Air Products told investors on its earnings call 23 April that the search for its next CEO continues. Air Products announced last September that current CEO John McGlade will retire this year as part of an agreement with its largest investor, activist hedge fund Pershing Square (New York). The agreement with Pershing Square requires McGlade to step down as Air Products chairman and from the board by 30 June.
One analyst questioned why the search was taking so long on the company's investor call Wednesday. “This board and the search committee take this very, very seriously," McGlade said in response. "And they are really focused on making sure that they get the right candidate. I know that they completely understand their fiduciary responsibilities and the commitments we have made from a timing point of view and they are tracking to that.”