Paul Hilal

• Founder and CEO of Mantle Ridge LP

Has significant experience as a value investor, capital allocator, and engaged steward during corporate transformations, which would provide the Board with valuable financial acumen and experience.

Mr. Hilal has served as the Founder and CEO of Mantle Ridge LP since 2016. In addition, Mr. Hilal’s experience on the boards of a number of public companies allows him to provide a key strategic perspective to the Board. He is the Vice Chairman of the board of directors of CSX Corporation (NASDAQ: CSX) and also currently serves as the Vice Chairman of the board of directors of Dollar Tree, Inc. (NASDAQ: DLTR). Mr. Hilal previously served as the Vice Chairman of the board of directors of Aramark Corporation (NYSE: ARMK) from 2019 to August 2023.

In 2013, prior to forming Mantle Ridge, Mr. Hilal was a partner and senior investment team professional at Pershing Square Capital Management, L.P. (“Pershing Square”). Among his projects there, Mr. Hilal played a leading role in Pershing Square’s successful effort to catalyze Board and CEO change at Air Products, from the project’s conception until his departure from Pershing Square in 2016. This included development of a detailed value creation plan, and identifying and recruiting current Air Products CEO Seifi Ghasemi to the project – an effort that ultimately led to the incumbent CEO’s retirement and the addition of Ed Monser, Matt Paull, and Mr. Ghasemi to the Board.

Over the fall of 2013 and into early 2014, after an extended CEO search conducted in close consultation with Pershing Square, the Board appointed Mr. Ghasemi to the role of Chairman and CEO and the Company and continued to execute a plan that led to the Company’s transformation and a multiplication of its value. Over the early years of his tenure, Mr. Ghasemi addressed critical issues identified by Pershing Square. The total return to shareholders over these early years, including share appreciation, dividends and the value of spun assets, was far in excess of that of the Company’s peers. It is only in more recent years that the Company (under the leadership of the now 80-year-old Mr. Ghasemi) has fallen behind its peers.

While at Pershing Square, Mr. Hilal similarly played a leading role in the firm’s successful engagement with Canadian Pacific starting in 2011, and served as Chair of the Management Resources and Compensation Committee of its board from 2012 until his departure from Pershing Square in 2016.

Mr. Hilal received an A.B. degree in biochemistry from Harvard College in 1988, a J.D. from Columbia Law School in 1992, and an M.B.A. from Columbia Business School in 1992.

We believe that Mr. Hilal’s extensive knowledge of the industrial gas industry and the Company, in addition to his experience in investing, transformations, and corporate governance, would make him a valuable addition to the Board. We believe Mr. Hilal brings valuable insight on strategy, capital allocation, sustainability and operational opportunities to the Board. He also has uniquely extensive experience in helping companies and boards through board restructuring, CEO transition, and operational transformation. These skills will be invaluable to the Company over the years ahead.

Hear from Mr. Hilal