James Coogan to become Hexcel (NYSE: HXL) Chief Financial Officer on May 1, 2026
Rhea-AI Filing Summary
Hexcel Corporation is appointing James (Jamie) Coogan as Executive Vice President and Chief Financial Officer, and principal financial officer, effective May 1, 2026. He brings more than 20 years of finance, accounting and investor relations experience, including senior CFO roles at Axcelis Technologies and Kaman Corporation.
Interim CFO Michael C. Lenz will move to Executive Vice President, Senior Advisor, remaining for about three months to support the transition. Coogan’s offer includes a $630,000 annual base salary, target annual bonus equal to 80% of salary, and a target annual equity grant equal to 200% of salary.
He will receive a $500,000 cash signing bonus and a sign-on restricted stock unit award valued at $2,250,000, vesting over three years. A severance agreement will provide 1.0x salary plus average bonus and 12 months of health coverage after certain terminations, increasing to 2.0x salary plus average bonus and 24 months of coverage if a qualifying termination occurs in connection with a change in control.
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Insights
Hexcel names a seasoned external CFO with a structured pay and severance package, while managing an orderly transition.
The company is bringing in James Coogan, an experienced finance leader from Axcelis Technologies and Kaman Corporation, as Executive Vice President and CFO effective
The compensation package combines base pay of
The severance agreement, with 1.0x salary plus average bonus (or 2.0x after a change in control), and extended health coverage, reflects typical market practice for a public‑company CFO. Non‑competition and non‑solicitation covenants during and after employment seek to protect the company, especially around a potential change in control.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Section 5 - Corporate Governance and Management
Item 5.02.... Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Appointment of Chief Financial Officer and Principal Financial Officer
On March 10, 2026, the Board of Directors (the “Board”) of Hexcel Corporation (the “Company”) appointed James Coogan as the Company’s Executive Vice President and Chief Financial Officer, effective as of May 1, 2026 (the “Effective Date”). Mr. Coogan will also serve as the Company’s principal financial officer. In connection with Mr. Coogan’s appointment, effective as of the Effective Date, Michael C. Lenz will transition from his position as the Company’s Executive Vice President, Interim Chief Financial Officer to the position of Executive Vice President, Senior Advisor. It is expected that Mr. Lenz will remain an active employee in his new role for approximately three months to support the transition.
Mr. Coogan, age 45, has more than 20 years of finance, accounting, and investor relations experience across multiple industries, including in aerospace and defense. Mr. Coogan most recently served as Executive Vice President and Chief Financial Officer of Axcelis Technologies, Inc., a supplier of enabling ion implantation solutions for the semiconductor industry, from September 2023 through March 2026. Mr. Coogan previously served as Senior Vice President and Chief Financial Officer at Kaman Corporation, a provider of aerospace and defense products, from July 2021 to September 2023 and additionally as Treasurer from January 2023 to September 2023. After joining Kaman Corporation in 2008, Mr. Coogan held various management positions, including Vice President, Investor Relations and Business Development and Assistant Vice President, SEC Compliance and External Reporting. After starting his career at PricewaterhouseCoopers, he held several financial management roles at Ann Taylor Stores Corporation and Mohegan Tribal Gaming Authority before joining Kaman Corporation.
There were no arrangements or understandings between Mr. Coogan and any other person pursuant to which he was selected as Executive Vice President and Chief Financial Officer. Mr. Coogan does not have any family relationships with any director or executive officer of the Company, or any person nominated or chosen by the Company to become a director or executive officer, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended.
In connection with Mr. Coogan’s appointment, on March 10, 2026, the Company entered into an offer letter with Mr. Coogan. Pursuant to the offer letter, Mr. Coogan will receive an annual base salary of $630,000 and will have a target annual bonus opportunity of 80% of his base salary. He will be eligible to receive a full year annual bonus for fiscal year 2026 and an annual equity grant for fiscal year 2026 following the Effective Date, with a target opportunity of 200% of his annual base salary, delivered in a mix of 50% in performance shares (vesting based on performance over a three-year performance period) and 25% in restricted stock units and 25% in non-qualified stock options (each vesting in equal annual installments over three years subject to continued employment). The offer letter provides Mr. Coogan with a cash signing bonus of $500,000 and a sign-on restricted stock unit award following the Effective Date with a grant date value of $2,250,000, vesting in equal annual installments over three years. Mr. Coogan will also be eligible to participate in the Company’s retirement and employee benefit plans available to other executive officers of the Company.
