Air Products Board Transition Signals Search for New Energy Expertise

LEHIGH VALLEY, PA – November 25, 2025 – Air Products, a global heavyweight in industrial gases and a pivotal leader in the clean hydrogen economy, announced that veteran director Lisa A. Davis will not stand for re-election at its upcoming annual meeting in January 2026. The departure, which concludes a nearly six-year tenure, creates a notable vacancy on the board and within key committees, prompting questions about the future composition of leadership as the company navigates a capital-intensive pivot toward sustainable energy solutions.

Ms. Davis’s decision to retire from the board follows a period of significant governance evolution at the company. Her deep background, with over 35 years in the energy and manufacturing sectors, has been a valuable asset since she joined the board in March 2020. This experience is particularly relevant to Air Products' ambitious strategy, which includes developing, owning, and operating some of the world's largest clean hydrogen projects. The move underscores the ongoing challenge for industrial giants: maintaining a board with the precise expertise needed to oversee complex, long-term technological and market transformations.

In a statement, Air Products Board of Directors Chairman Wayne T. Smith commented on her upcoming departure, noting the board has “benefited from her global perspective, strategic insights, and industry experience.” He affirmed the board's collective commitment to strong oversight focused on the company's long-term value.

A Board in Active Transformation

Lisa Davis's departure is not an isolated event but rather the latest development in a period of dynamic board refreshment at Air Products. The company's governance structure has been under a microscope, culminating in significant changes at its January 2025 Annual Meeting. That meeting saw the election of five new directors, a move that followed a proxy contest initiated by activist shareholder Mantle Ridge. The activist's campaign highlighted concerns around CEO succession and long-term board oversight, bringing shareholder focus squarely onto the composition and effectiveness of the company’s leadership.

In response, Air Products has demonstrated a proactive approach to evolving its governance. By the 2025 meeting, the company had ensured that a majority of its directors were appointed within the last five years, signaling a clear commitment to introducing fresh perspectives. Furthermore, the board has been executing a structured CEO succession plan and formally separated the roles of Chairman and CEO, moves widely seen as aligning with modern corporate governance best practices. This context suggests that the board is actively managed, with an eye toward ensuring its skillset aligns with its forward-looking strategy. Davis's planned retirement is another step in this continuous cycle of board evaluation and renewal, albeit one that leaves a specific experiential gap.

The Weight of Experience in a Shifting Industry

During her tenure, Lisa Davis has held critical leadership roles that extend beyond standard board membership. As Chair of the Management Development and Compensation Committee, she has been instrumental in shaping the executive compensation frameworks that incentivize long-term performance, a crucial function for a company undertaking massive, multi-decade clean energy projects. Her membership on the Corporate Governance and Nominating Committee also placed her at the heart of board succession and refreshment activities, the very process that will now be tasked with finding her replacement.

Her extensive background, which includes serving as a member of the Managing Board and CEO of Gas and Power for Siemens AG, provided the board with firsthand knowledge of the complexities of global energy markets and large-scale industrial manufacturing. This kind of seasoned perspective is difficult to replace. As Air Products deepens its multibillion-dollar investments in green and blue hydrogen, a director who understands the technological, regulatory, and financial hurdles of such mega-projects is invaluable for providing effective oversight and strategic guidance. Her departure will challenge the nominating committee to find a candidate who can bring a similar level of gravitas and industry-specific insight.

The Demands of a Modern Director

While any high-profile board departure can invite speculation, Lisa Davis's broader professional commitments offer significant context. She maintains a demanding portfolio of directorships at other major public corporations, including technology services leader Cognizant, logistics giant UPS, and diversified industrial conglomerate Honeywell. At these companies, she serves on a mix of audit, governance, and compensation committees, reflecting her status as a sought-after expert in corporate oversight.

Serving on multiple boards of this scale is a significant undertaking. Her decision to step back from Air Products after a meaningful six-year term likely reflects a strategic management of her professional calendar rather than any underlying issue with the company's direction. This scenario highlights a growing trend in the corporate world, where the most experienced and capable directors are in high demand, forcing them to make difficult choices about where to focus their time and energy. For companies like Air Products, it means the competition for top-tier board talent is fierce, especially for individuals with specialized knowledge in high-growth sectors like clean technology.

Charting the Course for Future Governance

With Davis’s retirement on the horizon for January 2026, the focus now shifts to Air Products' Corporate Governance and Nominating Committee. The search for her successor will be a telling indicator of the board's priorities. The ideal candidate will likely need a blend of experience in global energy markets, industrial operations, and the financial intricacies of large-scale project development. Furthermore, they will need the ability to guide executive compensation strategies that align with the company's ambitious, long-term sustainability goals.

The transition comes at a critical juncture for Air Products and the broader energy industry. As the world pushes toward decarbonization, the companies that succeed will be those with not only the best technology and project execution but also the most robust and insightful governance. The board's ability to navigate this complex landscape, steer massive capital investments, and maintain shareholder confidence is paramount. The task ahead is to find a new director who can seamlessly step into this demanding role, ensuring the company's oversight remains as innovative and forward-looking as the technology it champions.