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Eduardo Menezes received $11.8M in total compensation as Chief Executive Officer of Air Products & Chemicals, Inc. in FY2025. The largest component was $10.9M in stock awards. That’s down 26% from FY2024. Source: SEC DEF 14A.
In fiscal year 2025, Eduardo Menezes, Chief Executive Officer of Air Products & Chemicals, Inc. (APD), received total compensation of $11.8 million.
Eduardo Menezes's compensation breakdown includes: base salary of $811K, stock awards valued at $10.9 million, and other compensation of $80K.
Compared to fiscal year 2024, Eduardo Menezes's total compensation decreased 26% from $15.9 million to $11.8 million.
Air Products & Chemicals, Inc.'s top 7 named executive officers received combined total compensation of $55.8 million in fiscal year 2025.
The named executive officers disclosed in Air Products & Chemicals, Inc.'s 2025 proxy statement are:Eduardo Menezes (Chief Executive Officer) with total compensation of $11.8 million, Seifi Ghasemi (Former Chairman, President and Chief Executive Officer) with total compensation of $23.4 million, Francesco Maione (President, Americas and Global Helium & Rare Gases) with total compensation of $6.4 million, Sean D. Major (Former Executive Vice President, General Counsel and Secretary) with total compensation of $4.7 million, Melissa N. Schaeffer (Executive Vice President and Chief Financial Officer) with total compensation of $4.7 million, Victoria Brifo (Executive Vice President and Chief Human Resources Officer) with total compensation of $2.4 million, and Brian Galovich (Executive Vice President and Chief Information Officer) with total compensation of $2.3 million.
Source Filing
Executive Record
Eduardo Menezes
Chief Executive Officer
Reported Pay
$11.8MSummary compensation table total · FY2025
Findings
Reviewing FY2025 compensation of $11.8M against -15% shareholder return and the latest filing-backed pay disclosures.
Spread between reported pay and stock performance is pending computation.
Evidence is sourced from the latest executive compensation filing and return series for APD.
Team view
7 executives
Chief Executive Officer
Total PayFY2025
$11.8M
Former Chairman, President and Chief Executive Officer
Total PayFY2025
$23.4M
President, Americas and Global Helium & Rare Gases
Total PayFY2025
$6.4M
Former Executive Vice President, General Counsel and Secretary
Total PayFY2025
$4.7M
Executive Vice President and Chief Financial Officer
Total PayFY2025
$4.7M
Executive Vice President and Chief Human Resources Officer
Total PayFY2025
$2.4M
Executive Vice President and Chief Information Officer
Total PayFY2025
$2.3M
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01FY2025 total compensation breakdown
$11.8M total compensation
Eduardo Menezes earned $11.8M in FY2025— here's how that breaks down.
$10.9M
92% of total
$810.8K
7% of total
$79.9K
1% of total
Activity timeline · FY2025
Recent events from filings
Jul 11, 2025
Sean D. Major — Severance | Resigned as Executive Vice President, General Counsel and Secretary effective July 11, 2025.; Entitled to receive severance and other benefits under the Company’s Executive Separation Program.; Severance benefits are governed by terms disclosed in the Company’s definitive proxy statement filed on December 3, 2024.
Feb 7, 2025
Eduardo Menezes — Employment Agreement | Initial annual base salary of $1,270,000.; Annual incentive plan target for fiscal 2025 set at 145% of base salary (pro-rated for partial year).; Fiscal 2025 equity incentive grant with an aggregate grant date fair value of $9,888,000 (pro-rated).; Equity award mix consists of 60% three-year performance shares and 40% restricted stock units (RSUs).; Restricted stock units (RSUs) vest after four years of service.; Participant in the Company's Executive Separation Program and eligible for standard health, welfare, and retirement benefits for senior executives.
Feb 7, 2025
Seifi Ghasemi — Severance Agreement | Termination of service as CEO effective February 7, 2025.; Entitled to receive severance and other benefits in accordance with the Amended and Restated Employment Agreement dated May 17, 2023.; Specific severance terms are cross-referenced to the definitive proxy statement filed on December 3, 2024.
Feb 1, 2025
Eduardo Menezes — Employment Agreement | Mr. Menezes joined the Company as Chief Executive Officer in February 2025.; The Company disclosed that the new CEO does not have a formal multi-year employment agreement, serving in an at-will capacity.; His target total direct compensation for fiscal 2025 was established by the Board of Directors upon his appointment (specific numeric values not provided in the primary document text).; Executive compensation terms for the CEO are determined by independent directors.; The Company's compensation policy explicitly excludes excise tax gross-ups for executive officers.; Change-in-control (CIC) protections are structured to avoid 'single-trigger' payments, requiring a termination following a control change for benefits to vest.; For fiscal 2025, the performance goal for a 100% target payout of performance awards was raised to enhance performance-based pay alignment.
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02Pay changes vs. stock performance
1 year of data
Peer context
Dashed line marks the large-cap median compensation benchmark for companies around $70.0B market cap, based on 333 peers in this size band.
03Recent insider trades by officers and directors
~24 trades
04Showing FY2025 data (latest available)
FY2026does not include director compensation in our current dataset, so we're showing the latest board table we found.
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06For analysts and deep research
Historical compensation data from latest proxy filing
| Year | Executive | Salary | Bonus & Incentive | Stock Awards | Option Awards | Other Adj. | Total |
|---|---|---|---|---|---|---|---|
| 2025 | $0.81M | $0.00M | $10.9M | $0.00M | $0.08M | $11.8M |
Salary = base cash pay. Bonus & Incentive combines annual bonus and non-equity plans. Equity amounts are grant-date fair values. Other Adj. captures pension changes, perquisites, and any reconciliation items so the total matches the reported figure.
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Air Products & Chemicals, Inc. (APD) — Key Facts
Last updated Jul 3, 2026 · DEF 14A filed Dec 11, 2025
| CEO | Eduardo Menezes, Chief Executive Officer |
|---|---|
| Fiscal year | FY2025 |
| Total compensation | $11.8M |
| Base salary | $811K |
| Stock awards | $10.9M |
| Other compensation | $80K |
| Year-over-year change | -26% |
| Source | DEF 14A, 2025-12-11 |
Eduardo Menezes, the Chief Executive Officer of Air Products & Chemicals, Inc., received total compensation of $11.8 million in fiscal year 2025. This includes base salary of $810,846 and stock awards valued at $10.9 million.
Eduardo Menezes's base salary at Air Products & Chemicals, Inc. is $810,846 per year as of fiscal year 2025. However, total compensation including stock awards, bonuses, and other benefits is $11.8 million.
Air Products & Chemicals, Inc.'s CEO, Eduardo Menezes, earned $11.8 million in total compensation for fiscal year 2025. The majority of this compensation comes from stock awards ($10.9 million) rather than base salary ($810,846).