(AP) Air Products says its CEO will retire next year, and that it is adding three new independent directors to its board.
The company, which is nearly 10 percent owned by Bill Ackman's Pershing Square, says that it will start a search for CEO John McGlade's successor promptly.
McGlade will serve as chairman and CEO during the search and remain chairman for a transition period in 2014.
Air Products named Edward Monser, Matthew Paull and Seifi Ghasemi as board members. They will replace three current directors, who will retire before Air Products' 2014 annual meeting. The retiring board members were not named.
The new CEO will also become a director.
Ackman took a stake in Air Products in July, a week after the company adopted a shareholder rights plan.