Industrial gases distributor Air Products (NYSE:APD), Lehigh Valley, Pennsylvania, announced on Friday that Executive Vice President and Chief Financial Officer (CFO) Scott Crocco will retire at the end of September and that Melissa Schaeffer will succeed him as senior vice president and CFO on August 10. Crocco had been with Air Products for 31 years.

The transition will include Schaeffer assuming leadership responsibility for various aspects of Air Products’ worldwide financial organization including controllership, accounting, treasury, tax, audit, and shared business services. Schaeffer will report to Air Products’ Chairman, President and Chief Executive Officer Seifi Ghasemi.

“Looking back over the past seven years of my tenure at Air Products, it is easy to see the deep and lasting impact Scott has had in driving Air Products to become the most profitable industrial gas company in the world,” Ghasemi said. “It has been a privilege to work alongside him each day, with his relentless focus on creating value for our shareholders through strong cash flows, strategic capital deployment, and consecutive dividend increases.

“Now, as Air Products continues to pursue and win significant growth opportunities around the world, I am delighted Melissa is transitioning into the role. She brings tremendous leadership skills; deep, global experience across various aspects of Finance and business; and most importantly, a passion to be the best and to help everyone reach their full potential.

Schaeffer joined Air Products in 2016 as vice president, chief audit executive, responsible for leading the company’s audit team, executing proactive compliance monitoring activities, leading investigations, and the Sarbanes Oxley (SOX) compliance program. Last year, she was appointed vice president, finance—GEMTE, Americas, Middle East, and India.

Prior to joining Air Products, Schaeffer held the position of global director, internal audit, at Trinseo. She was also employed for 10 years at Ernst & Young, and prior to that, she worked for  Siemens, where she participated in a finance leadership development program. She holds a degree in Finance and Accounting from Indiana University and an MBA from Villanova University.