Hexcel Corporation (NYSE:HXL), a $5.07 billion market cap leader in advanced composites technology with a GOOD financial health rating according to InvestingPro, announced significant changes to its board of directors and executive leadership.
The company confirmed the retirement of Nick L. Stanage from his role as Executive Chairman, and the appointment of Thomas C. Gentile III as the new Chairman, effective today.
Stanage, who previously transitioned from President and CEO to Executive Chairman on May 1, 2024, retired from employment with Hexcel on November 30, 2024. However, he will continue to serve as a non-employee member of the Board. Gentile, who assumed the role of CEO and President on May 2, 2024, and was appointed to the Board the following day, will now also take on the responsibilities as Chairman.
In addition to these transitions, the Board, following the recommendation of the Nominating, Governance and Sustainability Committee, has expanded from nine to ten members. David Li has been appointed to fill the newly created board seat, effective January 1, 2025.
Li, 52, brings a wealth of experience to the role, having served as CEO and President of CMC Materials, a global supplier in the semiconductor and energy industries, from January 2015 to January 2022. Li has also held various senior management positions at CMC Materials and serves on the boards of Maxeon Solar Technologies and CoorsTek. He is an adjunct professor at Northwestern (NASDAQ:NWE)'s Kellogg (NYSE:K) School of Management and holds degrees from Purdue University and Northwestern University.
Furthermore, Thomas A. Gendron, a Board member since 2010, has decided not to stand for reelection at Hexcel's 2025 Annual Meeting of Stockholders. Gendron's decision is not due to any disagreements with the company.
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In other recent news, Hexcel Corporation, a leading technology company in the advanced composites industry, reported a solid 8% increase in sales during its third quarter 2024 earnings call, reaching a total of $457 million. This growth was fueled by a significant 17% rise in commercial aerospace sales and a 20% increase in adjusted EPS to $0.47, despite challenges like supply chain disruptions and a strike at Boeing (NYSE:BA).
BMO Capital Markets and UBS have revised their financial outlooks for Hexcel, adjusting price targets due to cost pressures and potential volatility, respectively. Wells Fargo (NYSE:WFC), however, slightly raised its price target for Hexcel while maintaining an Overweight rating.
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