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Key Takeaways
- The chief operating officer of Air Products & Chemicals stepped down as the company formed a new management board.
- The company said COO Samir Serhan has resigned, effective immediately.
- Air Products’ chief executive officer will lead the new 12-person management board to help implement the company’s strategy.
- Air Products stock was down about 5% in afternoon trading Monday.
Shares of Air Products & Chemicals (APD) dropped Monday after the supplier of industrial gases announced that its chief operating officer will leave the company as it makes management and board adjustments.
Air Products wrote in a regulatory filing released Monday that COO Samir Serhan resigned from his position, effective immediately, but is expected to remain with the firm through the end of September. No replacement was named.
Along with that, the company said that it has set up a 12-member management board of senior leaders from around the world, led by chief executive officer Seifi Ghasemi. It said the group would help implement Air Products’ “two-pillar growth strategy” of boosting its core industrial gases business “while advancing the energy transition through clean hydrogen.”
New Board Aimed at Streamlining the Company
Ghasemi said the move “further streamlines and optimizes our global organization” to ensure that Air Products maintains its position as “the safest and most profitable industrial gas company in the world.” He added that it also enhances the company’s ability to execute its full portfolio of projects.
Shares of Air Products were down 5.1% at $249.46 in late-afternoon trading.
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