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Materials & Chemicals

Air Products & Chemicals Executive Compensation (FY25)

APD · Allentown, PA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Eduardo Menezes
Median of the other named officers
$4,710,373
6 officers, excluding the chief executive
Latest say-on-pay support
=
January 28, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 4, 2026Latest filing (8-K): January 29, 2026
15 filings cited on this page
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288 figures on this page: 277 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

More on Air Products & Chemicals

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive of record: Seifi Ghasemi → Eduardo Menezes
Say-on-pay support: 93.7% → 96.3% (2.6 points higher)
CEO pay ratio: 221:1 → 171:1 (22.6% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Air Products & Chemicals' chief executive and what were they paid?
Total compensation for Eduardo Menezes, Chief Executive Officer, came to $11,809,287 in fiscal 2025.
What was Air Products & Chemicals' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 96.3% of votes cast for or against in favor at the meeting held January 28, 2026.
Which companies are in Air Products & Chemicals' peer group?
The disclosed peer group names Baker Hughes Company, Celanese Corporation, Dover Corporation, DuPont de Nemours, Inc. and Eastman Chemical Company, among others.
What is Air Products & Chemicals' chief executive pay ratio?
The company reported a chief executive pay ratio of 171:1 for fiscal 2025, against median employee compensation of $71,545.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Seifi Ghasemi
Chairman, President and Chief Executive Officer
◇—◇—◇◇◇◇
Samir Serhan
Chief Operating Officer
◇◇◇—◇◇◇◇
Sean Major
Executive Vice President, General Counsel and Secretary
◇◇◇—◇◇◇◇
Melissa Schaeffer
Senior Vice President and Chief Financial Officer
◇—◇—◇◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Seifi Ghasemi
Former Chairman, President and Chief Executive Officer
◇—◇—◇◇◇◇
Samir Serhan
Former Chief Operating Officer
◇—◇—◇◇◇◇
Melissa Schaeffer
Executive Vice President and Chief Financial Officer
◇—◇—◇◇◇◇
Sean Major
Former Executive Vice President, General Counsel and Secretary
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Seifi Ghasemi
Former Chairman, President and Chief Executive Officer
◇—◇—◇◇◇◇
Samir Serhan
Former Chief Operating Officer
Departed during or after this year
◇—◇—◇◇◇◇
Melissa Schaeffer
Executive Vice President and Chief Financial Officer
◇—◇—◇◇◇◇
Sean Major
Former Executive Vice President, General Counsel and Secretary
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Seifi Ghasemi
Former Chairman, President and Chief Executive Officer
Departed during or after this year
◇—◇——◇◇◇
Eduardo Menezes
Chief Executive Officer
◇—◇———◇◇
Francesco Maione
President, Americas and Global Helium & Rare Gases
◇◇◇—◇—◇◇
Sean Major
Former Executive Vice President, General Counsel and Secretary
Departed during or after this year
◇—◇——◇◇◇
Melissa Schaeffer
Executive Vice President and Chief Financial Officer
◇◇◇——◇◇◇
Victoria Brifo
Executive Vice President and Chief Human Resources Officer, Corporate Communications and Corporate Relations
◇◇◇——◇◇◇
Brian Galovich
Executive Vice President and Chief Information Officer
◇◇◇——◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brian R. GalovichPSU◇◇◇—◇—◇
Brian R. GalovichRSU◇——◇——◇
Eduardo MenezesPSU◇◇◇—◇—◇
Eduardo MenezesRSU◇——◇——◇
Francesco MaioneRSU◇——◇——◇
Francesco MaioneRSU◇——◇——◇
Francesco MaionePSU—◇◇—◇—◇
Melissa N. SchaefferRSU◇——◇——◇
Melissa N. SchaefferPSU◇◇◇—◇—◇
Sean D. MajorPSU◇◇◇—◇—◇
Sean D. MajorRSU◇——◇——◇
Seifi GhasemiPSU◇◇◇—◇—◇
Seifi GhasemiRSU◇——◇——◇
Victoria BrifoPSU◇◇◇—◇—◇
Victoria BrifoRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Seifi GhasemiPSU◇◇——
Eduardo MenezesPSU◇◇——
RSU◇◇——
Francesco MaioneRSU◇◇——
PSU◇◇——
Melissa SchaefferPSU◇◇——
RSU◇◇——
Sean MajorRSU◇◇——
PSU◇◇——
Victoria BrifoPSU◇◇——
RSU◇◇——
Brian GalovichPSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Wayne T. Smith
◇◇———◇◇
Dennis H. Reilley
◇◇————◇
Lisa A. Davis
◇◇———◇◇
Jessica Trocchi Graziano
◇◇————◇
Tonit M. Calaway
◇◇————◇
Bhavesh V. Patel
◇◇————◇
Andrew W. Evans
◇◇————◇
Alfred Stern
◇◇————◇
Howard Ungerleider
◇◇————◇
Edward L. Monser
◇—————◇
Matthew H. Paull
◇————◇◇
Charles I. Cogut
◇————◇◇
David H.Y. Ho
◇—————◇
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Deferred Stock Units.
Stock ownership guideline: 5x annual cash retainer within 5 years of joining the Board

