May 18, 2007 Lehigh Valley, Pa.
Air Products today announced its management succession plan. John P. Jones, chairman and chief executive officer, will retire as CEO on October 1, 2007, after 35 years with Air Products, and the Board of Directors has appointed John E. McGlade, currently president and chief operating officer, to succeed Jones as CEO. McGlade also has been elected a director of the company effective immediately. Jones will continue as Chairman of the Board until March 31, 2008 to provide for an orderly transition of responsibilities.
Jones has been responsible for company operations since becoming president in 1998 and CEO and chairman in 2000. Under his leadership, a complete review and realignment of the company's operations has resulted in two-thirds of the portfolio now being made up of growth businesses compared to less than a third in 2000. In the last three years, these efforts have driven sales and earnings at double-digit growth rates, and the company's return on capital has improved significantly.
"We have worked very hard since 2000 to ensure that Air Products has a strong portfolio of profitable growth businesses. The Board of Directors and I have also worked to develop a robust management succession plan that positions the company and its businesses with capable and consistent leadership for many years. Healthy succession is a hallmark of a strong company. It has been a privilege to lead this company for nearly 10 years, and it is very satisfying to see the next generation ready to move up," said Jones.
"As I begin this transition with John McGlade as our next chief executive, I am very enthusiastic about Air Products' future," Jones commented, "John is a 31-year company veteran who has been an integral part of successfully building many of our market leadership positions today. His sharp insight, strategic thinking and broad relationships equip him to be an effective leader as Air Products continues to evolve into a higher-return, growth-oriented company."
McGlade added, "I look forward to the opportunity to lead this dynamic company. Air Products is well positioned to continue its successful growth and build on the strong foundation put in place over the past decade by John Jones. I am committed to continuing to bring this value to our shareholders, customers, and employees."
McGlade, 53, will be only the sixth CEO since the company was founded in 1940. He joined Air Products in 1976 in the company's career development program and subsequently held various positions within its Gases business, including both domestic and international assignments. He was named general manager of the Chemical and Process Industries Division in 1994 and vice president of the division in 1996, where he led the growth of the company's premier position in hydrogen. In 2001, he became general manager and vice president of the Performance Materials Division. He became group vice president for the company's worldwide Chemicals Group in 2003 and assumed his current position in 2006. McGlade earned a B.S. degree in industrial engineering and an M.B.A. from Lehigh University.
Jones shared his plans for retirement, "After 35 years of working for this great company, I am looking forward to having more time to spend with my family. I will also continue my work with various corporate and non-profit boards." Jones serves on the boards of ADP, Sunoco, the Dorothy Rider Pool Health Care Trust, the Rider-Pool Foundation, and the Villanova Board of Trustees.
Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment and is listed in the Dow Jones Sustainability and FTSE4Good Indices. The company has annual revenues of $9 billion, operations in over 40 countries, and over 20,000 employees around the globe. For more information, visit www.airproducts.com.
NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.