Air Products Settles With Ackman, CEO To Retire

Law360, New York (September 26, 2013, 8:17 AM EDT) -- Air Products & Chemicals Inc. will add three new independent directors to its board and start searching for a replacement for its CEO under a settlement reached Thursday with activist Bill Ackman, who first targeted the company for a shakeup in July.

The Pennsylvania-based company said John McGlade, the company's chief executive and chairman, would retire next year, at which point he will transition solely to chairman. The move comes about two months after Ackman's hedge fund, Pershing Square Capital Management LP, took a nearly 10...
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