03:42 PM EST, 01/23/2025 (MT Newswires) -- Air Products (APD) shares were up Thursday after the industrial gases company said shareholders have voted to remove Chief Executive Officer Seifi Ghasemi and two other sitting directors and seating an alternative board slate supported by activist fund Mantle Ridge and its founder and CEO Paul Hilal.

Air Products disclosed on Thursday preliminary results from a special shareholders meeting, with Mantle Ridge nominees Dennis Reilley, Andrew Evans and Hilal selected to join the company's board and forcing out Ghasemi along with Charles Cogut and lead independent board member Edward Monser.

A fourth Mantle Ridge board nominee, Tracy McKibben, was not elected although Air Products did not provide vote totals in a regulatory filing announcing the results from Wednesday's meeting.

Mantle Ridge began its proxy fight to oust Ghasemi and reshape the company's board in October after acquiring around $1.3 billion of Air Products' stock over the prior eight months. Hilal cited several issues at the company, including that at age 80, Ghasemi was too old to effectively manage the company and proposed replacing him with a former executive at Air Products rival Linde ( LIN ) .

Air Products Thursday said Ghasemi will remain as interim CEO at the company for an indefinite period while the board reorganizes and begins the CEO succession process.

Price: 322.60, Change: +5.61, Percent Change: +1.77