Proxy advisory firm Glass Lewis on Thursday recommended that Air Products and Chemicals investors elect all four of Mantle Ridge's board candidates, lending support to the activist investor in the year's first big board challenge.

Mantle Ridge LP, which, together with its affiliates (collectively, "Mantle Ridge"), beneficially owns approximately $1.3 billion of the outstanding common shares of Air Products and Chemicals, Inc. (NYSE: APD) ("Air Products" or the "Company"),

Activist investor Mantle Ridge ramps up its call for a shakeup at Air Products (NYSE:APD), sending a letter to shareholders Thursday saying the company has "dramatically underperformed over the past five years relative to its peers and its potential,

Mantle Ridge LP, which, together with its affiliates (collectively, "Mantle Ridge"), beneficially owns approximately $1.3 billion of the outstanding common shares of Air Products and Chemicals, Inc. (NYSE: APD) ("Air Products" or the "Company"),

Glass Lewis recommends Air Products shareholders elect activist investor Mantle Ridge's board candidates, citing poor performance and lack of succession framework.