Air Products (NYSE: APD) will commence a search to identify a successor to chairman and CEO John E. McGlade, who will retire in 2014.
The CEO search will commence promptly, led by a newly formed search committee of the board with the assistance of an executive search firm. McGlade will continue to serve as chairman and CEO during the search process and then as chairman for an agreed-upon transition period in 2014. The incoming CEO will also join the board as a director.
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.”