Pursuant to the offer letter, the Company will enter into an executive severance agreement with Mr. Coogan which will provide that upon a termination of his employment without cause or for good reason, Mr. Coogan will be entitled to receive (a) 1.0 times the sum of his annual base salary and average annual bonus for the prior three years; (b) a lump sum payment equal to the employer portion of continuation of health coverage (COBRA) premiums for 12 months; and (c) a prorated bonus for the year of termination based on actual performance. If such termination occurs within 24 months following a change in control of the Company (or prior to such change in control in anticipation thereof), Mr. Coogan will be entitled to the foregoing severance payments and benefits, except that the multiple in clause (a) will be 2.0 times and the period in clause (b) will be 24 months. The executive severance agreement will also contain non-competition and non-solicitation covenants applicable during Mr. Coogan’s employment and for 24
months following a severance-qualifying termination of employment during the two-year period following a change in control and for 12 months following his termination of employment at any other time.
The foregoing summary of the executive severance agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of such agreement, which will be filed as an exhibit to the Company’s next periodic report.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
Exhibit Description |
| 99.1 | Press Release, dated March 13, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Hexcel Corporation |
Dated: March 13, 2026
| By: | /s/ Gail E. Lehman | |
| Name: Gail E. Lehman | ||
| Title: Executive Vice President, Chief Legal and Sustainability Officer and Secretary |
Exhibit 99.1
Hexcel Corporation Two Stamford Plaza | 281 Tresser Blvd., 16th Floor Stamford, CT 06901 USA www.hexcel.com |
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NEWS RELEASE
Hexcel Names James Coogan as New Chief Financial Officer
STAMFORD, Conn., March 13, 2026 – Hexcel Corporation (NYSE: HXL) announced today that James (Jamie) Coogan has been appointed Executive Vice President and Chief Financial Officer effective May 1, 2026. He will report to Tom Gentile, Hexcel Chairman, CEO and President. Coogan succeeds Mike Lenz who has been serving as interim Chief Financial Officer. Lenz will remain for a period of time when Coogan joins the company as a Senior Advisor to assist with the transition.
“Jamie brings the experience and the financial leadership that will help Hexcel build on our momentum as we enter a period of growth with rising commercial aircraft production rates and an expanding defense and space market,” said Tom Gentile, Chairman, CEO and President, Hexcel Corporation. “His experience in aerospace and defense companies and broader industrial manufacturing organizations will enable him to make a meaningful impact quickly on Hexcel’s strategic priorities.”
“I also want to thank Mike Lenz for his steady leadership as interim Chief Financial Officer of Hexcel,” added Gentile. “Mike’s contributions during this period have been invaluable while we conducted the search for a new CFO and we appreciate his continued support during the transition.”
Coogan most recently served as Executive Vice President and Chief Financial Officer at Axcelis Technologies (Nasdaq: ACLS), a supplier in the semiconductor industry, having joined the company in September 2023. Previously he served as Senior Vice President, Chief Financial Officer at Kaman Corporation (formerly traded on the NYSE under the symbol KAMN). During his 15 years at Kaman, he held various management positions including Vice President, Investor Relations and Corporate Development, Assistant Vice President, External Reporting and SEC Compliance, and Director, External Reporting and SEC Compliance.
Coogan has more than 20 years of finance, accounting and investor relations experience across multiple industries, including aerospace and defense. After starting his career at PwC, he held several financial management roles at Ann Taylor Stores Corporation and Mohegan Tribal Gaming Authority before joining Kaman.
Coogan holds an MBA from the Yale School of Management, an M.S. in Accounting and a B.S. in Business Administration, Accounting from the University of Connecticut.
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About Hexcel
Hexcel Corporation is a global leader in advanced lightweight composites technology. We provide innovative, high-performance material solutions that are lighter, stronger and tougher, shaping a world that moves farther, smarter and more efficiently. Our broad and unrivaled product range includes carbon fiber, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core, and composite structures for use in commercial aerospace, defense and space, and industrial applications.
2 | HEXCEL
CORPORATION
Contact
Chuck Cadena| Vice President, Global Corporate Marketing & Communications | chuck.cadena@Hexcel.com | (203) 352-0341
FAQ
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Filing Exhibits & Attachments
4 documentsPress Releases