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Baker Hughes Company BKR
  • Celanese Corporation CE
  • Dover Corporation DOV
  • DuPont de Nemours, Inc. DD
  • Eastman Chemical Company EMN
  • Eaton Corporation plc ETN
  • Ecolab Inc. ECL
  • Emerson Electric Co. EMR
  • Fluor Corporation FLR
  • Fortive Corporation FTV
  • Illinois Tool Works Inc. ITW
  • Ingersoll Rand Inc. IR
  • Johnson Controls International plc JCI
  • Linde plc LIN
  • NextEra Energy, Inc. NEE
  • Occidental Petroleum Corporation OXY
  • Parker-Hannifin Corporation PH
  • PPG Industries, Inc. PPG
  • Quanta Services, Inc. PWR
  • Schlumberger N.V. SLB
  • TechnipFMC plc FTI

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025January 28, 2026=◇◇◇
2024January 23, 2025=◇◇◇
2023January 25, 2024=◇◇◇
2022January 26, 2023=◇◇◇
2021February 3, 2022=◇◇◇
2020January 28, 2021=◇◇◇
2019January 23, 2020=◇◇◇
2018January 24, 2019=◇◇◇
2017January 25, 2018=◇◇◇
2016January 26, 2017=◇◇◇
2015January 28, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Eduardo Menezes (Chief Executive Officer), FY2025 total compensation $11,809,287 (base salary $810,846) [exec_comp, SEC accession 0001308179-25-000643, filed 2025-12-11]

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What this page does not include

Everything above is a fact Air Products & Chemicals disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Air Products & Chemicals sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
288 figures on this page: 277 cited to the filing that reported them, 11 calculated from figures it prints.
277 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-029381
    Item 5.07
  2. 0001308179-25-000643
    CEO Pay Ratio · Compensation of Directors · Fiscal 2025 Summary Compensation Table
  3. 0001193125-25-013460
    Item 5.07
  4. 0001308179-24-000792
    Fiscal 2024 Summary Compensation Table
  5. 0001193125-24-016729
    Item 5.07
  6. 0001308179-23-001066
    Fiscal 2023 Summary Compensation Table
  7. 0001193125-23-016256
    Item 5.07
  8. 0001308179-22-000394
    Executive Compensation Tables
  9. 0001193125-22-028319
  10. 0001193125-21-022275
  11. 0001193125-20-013146
  12. 0001193125-19-015979
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001193125-18-019886
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001193125-17-025498
  15. 0001193125-16-447334
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
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Velarion, “Air Products & Chemicals executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/APD (accessed 2026).
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The paid brief for Air Products & Chemicals

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$500 for the Executive Compensation Report. Both reports for $900.
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15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
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Materials & Chemicals rankings

Chief executive pay — Materials & ChemicalsCEO pay ratio — Materials & ChemicalsSay-on-pay support — Materials & Chemicals

Peers Air Products & Chemicals discloses

The companies named in APD's own disclosed peer group.

Baker Hughes CompanyCelanese CorporationDover CorporationDuPont de Nemours, Inc.Eastman Chemical CompanyEaton Corporation plcEcolab Inc.Emerson Electric Co.Fluor CorporationFortive CorporationIllinois Tool Works Inc.Ingersoll Rand Inc.Johnson Controls International plcLinde plcNextEra Energy, Inc.Occidental Petroleum CorporationParker-Hannifin CorporationPPG Industries, Inc.Quanta Services, Inc.Schlumberger N.V.TechnipFMC plc

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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