Jan 17 (Reuters) - Air Products and Chemicals ( APD )

laid out a more specific timeline on Friday for when its CEO

will leave the industrial gases company, as investors began

casting votes for directors in a bitterly contested boardroom

battle.

The company said it will announce a new president by the end

of March and that this person will then become CEO within three

months of joining, replacing Seifi Ghasemi.

Air Products also laid out critical governance changes by

pledging to split the roles of chairman and CEO, and announcing

that Ghasemi, who has been at the helm for a decade, will then

retire from the board.

The company, valued at $70.7 billion, is racing to convince

investors to back its nine directors, including Ghasemi, at

Thursday's annual meeting. Activist investor Mantle Ridge is

trying to persuade shareholders to elect four newcomers.

Mantle Ridge argues Air Products needs to lay out a

succession plan for its octogenarian CEO, allocate its capital

differently and scale back on risky projects. It proposed four

executives, including its founder Paul Hilal and a former

industry executive, Dennis Reilley, as candidates.

Air Products countered by telling shareholders that the

election of any Mantle Ridge nominee "could create extraordinary

confusion" about the company's direction and leadership.

Hours after the company laid out its more detailed timeline

for when Ghasemi will exit, investment firm Neuberger Berman

said it will vote for all four Mantle Ridge nominees. The

investment firm cited concerns about "strategic missteps and

capital allocation" as well as a "lack of a credible succession

plan" for its decision.

Neuberger Berman owns roughly 770,000 shares or a 0.35%

stake in Air Products, making it a top-50 shareholder, a

spokesperson for the company confirmed.

Earlier, proxy advisory firms Institutional Shareholder

Services, Glass Lewis and Egan-Jones recommended that investors

back at least some of Mantle Ridge's candidates.