Bayliss NEW YORK (Reuters) -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.

Investment firm Mantle Ridge, which holds a $1.3bn share in Air Products, has proposed a replacement CEO for the industrial gas giant, in addition to four new directors. It has argued the board overhaul would help transform the company from “laggard to leader”.

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,

Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser

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