Air Products CEO McGlade to leave, Pershing Square supports moves

|About: Air Products and Chemicals,... (APD)|By:, SA News Editor

Air Products (APD) says it will add three independent directors to its board and CEO/Chairman John McGlade will step down next year.

McGlade will continue to serve as chairman and CEO during the search for his replacement and then as chairman for a transition period in 2014.

APD says it had "a constructive dialogue" with 9.8%-owner Pershing Square and is “pleased they are supportive of the actions our board is announcing."

Bill Ackman's hedge fund bought the stake in July, drawing attention to the industrial gas maker that has been struggling with sliding profits as natural gas becomes more expensive.