Air Products Stock Slides After COO Quits, Company Forms New Management Board

Shares of Air Products & Chemicals (APD) dropped Monday aft nan supplier of business gases announced that its main operating serviceman will time off nan institution arsenic it makes guidance and committee adjustments.

Air Products wrote successful a regulatory filing released Monday that COO Samir Serhan resigned from his position, effective immediately, but is expected to stay pinch nan patient done nan extremity of September. No replacement was named.

Along pinch that, nan institution said that it has group up a 12-member guidance committee of elder leaders from astir nan world, led by main executive serviceman Seifi Ghasemi. It said nan group would thief instrumentality Air Products’ “two-pillar maturation strategy” of boosting its halfway business gases business “while advancing nan power modulation done cleanable hydrogen.”

New Board Aimed astatine Streamlining nan Company

Ghasemi said nan move “further streamlines and optimizes our world organization” to guarantee that Air Products maintains its position arsenic “the safest and astir profitable business state institution successful nan world.” He added that it besides enhances nan company’s expertise to execute its afloat portfolio of projects.

Shares of Air Products were down 5.1% astatine $249.46 successful late-afternoon trading.