on his succession provides clarity and certainty for years to come and reflects our continued confidence in his ability to deliver.”
Ghasemi said, “It has been an honor and a privilege for me to work alongside the dedicated, talented and motivated team at Air Products. Working together over the past nine years, we have increased the market capitalization of Air Products from about $20 billion to more than $60 billion. Air Products has a tremendous growth strategy, underpinned by our core industrial gas business and by being the leader in the production and distribution of low- and zero-carbon hydrogen that will help to decarbonize the world. I do look forward to working with our outstanding team at Air Products to innovate, continue to serve our customers and create additional shareholder value for many years to come.”
We remind, the Board of Directors of Air Products declared a quarterly dividend of USD1.75 per share of common stock. The dividend is payable on August 14, 2023 to shareholders of record at the close of business on July 3, 2023.