Air Products and Chemicals Inc. of Trexlertown will soon begin the search for a new CEO. Chairman and CEO John E. McGlade has announced he will retire in 2014.
A newly formed search committee of the company's board of directors will lead the search, with the assistance of an executive search firm.
McGlade will remain as chairman and CEO during the search process.
"Air Products is a long-cycle business, and we have taken significant actions in recent years to position the company for accelerated earnings growth in an economic recovery," McGlade said. "As I approach age 60 and the board plans for my retirement, the actions our board is announcing today will ensure an orderly leadership transition and a company that is well positioned to deliver long-term shareholder value."
In addition to McGlade's retirement, the company announced three new independent directors immediately will join the board of directors.
Two of the new independent directors, Edward Monser and Matthew Paull, will stand for election to maintain their seats at Air Products' 2014 annual meeting.
The third independent director, Seifi Ghasemi, will stand for election to maintain his seat at the 2015 annual meeting.
With the addition of the three new directors, three current Air Products directors will retire prior to the 2014 annual meeting.