What is the primary change being announced by Air Products & Chemicals in this 8-K filing?

The primary change is the appointment of Seifollah Ghasemi as the new Chairman of the Board, President, and Chief Executive Officer, effective July 1, 2014. This coincides with the retirement of the current CEO, John E. McGlade.

What is Seifollah Ghasemi's background and relevant experience?

Mr. Ghasemi has a extensive background in industrial companies. He was previously the chairman and CEO of Rockwood Holdings, Inc. and has held various senior positions at The BOC Group (a global industrial gas company) and GKN plc. His experience includes leadership roles in industrial gases and manufacturing.

What are the key components of Seifollah Ghasemi's compensation package?

Mr. Ghasemi will receive an annual base salary of $1,200,000. He is eligible for an annual incentive bonus with a target of 130% of his base salary. Additionally, he will receive annual equity awards valued at $7,000,000 and a one-time "Make Whole" equity award of $9,000,000 to offset forfeited compensation from his prior employer. His compensation and benefits are detailed in an employment agreement and will be subject to company policies.

What happens if Mr. Ghasemi's employment is terminated under certain circumstances?

The agreement outlines specific conditions for termination. If the company terminates his employment without "Cause," or if he resigns for "Good Reason" (defined in the agreement), he will be eligible for severance benefits under the Company's Corporate Executive Committee Separation Program. In the event of a change in control, he is entitled to a severance payment equal to three times his annual base salary and target bonus.

APD 8-K: Leadership Changes & Regulation FD

Summary

Air Products & Chemicals, Inc. (APD) announced a significant leadership transition effective July 1, 2014. Seifollah Ghasemi has been appointed Chairman of the Board, President, and Chief Executive Officer, succeeding John E. McGlade, who is retiring after 38 years with the company. Mr. Ghasemi brings extensive experience from leadership roles at Rockwood Holdings, GKN plc, and The BOC Group, notably in the industrial gas and industrial products sectors. The company has entered into a comprehensive employment agreement with Mr. Ghasemi, outlining his compensation and terms of service. This includes a base salary, incentive bonus potential, and substantial long-term equity awards, both annual and a one-time "Make Whole" award to compensate for forfeited compensation from his previous employer. The agreement also details provisions for termination, change in control, and post-employment restrictive covenants, reflecting a standard, yet robust, executive compensation package.

Key Highlights

1Seifollah Ghasemi appointed Chairman, President, and CEO effective July 1, 2014.
2John E. McGlade to retire after 38 years of service, stepping down from his executive roles.
3Mr. Ghasemi has a strong background in industrial gases and industrial sectors, with prior leadership at The BOC Group and GKN plc.
4Mr. Ghasemi's annual compensation includes a $1,200,000 base salary and a target annual bonus of 130% of base salary.
5Significant annual equity awards of $7,000,000 are planned, along with a $9,000,000 one-time "Make Whole" equity award.
6The employment agreement includes provisions for termination, good reason resignation, and change-in-control severance.
7Mr. Ghasemi will be subject to non-competition and non-solicitation restrictions for one year post-employment.

Air Products & Chemicals, Inc. 8-K Report, Executive Changes (Jun 18, 2014)

Summary

Key Highlights

Frequently Asked Questions