10:56 AM EST, 12/05/2024 (MT Newswires) -- Air Products and Chemicals' ( APD ) activist investor Mantle Ridge said Thursday it continues to seek a restructuring of the company's board to improve its performance and to "enable new executives to succeed."

Mantle Ridge issued the statement following a press report that attributed a 2.3% decline in the company's stock premarket Thursday to Mantle Ridge withdrawing an earlier push for a board overhaul.

The activist investor said it is nominating four independent candidates with the company nominating two new candidates.

In a Thursday filing with the US Securities and Exchange Commission, Air Products and Chemicals ( APD ) said it received notice from Mantle Ridge on Wednesday afternoon that it was withdrawing its nomination for David Khani, N. Thomas Linebarger, Nichelle Maynard-Elliott, Donald Wallette Jr. and J. Steven Whisler and nominating its remaining four candidates for election to the company's board.

Air Products and Chemicals ( APD ) declined to comment to a request from MT Newswires.

Shares were down 3.8% in recent trading.

Price: 314.91, Change: -12.57, Percent Change: -3.84