HEXCEL CORP /DE/ 8-K

What Happened

• Hexcel Corporation (HXL) announced on March 10, 2026 (filed March 13, 2026) that James Coogan, age 45, will become Executive Vice President and Chief Financial Officer and principal financial officer, effective May 1, 2026. Michael C. Lenz will move from Interim CFO to Executive Vice President, Senior Advisor and is expected to support the transition for about three months.

Key Details

• Base salary: $630,000 per year.
• Annual bonus: target of 80% of base salary; eligible for a full-year 2026 bonus.
• Equity target for fiscal 2026: 200% of base salary, delivered 50% performance shares (3‑year performance), 25% restricted stock units, 25% stock options (RSUs/options vest over 3 years).
• Signing compensation: $500,000 cash signing bonus plus a sign-on RSU award valued at $2,250,000 vesting over three years.
• Severance: if terminated without cause or for good reason, 1.0x annual base + average annual bonus (past 3 years), 12 months employer COBRA premium, prorated bonus; within 24 months of a change in control the multiple increases to 2.0x and COBRA coverage to 24 months. Non‑compete and non‑solicit covenants apply (duration varies by circumstance).
• Background: Coogan has 20+ years of finance/accounting experience, most recently CFO at Axcelis Technologies (Sept 2023–Mar 2026) and prior CFO roles at Kaman Corporation.

Why It Matters

• This is a material executive change: Hexcel is naming a permanent CFO with significant finance and aerospace/defense experience, and the company disclosed the economic terms investors care about (salary, bonus targets, equity, signing payments, and severance).
• The compensation and severance terms are sizable (notably the $500k cash sign-on and $2.25M RSU grant value plus a 200% equity target), which can affect near-term dilution and executive expense. The transition plan (Lenz remaining to assist) aims to provide continuity during the CFO change.
• The full executive severance agreement will be filed later; investors should watch future filings for the complete agreement and monitor any related impacts on Hexcel’s financials and governance.